UK energy firm InfraStrata mulling options for Co Antrim project

British energy supply company InfraStrata is considering a sale of its potentially lucrative Islandmagee gas storage project in Co Antrim if it fails to land a much-needed investor to help develop the asset.

The AIM-listed company owns 90% of the project (Mutual Energy, which owns the gas pipeline linking the North with Scotland, controls the other 10%) and has covered half of the development costs, mainly through EU grants.

However, it remains short of total required costs for pre-construction technical tests by around £2.2m (€2.5m). InfraStrata sees the project as being commercially viable if it can attract investment. To that end, it has launched a review to explore financing options. The company’s preferred option would be a farm-down, where an investor would inject funds in return for an equity stake in the asset, but a sale of the project, or some of its assets, will be considered if no investor materialises.