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.
https://www.gsenergystoragefund.com