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
- Ends -
For
further information, please contact:
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SAE
Sean Parsons, Director of External
Affairs
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+44
(0)7739 832 446
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|
Strand Hanson Limited (Nominated and Financial
Adviser)
Richard Johnson
Rory Murphy
David Asquith
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+44 (0)20
7409 3494
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Zeus Capital Limited (Broker)
Louisa Waddell
Simon Johnson
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+44 (0)20
3829 5000
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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/
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