Pioneer Point Partner’s portfolio company, Brockwell Energy, is pleased to announce the sale of Westfield Energy Recovery Limited (“WERL”) to Equitix, a leading global investor, developer and long-term fund manager of core infrastructure assets.
WERL is the owner of the Westfield Energy Recovery Facility (“ERF”), an Energy-from-Waste plant in Fife, Scotland, currently under construction with leading Swiss-based EPC contractor Hitachi Zosen Inova. The Westfield ERF will process around 240,000 tonnes of non-recyclable residual waste per year diverting this from landfill and generating over 23 MW of baseload, low carbon electricity. Located on a former surface coal mine, currently being redeveloped for industrial and commercial use by Hargreaves Land Limited, the property arm of Hargreaves Services plc, WERL is Westfield’s cornerstone development.
The Westfield site itself is undergoing an impressive transformation under Hargreaves’ ownership. When Hargreaves purchased the land from the liquidators of Scottish Coal, it was in a derelict state with significant restoration challenges. Working with Fife Council and local communities, Hargreaves is delivering a site-wide restoration scheme and paving the way for a major regeneration of the area.
Brockwell remains committed to the success of WERL and will be working with Equitix under a long-term management services agreement to manage the construction through commissioning into the operations stage of the plant. It will also collaborate with Hargreaves Land Limited to identify and attract new tenants to the wider site, with the availability of below-market rates for heat and power to be delivered by WERL through energy recovered by the ERF.
Alex Lambie, Chief Executive of Brockwell Energy, commented: “We are delighted to complete this transaction and place WERL in the very reputable hands of Equitix. The sale reflects the high quality and value of the project developed by Brockwell Energy. The proceeds will be reinvested to further expand our other energy development projects, all of which are contributing to achieving important climate change goals”.
“It has been a real pleasure to work with Equitix on this transaction. I know it shares our culture and values and will treat local communities with respect, while building out the project with care and attention to all local stakeholders.”
Equitix CEO, Hugh Crossley said: “We are delighted to complete the acquisition of the Westfield [EfW] which helps support our strategic ambitions of a Net Zero carbon future. We are excited by the opportunities that [EfW] brings, to act as a catalyst for regeneration of one of the largest derelict former coal mining sites in central Scotland, whilst helping the local community benefit from the jobs and opportunities this presents. We look forward to working with Brockwell and our other partners to deliver this project successfully.”