IGas Energy plc announced that it has agreed a Heads of Terms (HoT) with Iona, an investor with a long track record of successfully investing in UK renewable energy projects. Under the HoT, IGas and Iona will jointly develop utility scale solar farms in the UK, initially leveraging the strong landowner relationships that IGas has through its long history of onshore oil and gas operations. The first, of what is expected to be several similar scale projects, will be situated in southern England and will be 25-40MW in size. IGas will contribute its planning and infrastructure expertise, whilst Iona will provide non-recourse project finance. During the development phase, costs will be shared and throughout the project lifecycle, IGas and Iona will each own 50% of the project.