InfraStrata Applies Anew for EU Grant
InfraStrata, the AIM-listed developer of a planned gas storage facility in Northern Ireland, said it has filed a fresh application for EU funding covering 33.14% – £40mn ($53mn) of the £120mn construction cost. That is for the Islandmagee project's initial two storage caverns (phase one), the company said October 15.
The company said the new application does not impact its existing EU grant for front end engineering design (Feed) work; it had said October 11 that Feed was "progressing ahead of schedule with almost 70% of the pre-established milestones having been achieved." Whilst a Brexit 'no deal' generally increases uncertainty, InfraStrata said its directors "do not believe that it will affect this application, as the UK government... has stated that it will honour project funding of EU Projects of Common Interest in the event of leaving the EU with no deal."
A full rollout of all phases of the Islandmagee project, to create 0.5bn m3 working gas storage, could cost some £300mn. The project suffered a setback late last year when InfraStrata's only partner in it, publicly-owned Mutual Energy, pulled out. On October 12, the UK government acknowledged uncertainties – in the event that the UK crashes out of the EU without a deal – including on inter-Irish gas trade.