29 August 2024
Gore Street Energy Storage Fund plc
(the "Company" or "GSF")
Publication of FY2023/24 ESG and Sustainability Report
Gore Street Energy Storage Fund plc, the internationally diversified energy storage fund, is pleased to announce the publication of its third ESG and Sustainability Report.
This latest report reflects a significant year of growth for the Company, with a 45% increase in energised capacity of the portfolio to 421.4 MW. Sustainability reporting has, therefore, become even more critical for investors seeking enhanced transparency over the Company's environmental and social impacts.
The Company qualifies as an Article 8 product under the European Sustainable Finance Disclosure Regulation (SFDR) and reports on Principle Adverse Impacts (PAIs) such as greenhouse gas emissions, carbon footprint, and board gender diversity, which are included in this report. The report also details the Company's contribution to the green energy transition, its position under the new EU Battery Regulation, as well as various social initiatives undertaken during the reporting period.
Additionally, as a signatory of the Principles for Responsible Investment (PRI), the Company is committed to incorporating the Principles into its own investment practices and recently published its Responsible Investment Policy. In July 2024, the Company submitted its first publicly available assessment report, the results of which will be available later this year.
Key highlights of the ESG & Sustainability Report include:
• The Company's portfolio capacity increased to 1.25 GW (FY2022/23: 1.17 GW), with 421.4 MW of energised capacity and 826.8 MW in the construction/pre-construction phases.
• The operational fleet avoided 15,178 tCO2e and stored 26,232 MWh of renewable electricity.
• The Company implemented innovative solutions to further advance its high standards of Health & Safety, while continuing to support communities up and down the value chain.
• The Company further aligned with the Task Force on Climate-Related Financial Disclosure (TCFD) recommendations by providing an update on its climate-related risks and opportunities and disclosing how these are integrated into management decisions and day-to-day operations.
The report is available on the Company's website, here.
Alex O'Cinneide, CEO of Gore Street Capital, the Investment Manager to the Company, commented:
"The past year has seen energy markets around the world continue to rebalance following the shock caused by Russia's invasion of Ukraine and the growing realisation that fossil fuels do not represent secure power. The resulting push towards renewable generation has been seen across Europe in particular, where policymakers have placed energy storage at the heart of a clean and stable energy system. Following a period of growth, we have focused on increasing energised capacity over the past year. This has pushed us forward in scale, and the momentum is set to continue as some of the biggest projects in the portfolio continue to progress towards energisation. This growth has also meant we are having a bigger impact on the environments in which we operate, making ESG and sustainability more integral to our daily operations.
For further information:
Gore Street Capital Limited
Alex O'Cinneide / Paula Travesso / Ben Paulden
Email: ir@gorestreetcap.com Tel: +44 (0) 20 3826 0290
Shore Capital (Joint Corporate Broker)
Anita Ghanekar / Fiona Conroy (Corporate Broking) Tel: +44 (0) 20 7408 4090
Sophie Collins
J.P. Morgan Cazenove (Joint Corporate Broker)
William Simmonds / Jérémie Birnbaum (Corporate Finance) Tel: +44 (0) 20 3493 8000
Burson Buchanan (Media Enquiries)
Charles Ryland / Henry Wilson / George Beale Tel: +44 (0) 20 7466 5000
Email: gorestreet@buchanan.uk.com
Notes to Editors
About Gore Street Energy Storage Fund plc
Gore Street is London's first listed and internationally diversified energy storage fund dedicated to the low-carbon transition. It seeks to provide Shareholders with sustainable returns from their investment in a diversified portfolio of utility-scale energy storage projects. In addition to growth through increasing operational capacity and a considerable pipeline, the Company aims to deliver consistent and robust dividend yield as income distributions to its Shareholders.
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