Progress on Fife energy scheme hailed by CEO

Developer: Parent firm updates City

The chairman of infrastructure group Hargreaves Services has hailed progress within an offshoot company set up to pursue two major energy projects in Fife and Grangemouth.

Brockwell Energy Limited was formed in the summer to look after the Earl’s Gate combined heat and power plant at Grangemouth and the redevelopment of the former Westfield open-cast mine near Kinglassie.

The latter scheme received outline planning consent from Fife Council earlier this month and includes a gas-fuelled power station, solar farm and industrial park.

The developers have said they expect the development to create up to 1,000 construction jobs during the 10-year build phase and a further 1,500 full-time roles when complete.

In a pre-close update to the market, Hargreaves chief executive Gordon Banham said he was pleased at the progress made.

“I am also encouraged by the continuing progress in the development of both the property portfolio and the Brockwell energy spin-off,” he said.

“Given the improved conditions in the plant market, we have made it a priority to accelerate the realisation of value and cash from our surplus assets.”

In its update, Hargreaves said it had “enjoyed stable trading conditions” in the six months to November 30, with underlying performance expected to be in line with expectations.

It said it anticipated a strong second half to the year.

The group will reports its half-year results on February 14.

Picture: Wullie Marr. Part of the former Westfield open-cast coal mining site near Kinglassie.