SAE Renewables has announced the receipt of the next milestone payment from the battery energy storage system (BESS) project at Uskmouth Sustainable Energy Park.
Under its agreement with EL (Uskmouth) Ltd, a subsidiary of FPC Electric Land, SAE has received a £2 million payment. This payment follows the successful completion of earthworks at the site.
This development comes after SAE’s December announcement regarding the sale of the freehold land at Uskmouth to EL for a total gross cash consideration of £9.8 million, linked to project milestones.
The Uskmouth site is being used for a 460MWh (230MW) BESS, which SAE noted is only a small portion of the land available at the site for further BESS project development.
Today’s announcement marks the receipt of the second milestone payment, following an initial £5 million payment on 28 March 2024.
SAE expressed optimism about the ongoing progress of the project, highlighting the next milestones: the completion of civil works, which will trigger a £1.5 million payment, and the delivery of 10 per cent of the batteries, which will result in a final payment of £1.425 million.
Graham Reid, chief executive of SAE Renewables, commented on the project’s success, stating: “The continued success and delivery of this project demonstrate the opportunity that exists at the Uskmouth Sustainable Energy Park, with over 1GW of BESS potential identified at the site. SAE is committed to maximising value for the company and its shareholders from these projects.”
SAE Renewables Limited (LON:SAE) was founded in 2005 as a supplier of tidal stream turbines, SAE quickly grew to include development of tidal stream projects and is the majority owner of MeyGen, the world’s largest tidal stream energy project.
