REG - SIMEC AtlantisEnergy - SAE receives final payment from Uskmouth project

SIMEC Atlantis EnergyAnnouncement

21/01/2025 07:00

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RNS Number : 0238U  SIMEC Atlantis Energy Limited  21 January 2025

21 January 2025

 

SIMEC Atlantis Energy Limited

("SAE Renewables", "SAE" or the "Company")

 

 

SAE receives final payment from Battery project at Uskmouth Sustainable Energy
Park ("USEP")

 

SAE is pleased to announce it has received the final payment of £1.25m under
its agreement with EL (Uskmouth) Limited ("EL"), a subsidiary of FPC Electric
Land.

 

On 5 December 2023, SAE announced that it had agreed to sell the freehold land
owned by SAE to EL, for a milestone-linked total gross cash consideration of
£9.8m. The land is being used for a 460MWh Battery project being constructed
by Uskmouth Energy Storage Limited. The EL land represents only a small
proportion of the land owned by SAE at the Uskmouth site available for Battery
development projects.

 

The final payment was received on 20 January, following the successful
delivery of 10% of the batteries for the 460MWh project. The first £5.0m
payment was received on 28 March 2024, the second £2.0m payment was received
on 28 May 2024 and the third £1.5m payment was received on 22 November 2024.

 

The development, sale and land agreement has delivered vital revenue for SAE,
which has been key to enabling the development of a significant portfolio of
Battery projects at the USEP and near its site in Mey, Scotland.

 

While Uskmouth Energy Storage Limited constructed the first Battery project,
SAE gained valuable experience and knowledge of site preparation, delivery and
installation, for its future projects. This experience is another important
step in delivering its strategy: "Building a Sustainable Future to 2035". The
Company's strategy is to deliver a significant pipeline of projects to achieve
its goal of being a leading sustainable project developer, owner and operator,
ensuring long-term value for its shareholders.

 

Graham Reid, CEO of SAE, commented:

 

"We would like to congratulate all those involved in getting this project to
this significant milestone. We have been absolutely focused on achieving this
milestone, as this will help us to unlock one of the most exciting battery
storage sites in the UK and deliver on our strategy. We are now working
towards delivering the next battery projects at our site and being a leading
sustainable project developer, owner and operator."

 

SAE recently released a video animation highlighting the scale and benefits of
the USEP site. This can be viewed here
(https://vimeo.com/1026044237/643ed59fa6?share=copy)

 

 

 

- Ends -

 

 

For further information, please contact:

 

 SAE                                                      +44 (0)7739 832 446

 Sean Parsons, Director of External Affairs

 Strand Hanson Limited (Nominated and Financial Adviser)  +44 (0)20 7409 3494

 Richard Johnson

 Rory Murphy

 David Asquith

 Zeus Capital Limited (Broker)                            +44 (0)20 3829 5000

 Louisa Waddell

 Simon Johnson

 

Notes to Editors

SAE is a global developer, owner and operator of sustainable energy projects.
SAE owns the world's flagship tidal stream project, MeyGen, and the Uskmouth
Power Station site, that is being repurposed into a sustainable energy park
that will become one of the UK's largest battery energy storage sites.
https://www.saerenewables.com/ (https://www.saerenewables.com/)

 

SAE's strategy: "Building a Sustainable Future to 2035", can be viewed on the
company's website here:

https://saerenewables.com/strategy/

 

Proud to be part of London's universe of Green Economy Equities

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