Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner. Facebook Messenger An icon of the facebook messenger app logo. Facebook An icon of a facebook f logo. Facebook Messenger An icon of the Twitter app logo. LinkedIn An icon of the LinkedIn logo. WhatsApp Messenger An icon of the Whatsapp messenger app logo. Email An icon of an mail envelope. Copy link A decentered black square over a white square.

New venture company to pursue multi-million pound power projects

The former opencast site at Westfield
The former opencast site at Westfield

Infrastructure group Hargreaves Services has set up an offshoot company to pursue two multi-million pound waste to energy projects in Fife and Grangemouth.

Brockwell Energy Limited has been formed to lead on Hargreaves’ growing portfolio of power projects, which also includes onshore wind and flexible gas interests.

The most advanced is the proposed £150 million Earl’s Gate combined heat and power plant at Grangemouth.

The plant received planning permission in January and a memorandum of understanding has now been signed with the Green Investment Bank (GIB) to develop the scheme further.

It is expected Earl’s Gate will reach financial close before the end of this year, at which point GIB is expected to take a 50% equity stake in the project.

The company said “excellent progress” had been made on the scheme, with the plant benefitting from the ability to sell into an existing private heat and power network.

It said Earl’s Gate was expected to be one of the most efficient facilities of its kind in the UK.

“The board expects the Earl’s Gate project to generate significant long-term returns and value,” Hargreaves said in a statement to investors.

“In the short term, the successful financial closure of the project should generate a modest development premium and offer an opportunity for the group to co-invest alongside a highly credible and successful third party investor.”

The second local energy from waste scheme to be taken forward by Brockwell is centred around the former Westfield open cast coal mine in Fife.

The wider redevelopment vision for the complex envisages the installation of a solar energy park and the creation of new industrial units.

Investment at Earl’s Gate and Westfield has the potential to create hundreds of construction jobs and a number of full-time posts once the sites are up and running.

Hargreaves chairman David Morgan said setting up the new subsidiary company was the best way to take forward the group’s energy portfolio.

“Exciting progress continues to be made in developing value in our energy projects,” Mr Morgan said.

“The formation of Brockwell Energy creates an opportunity to raise the specialist capital and create the partnerships necessary to enable the group to extract maximum value across the entire portfolio of energy projects whilst allowing the group to control the level of any investment and to focus on cash generation and the continuing simplification and development of the group.”

The new venture company will be headed by former Welsh Power Group non-executive chairman Alex Lambie, who has been appointed as chief executive officer.

He will be supported by Hargreaves’ chief financial officer Iain Cockburn, who will join Brockwell as CFO on a permanent basis once a successor in his current role has been recruited.

Mr Lambie said the new business had the chance to create significant value as it progressed.

“Since first engaging with Hargreaves to advise on the development of its energy projects, I have been struck by the quality of the project portfolio and the drive and professionalism of the team that has been assembled within the group to develop and manage these projects,” Mr Lambie said.

“Together, the projects and the team offer the opportunity to create significant value from the current project portfolio and provide a strong platform to develop a larger business focused on the development and delivery of energy projects across a balanced portfolio of technologies.

“I am delighted to be tasked with leading the team and excited by the opportunities that lie ahead.”

The group said the build -out of the projects now under the Brockwell banner will require “substantial capital.”

The balance sheet value associated to the energy portolio is currently £4.1 million, with that figure set to riser to £8.3m by November 30 as a result ongoing pre-development costs related to Earl’s Gate.

However, Hargreaves group chief executive Gordon Banham was upbeat about the long-term prospects for Brockwell.

He said: “I look forward to the value and cash that Brockwell can help the Group to realise from its property and energy investments.”