Hargreaves Services sells Brockwell Energy to Pioneer Point Partners and Davidson Kempner European Partners
Pioneer Point Partners and Davidson Kempner European Partners have acquired 100% of Scottish renewable energy developer Brockwell Energy from London-listed industrial and property services group Hargreaves Services.
Brockwell Energy engages in the investment, development and production of renewable energy. It was launched to develop a £800m (US$ 1,025.8 m) portfolio of projects, mainly in Scotland. Its projects include the £150m Earl’s Gate combined heat and power plant at Grangemouth, a proposed energy from waste plant on the site of the former Westfield open coal mine in Fife and a wind farm at North Kyle in East Ayrshire.
The net assets of Brockwell at completion were £10m (US$ 12.82m). It is expected that Hargreaves will record a profit on disposal of Brockwell of approximately £4m based on the initial payment (after deduction of transaction fees and other non-recoverable costs). Hargreaves plans to use the proceeds to reduce bank borrowings.
Under the deal Hargreaves retains certain freehold land assets on which Brockwell intends to develop renewable energy assets in the future.
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