SAE Renewables has received a £1.5 million milestone payment for its battery energy storage system (BESS) project at the Uskmouth Sustainable Energy Park. The payment comes under an agreement with EL (Uskmouth) Limited, a subsidiary of FPC Electric Land, marking another step forward in this significant energy initiative.
Earlier in 2023, SAE confirmed the sale of freehold land at Uskmouth to EL for a gross cash consideration totalling £9.8 million, structured around key project milestones. This particular site is now the location of a 460MWh (230MW) battery energy storage facility, which is being developed by Uskmouth Energy Storage Limited. The area sold represents just a fraction of SAE’s broader landholding at the Uskmouth site, which remains a hub for potential BESS projects.
This latest payment follows the successful completion of civil works on the site and represents the third milestone achieved in the project. Previous payments include £5 million received in March 2024 and £2 million in May 2024. The final payment is expected once 10 per cent of the project’s batteries are delivered. SAE has expressed optimism about the project’s ongoing progress, signalling confidence in meeting its goals.
This milestone underlines SAE’s commitment to advancing sustainable energy solutions and leveraging its Uskmouth site for future development opportunities.
