Hargreaves Services, a diversified group delivering services to the environmental, infrastructure and property sectors, has announced the exchange of contracts for the unconditional sale of the second tranche of the renewable energy land portfolio to Meadow Partners, a real estate investment and asset management firm, for gross cash consideration of £6.8 million ($9 million). The long stop date for completion of the sale is 30 April 2026.
The Sold Asset represents freehold land leased to a Battery Energy Storage System (BESS) in South Lanarkshire, Scotland, generating a current rental income of £0.5 million ($0.67 million) per year. BESS plays a vital role in enabling the integration of renewable energy sources such as wind and solar by storing excess electricity and releasing this back to the grid when needed.
The sold asset formed part of the renewable energy land asset portfolio independently valued by Jll at a minimum of, in aggregate, £27 million ($36.1 million
