SIMEC Atlantis Energy (SAE Renewables) has fully acquired the 120MW Battery Energy Storage System (BESS) project located at the Uskmouth Sustainable Energy Park. On 6 August, SAE finalised a share purchase agreement (SPA) with Enso Green Holdings, a collaboration between Cero Generation Limited and Enso Energy Ltd. Through this agreement, SAE purchased all shares in the BESS project, which has a capacity of 120MW/240MWh.
As part of the deal, SAE made an initial payment of £299,000 to Enso Green Holdings Limited (EGHL) to secure full ownership of the development vehicle, Enso Green Holdings E Ltd. This entity was responsible for the BESS project’s development and held the grid connection, land option, and planning application. Furthermore, the SPA stipulates that once the project reaches financial close, SAE will pay an additional £3.85 million as deferred consideration, recognising EGHL’s contributions to the project’s progress.
The acquisition is a critical step in SAE’s recently unveiled strategy to become a proprietor and operator of its energy projects. The BESS will be constructed on the site of the former cooling towers, which have already been demolished to make way for this new phase. Planning permission for the project was granted in January 2024, and the grid connection is planned for October 2026, utilising the existing infrastructure at the Uskmouth site.
SAE is collaborating closely with the involved parties and their supply chain to develop the necessary contracts and delivery schedules, with construction expected to commence in 2025. The build is anticipated to take around 18 months. This BESS project marks the second of its kind at the SAE-owned Uskmouth site. According to SAE, completing the SPA will facilitate the financial closure of the project, enabling SAE to move forward with construction, ownership, and operation.
Graham Reid, the CEO of SAE Renewables, emphasised the importance of this acquisition in fulfilling the company’s strategic goal of owning and operating its projects. He noted that significant efforts have been made to reach this point, reflecting SAE’s commitment to meeting its targets and delivering value to shareholders.
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.
