Editing Openai/6914efcd-d7d8-800a-85de-4212b5b63948 (section)

=== (you can check each in the company PDFs / RNSs below) ===
# Shares outstanding / weighted average used: 722,812,335 ordinary shares (weighted average used in H1 2025 EPS calc). Ampeak Energy<ref>{{cite web|title=Ampeak Energy|url=https://ampeak.energy/wp-content/uploads/2025/09/25-06-Ampeak-Interim-Report_FINAL.pdf|publisher=Ampeak Energy|access-date=2025-11-13}}</ref>
# Group loans & borrowings (31 Dec 2024): Loans & borrowings — non-current £42.939m + current £15.673m = £58.612m; cash & cash equivalents £5.962m (net debt ≈ £52.65m at 31/12/24). (I used the group statement of financial position in the 2024 Annual Report.) Ampeak Energy<ref>{{cite web|title=Ampeak Energy|url=https://ampeak.energy/wp-content/uploads/2025/07/270190-SAE-Annual-Report-2024-CL-web.pdf|publisher=Ampeak Energy|access-date=2025-11-13}}</ref>
# AW1 (Afon Wysg 1 — Uskmouth): Financial close announced Aug 5, 2025. Project = 120 MW / 240 MWh BESS. Company guidance: average revenues ≈ £13m p.a. and average EBITDA ≈ £9m p.a. in its first five full years of operation. Project total cost £67.4m of which £45.3m project financing was secured (Nord/LB). The group retains ~75.3% controlling share in the AW1 project company. AW1 expected to commence operations ~Q4 2026 (company guidance). Ampeak Energy<ref>{{cite web|title=Ampeak Energy|url=https://ampeak.energy/sae-completes-financial-close-for-the-aw1-battery-storage-project/|publisher=Ampeak Energy|access-date=2025-11-13}}</ref>
# AW2 / AW3 (Uskmouth pipeline): Company has planning consents / applications for several projects at USEP. AW2 recently received planning (public reporting Oct 2025) with sizing reported 250 MW / 1,250 MWh (5-hour) in later RNSes; earlier company text varied (500 MWh). I use the most recent public planning figure for AW2 of 1,250 MWh for upside scenarios; AW2 target grid connection ~2029 (company guidance). AW3 noted as ~700 MWh target later (company documents). Shares Magazine<ref>{{cite web|title=Shares Magazine|url=https://www.sharesmagazine.co.uk/news/market/LSE20251013090853_5858222/aw2-battery-project-receives-formal-planning|publisher=Shares Magazine|access-date=2025-11-13}}</ref>
# MeyBESS (Caithness): planning application to the Scottish Energy Consents Unit for a ~1,200 MWh BESS, target connection 2029 (company guidance). Ampeak Energy<ref>{{cite web|title=Ampeak Energy|url=https://ampeak.energy/wp-content/uploads/2025/07/270190-SAE-Annual-Report-2024-CL-web.pdf|publisher=Ampeak Energy|access-date=2025-11-13}}</ref>
# MeyGen (tidal): Phase 1 operating (6 MW) — H1 2025 tidal revenue was £3.2m (H1), electricity generation 7.9 GWh (H1 2025). The company has 59 MW of CfD support awarded across allocation rounds for future MeyGen Phases at various strike prices (examples £172/MWh etc.) which materially de-risks development revenue for those MWs. Ampeak Energy<ref>{{cite web|title=Ampeak Energy|url=https://ampeak.energy/wp-content/uploads/2025/09/25-06-Ampeak-Interim-Report_FINAL.pdf|publisher=Ampeak Energy|access-date=2025-11-13}}</ref>