Company Update and Bond Update
Summary by AI BETAClose X
12 November 2026
AMPEAK ENERGY LIMITED
(“Ampeak Energy”, “Ampeak” or the “Company”)
Business Update and Proposed Amendments to Abundance Bonds
Ampeak provides a business update and is today issuing a communication to its bondholders outlining its plans for repayment of its three 5-year debentures, issued through Atlantis Future Energy and Atlantis Ocean Energy with the support of Abundance Investment Limited, in 2017 – 2019 (together, the “Debentures”).
Business Update:
Ampeak Energy has been developing large-scale Battery Energy Storage System (“BESS”) projects, focused on two strategically important sites: Uskmouth in South Wales and Mey in Caithness, North Scotland. Since 2021, the Company has made substantial progress in establishing a significant portfolio of energy storage projects.
The flagship Afon Wysg 1 (AW1) project is a 240MWh capacity project, and its delivery and success are clear indicators of Ampeak’s credentials as a major player in the BESS market.
Ampeak achieved financial close on the project in August 2025, securing £67.4 million of funding to support its objective of building, owning and operating one of the UK’s largest BESS sites. This funding included £45.3 million of non-recourse project finance from Norddeutsche Landesbank Girozentrale, a leading German commercial bank and a prominent financier of renewable energy projects for over 30 years.
As announced in the Company’s construction update earlier this week, the civil works are finished and all batteries and other key equipment have now been successfully delivered to site, representing another major milestone towards completion. The project remains on budget and on schedule, with energisation expected later this month and full commercial operations expected in Q1 2027.
Building on the successful delivery of AW1, the Company is making excellent progress with plans to rapidly double the capacity of the project to 480MWh. Ampeak’s objective, working with existing project funders, is to achieve financial close on this expansion shortly after the 240MWh project enters full commercial operation.
The increased duration is expected to materially enhance the project’s revenues and its ability to support the local electricity network with the integration of renewable generation. AW1 was strategically designed and laid out with future expansion in mind and the foundations and civil works required for the expansion have already been completed to facilitate rapid implementation. As a result, the expansion is expected to be capable of delivery in well under 12 months from financial close, with minimal disruption to the operating 240MWh asset. The planned expansion would not only enhance project revenues but also trigger a contractual overage payment to Ampeak relating to the land sold by the Company at financial close.
The successful financing and delivery of AW1 is expected to provide a strong endorsement for future funders and investors of Ampeak’s delivery credentials and it will be the cornerstone of Ampeak’s growing energy storage portfolio.
In January 2026, the Company announced that its Mey BESS project in Scotland had received Section 36 consent from Scottish Ministers for the development of a battery storage project with an installed capacity of up to 300MW / 1,200MWh.
At Uskmouth, the 460MWh Uskmouth Energy Storage project, originally developed by Ampeak, plans are also well underway for a significant expansion. Ampeak sold both this project and the underlying land in 2023 prior to construction however strategically retained contractual rights to development premium payments linked to future increases in project capacity, under the agreements with the current project owner and landowner. The expansion of this project alongside the expansion of AW1 would result in Uskmouth Sustainable Energy Park being home to over 1GWh of BESS systems.
Collectively, Ampeak’s project portfolio detailed above comprises approximately 770MW / 2.6GWh of battery storage capacity. The Uskmouth site also has further land for additional battery and other energy projects beyond this. Ampeak’s strategy has been clear since 2023: develop these projects through construction and operation, creating long-term value through operational revenues; and selectively use equity sell-down opportunities and land sales to access the significant underlying land value at Uskmouth, which remains in Ampeak’s ownership. However, delivering this strategy depends on secure and timely grid connections.
Bond update:
As announced on 5 December 2023, capital repayments in respect of the three Debentures in aggregate are due as follows: £2.0 million on 31 December 2026, £3.0 million on 31 December 2027, and a final repayment of approximately £7.7m on 30 June 2029.
The Board's view is that Connections Reform, implemented in 2025 and rolled out by the National Energy System Operator (“NESO”) from late 2025, has potentially changed the timing of value realisation from, rather than the underlying value of, the Company’s BESS portfolio. Ampeak is still awaiting confirmation of grid connection dates for its BESS projects from NESO. The requested extension therefore aligns the Debenture capital repayment dates with any potential delays to Ampeak’s development timetable while preserving the Company's ability to maximise value for all stakeholders.
As NESO has not yet issued all revised connection offers, the Company has adopted a prudent planning assumption of an approximately two-year delay to the timing of the principal repayments. Accordingly, Ampeak is proposing that all these repayment dates be deferred by two years and is today issuing a communication to the Debenture holders requesting amendments to the repayment schedule as follows:
|
Capital Repayment |
Current date |
Proposed new date |
|
£2.0m |
31 December 2026 |
31 December 2028 |
|
£3.0m |
31 December 2027 |
31 December 2029 |
|
£7.7m (final repayment) |
30 June 2029 |
30 June 2031 |
In addition, Ampeak is requesting that the interest payment due on 30 June 2027 is deferred to 31 December 2027.
Under the existing Debenture terms, the interest rate applicable to the Debentures is scheduled to increase from 10% to 11% on 1 January 2027, to 12% on 1 January 2028, and to 13% on 1 January 2029. In recognition of the proposed capital repayment extension, Ampeak is proposing to increase the interest rate to all the Debentures to 13% per annum with effect from 1 January 2027. Interest will continue to be payable every six months on 30 June and 31 December, including the upcoming interest payment falling due on 31 December 2026 (save for the deferred 30 June 2027 interest payment, as set out above). The Company expects to fund its ongoing operating costs and the enhanced interest payments from its existing cash resources together with future AW1 project-related operating cashflow. The Board has carefully considered these funding requirements when determining the proposed revised capital repayment schedule.
The requested amendments are subject to the agreement of Debenture holders representing 75% by value for each class of debenture. The results of the vote are expected during December 2026.
Ampeak will provide a further update at that time.
This announcement contains inside information as defined in Article 7 of the EU Market Abuse Regulation No 596/2014, as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended, and has been announced in accordance with the Company's obligations under Article 17 of that Regulation.
For further information, please contact:
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Ampeak Energy Sean Parsons |
+44 (0)7739 832 446 |
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Strand Hanson Limited (Nominated and Financial Adviser) Richard Johnson Rory Murphy Harry Marshall |
+44 (0)20 7409 3494 |
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Zeus Capital Limited (Broker) Louisa Waddell Simon Johnson
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+44 (0)20 3829 5000 |
Notes to Editors
Ampeak Energy is a global developer, owner and operator of sustainable energy projects. Ampeak Energy owns the world’s flagship tidal stream project, MeyGen, and the Uskmouth Power Station site, which is being repurposed into a sustainable energy park that will become one of the UK’s largest battery energy storage sites. www.ampeak.energy
Ampeak Energy’s strategy: “Building a Sustainable Future to 2035”, can be viewed here
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