The regeneration and property development division of Hargreaves Services has underlined opportunities in Scotland for its renewable energy land assets after posting a rise in profits for the six months to the end of November.
Headquartered in County Durham, the group posted an increase of more than ninefold in pre-tax profits to £10.4m across its services business, land portfolio, and HRMS joint venture in Germany. This was despite an anticipated decline in revenues to £76.1m.
The group received a deferred payment of £2m from the sale of its former Brockwell Energy subsidiary in Edinburgh following Brockwell’s financial close in December on the Westfield Energy from Waste (EfW) development in Fife.
READ MORE: Brockwell Energy set date for Fife incinerator project
Hargreaves described this as “the first major step in the delivery of value” from the group’s portfolio of land for renewable energy projects. It said there remains more than 90 acres for further development at Westfield, plus 80 acres that have been allocated for construction of a 30MW solar farm.
“In addition to Westfield, the group also holds several parcels of land in Scotland, each of which has options to lease wind farms with a total generation capacity of 120MW per annum,” the company added, noting that Hargreaves Land has offices in Durham, Glasgow and Leeds “actively” looking to identify new opportunities.
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