Land in Aberdeenshire has been earmarked for a combined solar and wind farm development.
Energy firm Parkmead Group said it may also install a battery storage facility there.
The company, which has onshore and offshore oil and gas assets, as well as a growing renewables business, is carrying out “the necessary work required” as it mulls a planning application to Aberdeenshire Council.
Parkmead gave no details on the size of the proposed wind and solar farm, or the exact location.
Site near Fetteresso Forest considered for new project
But three years ago it announced its acquisition of two large tracts of land, previously owned by Pitreadie Farm, near Banchory, with “significant and varied renewable energy potential”.
Studies since then have looked at the potential for a large wind farm on these sites.
They include an area spanning 1,238 acres next to Mid Hill wind farm, at Fetteresso Forest, about 15 miles west of Aberdeen.
In an update on its renewable projects today, Parkmead said: “The major shift in the electricity generation market has changed the dynamics of renewable projects.
“Parkmead has decided to progress Pitreadie based on a hybrid of renewable technologies, rather than one just focused on wind.
“To that effect, Parkmead is progressing the necessary work required to allow the company to consider submitting a full planning application for a combined wind and solar farm, with added potential for a battery storage unit.”
Parkmead has decided to progress Pitreadie based on a hybrid of renewable technologies, rather than one just focused on wind.”
London-listed Parkmead is run by executive chairman Tom Cross.
A few years ago his wife, Linda, and a business partner sold Pitreadie Farm to the energy company in a deal worth £4.9 million.
Aberdeen-based Parkmead also took on £3.6m-worth of Bank of Scotland debt.
At the time, Mr Cross said the Pitreadie land was well-suited to the installation of wind turbines, solar farms and biomass production facilities.
Meanwhile, another renewables project is delivering returns for Parkmead.
Earlier this year the company announced it had purchased a three-turbine wind farm near Stonehaven from the family behind G & J Jack Seafoods, of Fraserburgh, for nearly £3.3m in cash.
The bumper sum – almost £1.1m per turbine – was in addition to the new owner taking on a loan worth about £990,000.
Record electricity revenue
In today’s update, Parkmead said the wind farm, Kempstone Hill , was now fully integrated and delivering record electricity revenue.
The firm added: “In the last 12 months the wind farm generated 2,850 MWh (megawatt hours), with a 99.7% availability, enough to power up to 1,000 homes.”
Parkmead is now looking at adding a solar farm to the Kempstone Hill site.
Mr Cross said: “The Kempstone Hill wind farm acquisition has been complementary to our earlier stage, high-upside renewable energy projects, which we are now progressing at pace.
“We are delighted by the contribution made to date by Kempstone Hill to the group, especially considering the significant upside arising from the increases in wholesale electricity prices seen in the last 12 months.”