Newspaper article The Journal (Newcastle, England)

Hargreaves to Take on Future with New Energy; ENERGY

Newspaper article The Journal (Newcastle, England)

Hargreaves to Take on Future with New Energy; ENERGY

Article excerpt

Byline: jonathon manning jonathon.manning@trinitymirror.com

DURHAM'S Hargreaves Services has created a new energy company and recruited a high profile leader as it aims to diversify away from its traditional coal market.

Brockwell Energy Limited will focus on the development of onshore wind farms, energy from waste facilities and flexible gas generation projects.

The new company represents a major step by Hargreaves, which has traditionally focused on the difficult coal and logistics markets.

Hargreaves first made the move into its energy projects to improve its propoerty portfolio, with the hope of locking in long term land rentals.

But now the company said the projects could "create significant value as they are taken through the planning and development process".

Brockwell will be led by new chief executive Alex Lambie, who will be supported by Hargreaves' group finance director Iain Cockburn.

Mr Lambie has worked in the energy sector for over 40 years, most recently at Welsh Power Group Ltd. As the majority shareholder and non-executive chairman, he built Welsh Power into a PS1bn business after initially receiving only PS38m in investment.

Mr Lambie said: "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.

"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. …

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