Hargreaves strikes assets deal

HARGREAVES Services has struck an £8.8m deal to sell the first tranche of its renewable energy land assets.

- TOM KEIGHLEY

Hargreaves Dalquhandy site

The North East-based group, which owns extensive tracts of land it is marketing for wind and solar projects, has secured a deal with real estate investment and asset management firm Meadow Partners. It includes an additional top-up consideration expected to be £3.8m but worth up to £5m, due by September 2029 and contingent on future wind yields.

New York and London-based Meadow has taken control of two wind farms and three access agreements in South Lanarkshire, Scotland. Hargreaves says the assets have a current annual rental income of £700,000 per year, including a variable top up of £200,000 per year reflecting wind yields experienced to date.