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
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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 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.