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SAE Renewables receives final payment from Battery project at Uskmouth

SAE Renewables Limited (LON:SAE) has announced it has received the final payment of £1.25m under its agreement with EL (Uskmouth) Limited, a subsidiary of FPC Electric Land.

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 Battery project being constructed by Uskmouth Energy Storage Limited. The EL land represents only a small proportion of the land owned by SAE at the Uskmouth site available for Battery development projects.

The final payment was received on 20 January, following the successful delivery of 10% of the batteries for the 460MWh project. The first £5.0m payment was received on 28 March 2024, the second £2.0m payment was received on 28 May 2024 and the third £1.5m payment was received on 22 November 2024.

The development, sale and land agreement has delivered vital revenue for SAE, which has been key to enabling the development of a significant portfolio of Battery projects at the USEP and near its site in Mey, Scotland.

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