REG - Gore Street Energy - Publication of latest ESG & Sustainability Report

Gore Street Energy Storage FundAnnouncement

29/08/2024 07:00

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RNS Number : 0467C  Gore Street Energy Storage Fund PLC  29 August 2024

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.
(https://www.gsenergystoragefund.com/content/investors/shareholder-literature)

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 (mailto: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 (https://www.gsenergystoragefund.com)

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