SAE receives milestone payment from BESS project

SIMEC Atlantis Energy Limited

28 May 2024

 

28 May 2024

SIMEC Atlantis Energy Limited

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

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

SAE is pleased to announce it has received the next milestone payment of £2m under its agreement with EL (Uskmouth) Limited ("EL"), a subsidiary of FPC Electric Land.

The milestone payment was received following the successful completion of earthworks at the site.

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 and represents only a small proportion of the land owned by SAE at the Uskmouth site available for BESS project development. Today's announcement marks the second milestone payment, following the first £5m payment being received on 28 March 2024.

SAE looks forward to the continued good progress being made on the project. The remaining milestones are the completion of civil works, whereupon SAE will receive £1.5m, and the final payment of £1.425m on the delivery of 10% of the batteries.

Graham Reid, CEO of SAE, commented:

"The continued success and delivery of this project demonstrates the opportunity that exists at the USEP, with over 1GW of BESS opportunity identified at the site. SAE is focused on delivering the maximum value for the Company and its shareholders from these projects."

For further information, please contact:

SAE Renewables Sean Parsons, Director of External Affairs	[phone]
Strand Hanson Limited (Nominated and Financial Adviser) Richard Johnson Rory Murphy David Asquith	[phone]
Zeus Capital Limited (Broker) Louisa Waddell Simon Johnson	[phone]

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. SAE is also the owner of the Uskmouth Power Station site that is being repurposed into a sustainable energy park, initially housing one of the UK's largest battery energy storage projects. https://www.saerenewables.com/

This announcement contains inside information as defined in Article 7 of the EU Market Abuse Regulation No 596/2014, as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended, and has been announced in accordance with the Company's obligations under Article 17 of that Regulation.

 

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