Hargreaves Services, a London-listed industrial-and-property services company, has received an independent valuation for its renewable energy assets. As of June 30, the market value of these assets is estimated to be between £21.6 million and £23.1 million ($27.7 million to $29.6 million).
Furthermore, the company anticipates a market value at commissioning of development (COD) in the range of £27.2 million to £28.9 million. This valuation is based on the expected generation of assets at different stages over the period until January 2027.
It is important to note that the market value at COD reflects the hypothetical price that an interested buyer would pay to acquire the portfolio from a willing seller. To account for inherent delivery risks, the market value today is slightly reduced compared to the value at COD. These adjustments consider the circumstances as they stood on June 30.
Moving forward, Hargreaves Services plans to conduct annual valuations; however, the company will not revalue its investment property in its annual statements.
Hargreaves Services aims to unlock the value of its renewable energy land assets through a systematic approach. The proceeds from the realization of these assets will be distributed to shareholders.
As of 0820 GMT, shares experienced a surge of 24.50 pence, equivalent to a 5.4% increase, reaching 480 pence.