21 Oct 2018

Brockwell Energy spin out and sale completes

Hargreaves Services plc (“Hargreaves”) has successfully completed its disposal of Brockwell Energy Ltd (“Brockwell”)

Investec Power & Infrastructure Finance Advisory (“Investec PIF”) acted as sole financial advisor to both Hargreaves and Brockwell on the sale and simultaneous private capital raising.

Hargreaves, an AIM listed leading diversified group delivering services to the industrial and property sectors based in Durham, United Kingdom, announced its intention to dispose of Brockwell in 2017.

Brockwell was formed in 2017 to raise investment capital to develop a portfolio of energy projects:


  • Two EfW projects, namely Earl’s Gate CHP (Grangemouth, Scotland) and Westfield (Fife, Scotland); and
  • 400MW of onshore wind projects, including a single 300MW scheme, the construction of which will deliver significant site restoration benefits


There was strong interest from investors in the proposition and several bids were received. The successful bid is from a SPV backed by international investors who are providing the capital to develop the projects.

Investec PIF has also been chosen as part of a select club of lenders providing senior debt finance for Brockwell’s inaugural EfW project, Earl’s Gate, which is expected to close in December 2018.

Roger McDowell, Chairman of Hargreaves, commented:
“We are pleased to have completed the sale of Brockwell and secured a partner committed to the successful development of Brockwell’s asset portfolio”

Alex Lambie, CEO of Brockwell commented:
“I would like to thank Hargreaves for its support in developing the Brockwell platform and Brockwell's new owners for their belief in the team and the company's energy growth strategy

Investec’s Anand Jagannathan commented:
“This is a transformational deal for Brockwell. We worked closely with both companies to present Brockwell’s equity story as a high quality platform with strategically complementary businesses that have significant growth potential.”

“There was significant interest from Investors, leading to a strong outcome for both Hargreaves and Brockwell.”


Other advisors on the deal were:

  • Brockwell Legal: Gowling WLG
  • Hargreaves Legal: Walker Morris
  • Waste Market Study: Tolvik Consulting
  • Onshore Wind Study: Aurora Energy Research


For more information, please contact:

Luke O’Mahony, Investec (Media) - +44 (0) 207 597 5261 



Investec Corporate and Institutional Banking
Investec is a specialist bank that provides a diverse range of financial products and services to a niche client base in three principal markets: the United Kingdom, South Africa and Australia, as well as certain other countries.

This press release is issued on behalf of Investec Bank plc. Registered address: 30 Gresham Street, London, EC2V 7QP. (Reg No. 489604).  Investec Specialist Bank is a brand name of Investec Bank plc, which is a member of the London Stock Exchange.

Investec Bank plc (Reg. no. 489604) is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.