IGas, Iona Capital to collaborate on UK solar park development

UK solar park. Author: Robert Pittman. License: Creative Commons, Attribution-NoDerivs 2.0 Generic

October 19 (Renewables Now) - UK oil and gas exploration company IGas Energy Plc (LON:IGAS) said on Monday that it has agreed heads of terms with Iona Capital to jointly develop utility-scale solar farms in Britain, targeting a capacity of between 25 MW and 40 MW for a potential inaugural project.

IGas plans to leverage existing relationships with landowners built owing to its onshore oil and gas operations.

For the initial project, IGas will contribute planning and infrastructure expertise, while fund manager Iona Capital will provide a non-recourse project finance. The parties will have equal ownership of the project, which will be located in southern England and precede several other potential developments of a similar size. Costs will be shared in the development stage.

"Given our focus on renewable and environmental investments in the UK over many years, the PV solar sector is a natural area for us," Iona Capital director Nick Ross said.

Iona Capital has 24 projects in its portfolio, having predominantly invested in biogas facilities across the UK.

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