REG - SIMEC AtlantisEnergy - SAE receives milestone payment from BESS project

SIMEC Atlantis EnergyAnnouncement

28/05/2024 07:00

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RNS Number : 9318P  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                                           +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 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/
(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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