The oil and gas company, IGas, has continued its move into alternative energies with an announcement of plans to build solar farms.
IGas said the two companies would “jointly develop utility scale solar farms in the UK”.
The first project would be in southern England, the statement said, and would produce 25-40MW of power, the statement said.
IGas said the projects would initially leverage what it said were “strong landowner relationships” from a long history in onshore oil and gas operations.
IGas would work on planning and infrastructure and Iona on project finance, the statement said. Costs would be shared and the companies would own 50% each of the project.
Stephen Bowler, IGas chief executive, said today:
“This is another example of how we can leverage the Group’s existing operational expertise as the UK’s largest onshore operator and use our existing business platform to play an important role in the UK’s transition to net zero.
“We are keen to develop our relationship with Iona and other partners as we seek to maximise value using existing assets and skillsets within the business.”
Nick Ross, director of Iona Capital, said:
“Given our focus on renewable and environmental investments in the UK over many years, the PV solar sector is a natural area for us. We are very pleased to enter into this partnership with IGas, given their extensive experience of energy project development in the UK.”
Based on the most recent data, IGas produced 12.27% of UK onshore oil. Most of the remainder was produced by Perenco Oil & Gas at Wytch Farm. UK onshore sites produce 2.17% of total UK oil production.