REG - SIMEC AtlantisEnergy - SAE receives Uskmouth milestone payment

SIMEC Atlantis EnergyAnnouncement

22/11/2024 12:15

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RNS Number : 3650N  SIMEC Atlantis Energy Limited  22 November 2024

22 November 2024

 

SIMEC Atlantis Energy Limited

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

 

 

SAE receives the penultimate milestone payment from Battery Energy Storage
System ("BESS") project at Uskmouth Sustainable Energy Park ("USEP")

 

 

SAE is pleased to announce it has received the penultimate milestone payment
of £1.5m 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 (230MW) BESS 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 BESS
project development. The milestone payment was received following the
successful completion of civil works at the site.

 

Today's announcement marks the third milestone payment. The first £5.0m
payment was received on 28 March 2024, and the second £2.0m payment was
received on 28 May 2024.

 

SAE looks forward to the continued good progress being made on the project.
The final milestone will be paid following the delivery of 10% of the
batteries for the project.

 

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 Renewables                                           +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 Renewables 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/)

 

 

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

 

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