SAE Renewables Limited (LON:SAE) has announced it has received the next milestone payment of £2m under its agreement with EL (Uskmouth) Limited, a subsidiary of FPC Electric Land.
The milestone payment was received following the successful completion of earthworks at the site.
On 5 December 2023, SAE Renewables 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 (230MW) BESS and represents only a small proportion of the land owned by SAE at the Uskmouth site available for BESS project development. Today’s announcement marks the second milestone payment, following the first £5m payment being received on 28 March 2024.
SAE looks forward to the continued good progress being made on the project. The remaining milestones are the completion of civil works, whereupon SAE will receive £1.5m, and the final payment of £1.425m on the delivery of 10% of the batteries.
Graham Reid, CEO of SAE Renewables, commented:
“The continued success and delivery of this project demonstrates the opportunity that exists at the USEP, with over 1GW of BESS opportunity identified at the site. SAE is focused on delivering the maximum value for the Company and its shareholders from these projects.”
