On Friday, SIMEC Atlantis (WA:) Energy Limited (SAE Renewables or SAE) announced the receipt of the penultimate milestone payment of £1.5 million from EL (Uskmouth) Limited, a subsidiary of FPC Electric Land. This payment is part of the terms agreed upon on 5 December 2023, when SAE decided to sell freehold land at the Uskmouth Sustainable Energy Park (USEP) to EL for a total gross cash consideration of £9.8 million.
The land sold to EL is currently being developed for a 460MWh (230MW) Battery Energy Storage System (BESS) by Uskmouth Energy Storage Limited. Despite the sale, SAE still retains a significant portion of land at the Uskmouth site for potential future BESS project development. The milestone payment was made following the successful completion of civil works at the site.
This payment marks the third installment of the agreed sum. SAE previously received the first payment of £5.0 million on 28 March 2024 and the second payment of £2.0 million on 28 May 2024. The company anticipates the continued progress of the project, with the final milestone payment to be made upon the delivery of 10% of the batteries for the BESS project.
SAE has also released a video animation that showcases the scale and envisioned benefits of the USEP site, aiming to provide a visual representation of the project’s impact. The company’s announcement today reaffirms its commitment to the project’s advancement and the expected completion of financial transactions as the project milestones are met.
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