Download PDF version

SAE is pleased to announce it has received the penultimate milestone payment of £1.5 million under its agreement with EL (Uskmouth) Limited (“EL”), 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 £9.8 million.

BESS project development

The land is being used for a 460MWh (230 MW) BESS 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 that is available for BESS project development. The milestone payment was received following the successful completion of civil works at the site.

The announcement marks the third milestone payment. The first £5.0 million payment was received on 28 March 2024, and the second £2.0 million payment was received on 28 May 2024.

Benefits of the USEP site

SAE looks forward to the continued good progress being made on the project. The final milestone will be paid following the delivery of 10% of the batteries for the project. 

SAE recently released a video animation highlighting the scale and benefits of the USEP site. 

Download PDF version Download PDF version

In case you missed it

Strategies to achieve FuelEU Maritime compliance
Strategies to achieve FuelEU Maritime compliance

FuelEU Maritime came into effect on Jan. 1, 2025. It is part of the European Union’s Fit for 55 package and applies to commercial vessels of 5000GT (gross tonnage) and over u...

VIKING sea trials prove LifeCraft™ resilience
VIKING sea trials prove LifeCraft™ resilience

Sea trials are performed in northern waters – typically at depths of 200-300 metres off the coasts of Norway, the Shetland Islands, the Faroe Islands, and...

ClassNK ZETA enhances FuelEU Maritime Tools
ClassNK ZETA enhances FuelEU Maritime Tools

ClassNK has released new features related to FuelEU Maritime and EU-ETS for its GHG emissions management tool, ‘ClassNK ZETA’. Additionally, with the integration with N...

vfd