REG - SIMEC AtlantisEnergy - SAE secures CCR funding

SIMEC Atlantis EnergyAnnouncement

16/04/2025 07:00

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RNS Number : 1802F  SIMEC Atlantis Energy Limited  16 April 2025

16 April 2025

 

 

SIMEC Atlantis Energy Limited

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

 

 

SAE secures CCR funding in important next step towards achieving financial
close of the AW1 Battery Storage project

 

 

SAE has secured a £8.5m loan from Cardiff Capital Region's ("CCR") Strategic
Premises Fund. The loan will be used to facilitate the Afon Wysg 1 Battery
Storage project ("AW1"), at the Uskmouth Sustainable Energy Park ("USEP").

 

The AW1 project is a 240MWh project with the ability to increase to 480MWh and
is the flagship project at the USEP, which has the potential to be one of the
largest Battery storage sites in the UK. The site is recognised as key to
unlocking an economic, environmental and social revival around Uskmouth and
beyond.

 

The loan will be provided in two tranches. The initial tranche can be drawn
down prior to AW1 financial close and enables SAE to order long-lead items,
such as the 132kV transformer, that are being ordered before financial close
to give certainty over the AW1 programme.

 

The first tranche also allows SAE to pay Enso Green Holdings Limited the
£3.85m deferred consideration, announced in August 2024, ahead of the
originally intended payment date of financial close.

 

The second tranche will become available when the AW2 project receives
planning permission, which is expected later in 2025.

 

The loan is provided on commercial terms, with repayment due by 30 June 2028.
The loan is intended to be repaid from two sources: the initial distributions
from the AW1 project and the monetisation of the AW2 project land lease, which
is due to take place around the financial close of the AW2 project.

 

SAE CEO Graham Reid commented:

 

"We would like to thank all those involved at CCR and all our supporters who
have helped secure this loan. This is a strategic investment in a critical
project for the region.

 

In 2024, we launched our strategy, which sets out a path to deliver a pipeline
of projects to achieve our goal of being a leading sustainable project
developer, owner and operator, ensuring long-term value for our shareholders.
The delivery of the AW1 project is key to delivering this strategy, and
everyone at SAE is focused on achieving financial close for our flagship AW1
project, which we aim to reach in the next few months."

 

 

 

 

- 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 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)

 

SAE's strategy: "Building a Sustainable Future to 2035", can be viewed here
(https://saerenewables.com/strategy/)

 

 

 

 

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

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