Conventional energy plays an important role in IKAV´s mission to secure the energy supply of today, while taking the steps to transform the energy supply of tomorrow. 

IKAV´s investments into conventional energy are guided by strong ESG principles and a clear commitment to carbon management. 

Aera Energy LLC 

In 2023 IKAV acquired a majority share in Aera Energy LLC which sits on 225,000 acres in California and was previously owned by majors Shell and Exxon. At the time, Aera was California´s second largest oil and gas producer, supplying 76 Boe/d, 95% crude. 

In 2024 through a strategic merger with California Resources Corporation, Aera transitioned into the largest oil & gas production company in California, as well as a leader in the energy transition, producing low carbon intensity fuels while accelerating the decarbonization of the State’s industrial and energy industries.  Aera´s additional surface acreage and rights, and significant new carbon dioxide (CO2) pore space will support CRC´s ambitions to permanently sequester 5 million metric tons of CO2 per year. 

SIMCOE LLC

In 2020 IKAV acquired SIMCOE LLC, a natural gas asset located in the San Juan Basin previously owned by BP. SIMCOE is spread across 563,000 acres in New Mexico and Colorado and consists of a conventional gas-reservoir (94% gas, 6% NGL, and <1% oil), a midstream pipeline network and facilities for the treatment of gas before shipping.

In parallel with the strategy to build a diversified renewable portfolio across the asset´s base, SIMCOE is developing the Florida Mesa Geothermal Project (FMGP), a sedimentary binary geothermal power production project that will use geothermal resources from the Entrada Sandstone Formation to offset the Florida Plant's power usage.

In 2021, IKAV took a majority share in Italian electricity provider Metaenergia, now IME Power. 

IME Power consists of 9 modern gas peaker plants with an overall production capacity of 505 MW, ranging from 36MW to 90MW. 

Gas peakers are currently the most efficient, complementary technology to stabilize the electricity grid and support the energy transition. 

PACE is a financing product that enables US-based property owners to fund energy performance improvements to privately owned commercial buildings while significantly reducing a building’s weighted average cost of capital. 

IKAV PACE provides the finance to retrofit existing buildings and improve energy efficiency across lighting and controls, HVAC & chillers, boilers, windows, insulation, façade and weatherproofing roofing.