SAE signs £40m contract for Battery Project

RNS Number : 5180M

SIMEC Atlantis Energy Limited

24 May 2022

 

RNS

23 May 2022

SIMEC ATLANTIS ENERGY LIMITED
("SAE", the "Company" and, together with its subsidiaries, the "Group")

SAE signs £40m contract for one of UK's largest Battery Storage Projects at Uskmouth

SAE is delighted to announce that it has entered an agreement with Energy Optimisation Solutions and Quinbrook Infrastructure Partners via their portfolio company Uskmouth Energy Storage Limited

('UES') to deliver a 230MW / 460MWh battery energy storage system (BESS) at the Uskmouth site. This will be one of the largest BESS developments in the UK. The 230MW / 460MWh BESS will help play a key role in the UK's energy transition and the integration of more renewable power into the electricity system.  This represents an anchoring project in the development of the Uskmouth site into a Sustainable Energy Park and is another key step in SAE delivering value for its shareholders.

The project will deliver to SAE c.£40m in revenue over 30-years, of which c.£11m will be paid within the next 18 months, subject to the achievement of certain milestones.

UES will own and operate the project. The development includes a modification of the grid connection agreement and a planning application, the latter to be determined by Newport City Council. Construction is expected to take 18 months, with the project expected to become operational towards the end of 2024.

For more information, please contact

SIMEC Atlantis Energy Limited	[phone]
Sean Parsons, Director of External Affairs
Investec Bank PLC - NOMAD and Joint Broker	[phone]
Jeremy Ellis Ben Griffiths
Arden Partners PLC - Joint Broker	[phone]
Ruari McGirr Simon Johnson
Energy Optimisation Solutions Limited and Private Energy Partners Limited	[phone] [phone]
Peter Walker Dr David Williams

Notes to Editors

Uskmouth Energy Storage Limited

UES is a project vehicle owned under a joint development and investment agreement between Energy Optimisation Solutions Limited (EOS) and Private Energy Partners Limited (the development arm of Quinbrook Infrastructure Partners). EOS is a leading developer and operator of renewable projects in the UK. EOS develops projects across all renewable asset classes and has a development pipeline of c.1 GW.

Quinbrook Infrastructure Partners

Quinbrook Infrastructure Partners is the investment manager sponsor of UES and is focused on investment in renewable technologies in the UK. It is also an ESG-focused, 'value add' investment manager with a specialist focus on low carbon and renewable energy supply, storage, grid stability and related assets and businesses. QIP has led investment teams and portfolio companies that have invested over USD 2.5 billion of equity in over 200 low carbon, renewable, storage and grid support projects covering a wide spectrum of technologies.

SAE

SAE is a global developer, owner and operator of sustainable energy projects with a diverse portfolio in various stages of development.

https://www.simecatlantis.com/

 

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