According to the latest research note from Longspur Research, Ampeak Energy Plc (LON:AMP) continues to advance its position as a developer, owner and operator of sustainable energy projects, with progress at its Uskmouth and Caithness sites setting the stage for further growth. The note highlights how recent activity at the Uskmouth Sustainable Energy Park demonstrates the scale of potential available to the company, particularly in battery energy storage systems. This follows a site visit last week that provided analysts with greater insight into Ampeak’s progress and plans.
Longspur Research’s Adam Forsyth notes that the visit underlined the strategic value of Uskmouth, where Ampeak has already monetised its first BESS project through the sale of the 230MW UES project, raising £9.9m from the land sale and £9.2m from the project sale. The company retains ownership of the wider site, which previously hosted the 360MW coal power station and benefits from existing short connections to the National Grid.
A direct quote from Research Analyst Adam Forsyth as written in the note:
“Last week’s site visit to the Ampeak-owned Uskmouth Sustainable Energy Park made clear the extent of the opportunity at the site.”
The research sets out how Ampeak has built a capable team that has already delivered two BESS projects. This involves partnerships with Canadian Solar as battery suppliers and Jones Bros as civils contractor. Longspur observes that these established relationships and the company’s experience should enable a streamlined approach to future projects, reducing costs and lowering execution risks. Ampeak’s sale and leaseback model has also improved its financial position, allowing it to take on a greater share of upcoming projects.
Financial and operational highlights from the report
• Sales of £14.4m in 2024 and a forecast rise to £23.4m in 2027.
• EBITDA expected to rise to £15.2m in 2027 from £7.9m in 2024.
• AW1 project income included from FY 2027.
• £9.1m one off distribution due from the UES expansion.
• Total battery portfolio estimated at 4,326MWh across Uskmouth and Scotland.
• Potential annual distributions of £17.6m at the 2 hour duration, rising to £31.5m at full duration.
• Longspur’s central valuation remains at 10.0p per share.
The note also details the significant grid capacity available at Uskmouth. Existing connections have already supported development of the first projects, and the remaining physical capacity could allow substantial expansion without major grid reinforcement. Planned projects include AW1 at 480MWh due in 2026, AW2 at 1,250MWh scheduled for 2029, and the larger AW3 project which could reach 1,396MWh with a consent date of 2037.
Alongside Uskmouth, Ampeak continues to progress its MeyBESS battery project in Caithness, totalling 1,200MWh, and maintains momentum on its long-standing MeyGen tidal development. As renewable generation grows across the UK, Longspur Research points out that demand for storage continues to increase, placing Ampeak in a favourable position to capture further value.
On a Final Note
Longspur Research makes it clear that Ampeak Energy has reached a point where its experience, partnerships and site advantages place it well for ongoing development. With a pipeline exceeding 4GWh of potential capacity and an established track record of delivering projects, the company is positioned to benefit from the rising need for energy storage across the UK. Investors will be watching for the next milestones at Uskmouth and MeyBESS as Ampeak moves forward.
