InfraStrata remains on track with Islandmagee Gas Storage Project

Strategic infrastructure investment investor InfraStrata announced on Wednesday that the remaining milestones scheduled for September at the Islandmagee Gas Storage Project in Northern Ireland had now been completed.

The AIM-traded firm said the additional 2019 milestones were on track to be completed on time.

Its board said it was continuing to work in tandem with the Northern Ireland Environment Agency and the Department of Agriculture, Environment and Rural Affairs as it progressed towards achieving the full marine licence.

In addition, it said it was continuing to make progress in its negotiations with equity and debt partners, with the aim of taking a final investment decision for the Islandmagee Project by the end of the year.

“We are pleased to have completed further milestones for the Islandmagee Project as we move closer to commencing construction,” said InfraStrata interim chairman and chief executive officer John Wood.

“It is also positive to see the level of support the project is receiving from key stakeholders and the wider Northern Irish community, who understand the essential need for our project in order to provide security of energy supply, create employment and provide a financial boost to the Northern Irish economy.

“When completed, the acquisition of the assets of Harland and Wolff will reduce capital expenditure, shorten the construction timeline and provide us the ability to commercialise the project earlier than currently projected.”