Iona Capital has entered the UK utility-scale solar market in a partnership with IGas, kicking off with an up-to 40MW project in southern England.
The Iona and IGas partnership has ambitions to develop several ground-mounted solar projects each with capacities of up to 50MW.
Iona will provide non-recourse project finance and will draw on its project development and investment experience in other parts of the UK renewable energy sector, including anaerobic digestion and biomass schemes.
IGas has strong landowner relationships, due to its history of onshore energy operations in the UK.
During the development phase, costs will be shared and, throughout the project lifecycle, IGas and Iona will each own 50% of the projects.
Iona Capital director Nick Ross 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.
“In due course, we wish to establish similar development/finance partnerships with other energy companies active in UK solar.”