SAE Renewables receives £2m milestone payment for Uskmouth BESS project

SAE Renewables Limited (LON:SAE) has announced it has received the next milestone payment of £2m under its agreement with EL (Uskmouth) Limited, 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 Renewables 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.

Click to view all articles for the EPIC: SAE
Or click to view the full company profile:
SAE Renewables

Tidal energy driving clean power solutions in Scotland

22nd November 2024

A fresh approach to utilising tidal energy could enable Scotland’s coastal communities to transition away from expensive and environmentally damaging oil and diesel power. By focusing on locally generated power instead of waiting for expanded grid

SAE Renewables receives penultimate milestone payment of £1.5m for BESS project

22nd November 2024

SAE Renewables Limited (LON:SAE) has announced it has received the penultimate milestone payment of £1.5m under its agreement with EL (Uskmouth) Limited (EL), a subsidiary of FPC Electric Land. On 5 December 2023, SAE announced that

SAE drives tidal energy forward with Proteus Marine Renewables partnership

18th November 2024

Proteus Marine Renewables has announced a memorandum of understanding with SKF Marine and GE Vernova Inc’s power conversion division for a collaborative effort to advance tidal turbine generation systems for commercial tidal stream projects. This partnership

SAE Renewables and the next wave of clean energy alternatives

12th November 2024

While solar and wind dominate the renewable energy conversation, emerging technologies such as geothermal, ocean energy, and green hydrogen are creating new possibilities for a sustainable future. As demand for clean energy rises, these alternatives are

MeyGen tidal energy project evolution and achievements

8th November 2024

The MeyGen tidal stream energy project, owned by SAE Renewables (formerly known as SIMEC Atlantis Energy Ltd), aims to advance renewable tidal energy. In 2010, SAE secured an Agreement for Lease for a site at Inner

Tidal energy alliance drives industrialisation in Scotland

7th November 2024

SKF, Proteus Marine Renewables, and GE Vernova’s Power Conversion division have formalised a memorandum of understanding (MoU) to lay the groundwork for a collaboration that could drive the supply of tidal turbine systems to commercial tidal

SAE Renewables partners with industry leaders to expand MeyGen to 65MW

5th November 2024

Further to the announcement by Proteus Marine Renewables (PMR) that it has signed an MoU with SKF Marine and GE Vernova’s Power Conversion business (the Alliance), setting out a framework for the supply of tidal turbine

SAE Renewables welcomes politicians to Uskmouth Sustainable Energy Park

4th November 2024

SAE Renewables Limited (LON:SAE) was delighted on Friday 1 November 2024, to welcome Jessica Morden, the Member of Parliament for Newport East, John Griffiths, the Member of the Senedd for Newport East, and Dimitri Batrouni, the

Unconventional energy sources for a sustainable future

30th October 2024

The world’s largest climate crisis has ignited a search for renewable energy that extends beyond the familiar terrain of solar panels, wind farms, and hydroelectric plants. Today, scientists, innovators, and entrepreneurs are exploring unexpected, sometimes surprising,

Promising progress and financial gains at SAE Renewables

28th October 2024

SAE Renewables, a UK-based renewable energy company, has released promising results for the first half of 2024. This period has seen a remarkable boost in revenue, thanks largely to a land sale tied to the Uskmouth

Harnessing the power of tides for renewable energy

24th October 2024

A significant portion of the Earth’s surface, about 70%, is covered by water, with 97.6% of it belonging to the seas and oceans. This vast expanse of water has played a crucial role throughout human history,

SAE Renewables prepares for subsea operations at MeyGen Tidal Array

14th October 2024

SAE Renewables plans to conduct subsea operations at the MeyGen Tidal Array in Scotland’s Pentland Firth in late October. The work is scheduled to take place from October 23 to 26, focusing on the installation of

The role of BESS in meeting 2050 long-duration energy storage demand

8th October 2024

By 2050, it is estimated that up to 20 GW of long-duration energy storage could be required to ensure the security of energy supply as the increasing reliance on intermittent generation sources continues. With decreasing capital

Strategic transformation and progress for SAE Renewables

2nd October 2024

Strategic progress continues for SIMEC Atlantis’ SAE Renewables, as highlighted by their interim results, which mark a significant phase in the company’s transformation. The new strategic direction focuses on establishing SAE as an independent power producer

Be sure to check our sister interview main ratings news website