Business
Update on Energy Interests and Board Change
Update on Energy Interests and Board Change.
About this update from Hargreaves Services Plc
[{"type":"text","content":"\n \nRNS Number : 0032I Hargreaves Services PLC 14 June 2017 \n\n\n\n\n\nFor immediate release\n\n\n14 June 2017\n\n\n\n\n \n \nHargreaves Services plc\n(\"Hargreaves\" or \"the Group\")\nUpdate on Group's Energy Interests and Proposed Board Change\nHargreaves Services plc (AIM: HSP), a diversified group delivering key projects and services to the infrastructure, energy and property sectors, provides an update on its energy project development activities and strategy.\nHighlights\n· The creation of a new wholly owned subsidiary, Brockwell Energy Limited (\"Brockwell\"), to oversee the development and potential spin-off of the Group's energy project interests; \n \n· Brockwell will be led by Alex Lambie, as CEO, supported by Iain Cockburn, the Group's Finance Director, who will step down from the Hargreaves Services plc Board once a suitable replacement has been identified; and\n \n· A Memorandum of Understanding (\"MOU\") with the UK Green Investment Bank (\"GIB\") to deliver the Earl's Gate Combined Heat & Power (\"CHP\") project. \nBackground\nOver the past two years the Group has made significant progress in developing an exciting portfolio of energy projects which includes energy from waste (\"EfW\"), onshore wind and flexible gas generation. The energy projects were originally identified as a catalyst that would enhance the value of the Group's property portfolio; locking in long term land rentals from developed energy projects. However, as our appraisal of the projects progressed it became clear that they also have the potential to create significant value as they are taken through the planning and development process.\nKey projects under active evaluation and/or development include:\n· Two EfW projects, namely Earl's Gate CHP (Grangemouth, Scotland) and Westfield (Fife, Scotland);\n \n· 400MW of onshore wind projects, including a single 300MW scheme, the construction of which will deliver significant site restoration benefits; and \n \n· Flexible gas generation projects centred around a number of the Group's own grid connections. \nRecognising the potential for value creation, the Board is seeking an...