Disclosures

Pre-Investment Disclosure Document for Gore Street Energy Storage Fund plc (the "Company")

Dated: 29 March 2022

Chapter 3.2 of the Investment Funds sourcebook of the Financial Conduct Authority Handbook ("FUND 3.2") requires that AIFMs shall for each UK AIF that they market in the UK, make available to AIF investors, in line with the instrument constituting the fund, certain information before they invest in the AIF, as well as any material changes thereto.

Similarly, Articles 23(1) and (2) of the Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers (the "AIFMD") require that AIFMs shall for each of the AIFs that they market in the EEA make available to AIF investors, in accordance with the AIF rules or instruments of incorporation, certain information before they invest in the AIF, as well as any material changes thereto.

This document is issued by Gore Street Capital Limited (the "AIFM") solely in order to make available the information required by Articles 23(1) and (2) of the AIFMD/FUND 3.2 to be made available to investors before they invest in the Company.

This document either contains that information or cross-refers to the relevant document available to investors that contains such information.

This document refers to, and should be read in conjunction with, the prospectus of the Company dated 29 March 2022 (the "Prospectus"). Except as set out below, capitalised terms used in this document have the same meaning as in the Prospectus. This document does not update or amend any part of the Prospectus.

REGULATORY REFERENCE INFORMATION OR DOCUMENT AND REFERENCE
AIFMD Article 23(1) FUND 3.2.2  
 (1)  
 (a) a description of the investment strategy and objectives of the AIF;
  		Prospectus, Part 2, Pages 43 - 45.
 (b) if the AIF is a feeder AIF, information on where the master AIF is established;
  		Not applicable.
 (c) if the AIF is a fund of funds, information on where the underlying funds are established;
  		Not applicable.
 (d) a description of the types of assets in which the AIF may invest;
  		Prospectus, Part 2, Pages 43 - 45.
 (e) the investment techniques that the AIF, or the AIFM on behalf of the AIF, may employ and all associated risks;
  		Prospectus, Part 2, Pages 43 - 45.
 
Prospectus, "Risk Factors" section, Pages 11 - 28.
 
 
 (f) any applicable investment restrictions;
  		Prospectus, Part 2, Pages 43 - 45.
 
 (g) the circumstances in which the AIF may use leverage;
  		Prospectus, Part 2, Pages 43- 44.
 
 (h) the types and sources of leverage permitted and the associated risks;
  		Prospectus, Part 2, Pages 43- 44.
 
Prospectus, "Risk Factors" section, Page 13.
 
 (i) any restrictions on the use of leverage and any collateral and asset reuse arrangements; and
  		Prospectus, Part 2, Pages 43 - 44.
 
There are no collateral and asset reuse arrangements.
 
 (j) the maximum level of leverage which the AIFM is entitled to employ on behalf of the AIF;
  		Prospectus, Part 2, Pages 43 - 44.
 
 
 (2) a description of the procedures by which the AIF may change its investment strategy or investment policy, or both;
  		Prospectus, Page 45.
 
The investment policy of the Company may be amended from time to time by the Board.
 
No material change will be made to the investment policy without the approval of Shareholders by ordinary resolution and, for so long as the Company's shares are listed on the Official List, in accordance with the Listing Rules.
 
 (3) a description of the main legal implications of the contractual relationship entered into for the purpose of investment, including information on jurisdiction, the applicable law and the existence or absence of any legal instruments providing for the recognition and enforcement of judgments in the territory where the AIF is established;
  		The terms and conditions of application under each Placing and each Offer for Subscription are set out in Parts 9 and 10, respectively, of the Prospectus.
 
Implications of the contractual relationship entered into for the purpose of investment
While investors acquire an interest in the Company on subscribing for the Company's shares, the Company is the sole legal and/or beneficial owner of its investments. Consequently, shareholders have no direct legal or beneficial interest in those investments. The liability of shareholders for the debts and other obligations of the Company is limited to the amount unpaid, if any, on the shares held by them.
 
Shareholders' rights in respect of their investment in the Company are governed by the Company's Articles of Association and the Companies Act 2006. The Articles of Association set out the respective rights and restrictions attaching to the Company's shares. Under English law, the following types of claim may in certain circumstances be brought against a company by its shareholders: contractual claims under its Articles of Association; claims in misrepresentation in respect of statements made in its prospectus and other marketing documents; unfair prejudice claims; and derivative actions. In the event that a shareholder considers that it may have a claim against the Company in connection with such investment in the Company, such shareholder should consult its own legal advisers.
 
Jurisdiction and applicable law
The contract to subscribe for shares in the Company and all disputes and claims arising out of or in connection with its subject matter or formation (including non-contractual disputes or claims) will be governed by, and construed in accordance with, the laws of England and Wales. Subscribers for shares submit to the jurisdiction of the courts of England and Wales and waive any objection to proceedings in any such court on the grounds of venue or on the grounds that proceedings have been brought in an inconvenient forum.
 
Recognition and enforcement of foreign judgments
The choice of English law to govern any agreement will not displace mandatory rules of law applicable in another jurisdiction with which the relevant transaction is otherwise solely connected or in which a dispute is being adjudicated and may not be recognised or upheld by the English courts where to do so would be inconsistent with Regulation (EC) No. 593/2008 of 17 June 2008 on the law applicable to contractual obligations (Rome I) or Regulation (EC) No. 864/2007 of 11 July 2007 on the law applicable to non-contractual obligations (Rome II) insofar as those Regulations have effect as retained direct EU legislation.
 
The English courts may be required to or may decline jurisdiction in the circumstances set out in the Hague Convention on Choice of Court Agreements as incorporated into English law by the Civil Jurisdiction and Judgments Act 1982.
 
 (4) the identity of the AIFM, the AIF's depositary, the auditor and any other service providers and a description of their duties and the investors' rights;
  		Prospectus, Part 5, Pages 69 – 73, and Part 12, Pages 125 – 130.
 
Absent a direct contractual relationship between a Shareholder and a service provider to the Company, Shareholders generally have no direct rights against the relevant service provider and there are only limited circumstances in which a Shareholder may potentially bring a claim against the relevant service provider.  Instead, the proper claimant in an action in respect of which a wrongdoing is alleged to have been committed against the Company by the relevant service provider is, prima facie, the Company itself.
 
 (5) a description of how the AIFM complies with the requirements referred to in IPRU-INV 11.3.11G (Professional negligence) relating to professional liability risk;
  		To cover potential professional liability risks resulting from its activities the AIFM may carry out pursuant to the AIFMD, the AIFM has additional own funds which are appropriate to cover potential liability risks arising from professional negligence in accordance with the applicable rules of the Financial Conduct Authority.
 
 (6) a description of:
  		 
 (a) any AIFM management function delegated by the AIFM;
  		Not applicable. No AIFM management function has been delegated by the AIFM.
 
 (b) any safe-keeping function delegated by the depositary;
  		The Depositary may use sub-custodians in order to provide the safekeeping of financial instruments function (described in article 21(8)(a) of the AIFMD).
 
The Depositary may delegate the whole or any part of the safekeeping of assets that are not financial instruments function (described in article 21(8)(b) of the AIFMD) to any affiliate without the consent of the Company.
 
 (c) the identity of each delegate appointed in accordance with FUND 3.10 (Delegation); and
  		Not applicable. No AIFM management function has been delegated by the AIFM.
 (d) any conflicts of interest that may arise from such delegations;
  		Not applicable. No AIFM management function has been delegated by the AIFM.
 
 (7) a description of the AIF's valuation procedure and of the pricing methodology for valuing assets, including the methods used in valuing any hard-to-value assets, in line with FUND 3.9 (Valuation);
  		The Directors intend to use BDO LLP, or another professional independent valuer of equivalent standing, as valuer to the Company. Valuations are calculated by management quarterly and reviewed on a sample basis by a third party on a semi-annual basis for the mid-year and end of year reports. The valuations of the Company's assets will be at fair value.
 
The unaudited Net Asset Value (and Net Asset Value per Ordinary Share) are (and per C Share will be, where applicable) calculated on a quarterly basis by the Administrator (and reviewed by the Company). Calculations are made in accordance with the Association of Investment Companies’ valuation guidelines and in accordance with applicable accounting standards under IFRS. Details of each valuation, and of any suspension in the making of such valuations, will be announced by the Company via a Regulatory Information Service announcement as soon as practicable after the end of the relevant period. 
 
 (8) a description of the AIF's liquidity risk management, including the redemption rights of investors in normal and exceptional circumstances, and the existing redemption arrangements with investors;
  		Shareholders do not have a right for their Shares to be redeemed and the Company does not have a fixed winding-up date.
 
 (9) a description of all fees, charges and expenses, and the maximum amounts directly or indirectly borne by investors;
  		Prospectus, Part 5, Pages 70 - 73.
 
The expenses and fees which will be borne by the Company and its investors are limited as set out above, but there is no formal cap on the level of those expenses.
 
 (10) a description of how the AIFM ensures a fair treatment of investors;
  		The AIFM will treat all of the Company’s investors fairly and will not allow any investor to obtain preferential treatment, unless such treatment is appropriately disclosed.
 
 (11) whenever an investor obtains preferential treatment or the right to obtain preferential treatment, a description of:
  		 
 (a) that preferential treatment;
  		No investor currently obtains preferential treatment or the right to obtain preferential treatment.
 
 (b) the type of investors who obtain such preferential treatment; and
  		No investor currently obtains preferential treatment or the right to obtain preferential treatment.
 
 (c) where relevant, their legal or economic links with the AIF or AIFM;
  		No investor currently obtains preferential treatment or the right to obtain preferential treatment.
 
 (12) the procedure and conditions for the issue and sale of units or shares;
  		Prospectus, Part 9.
Prospectus, Part 10.
 
 (13) the latest net asset value of the AIF or the latest market price of the unit or share of the AIF, in line with FUND 3.9 (Valuation);
  		The Net Asset Value per Ordinary Share is (and per C Share will be, where applicable) calculated in sterling by the Administrator on a quarterly basis. Such calculations are published through a Regulatory Information Service and made available through the Company's website.
 
 (14) the latest annual report, in line with FUND 3.3 (Annual report of an AIF);
  		The annual report and accounts of the Company are made up to 31 March in each year with copies expected to be sent to Shareholders within the following four months.
 
The latest annual report of the Company is available through the Company's website.
 
 (15) where available, the historical performance of the AIF;
  		The Company’s historical performance data, including copies of the Company’s latest annual report and accounts, is made available on the Company’s website.
 
 (16)  
 (a) the identity of the prime brokerage firm;
  		Not applicable.
 (b) a description of any material arrangements of the AIF with its prime brokerage firm and the way any conflicts of interest are managed;
  		Not applicable.
 (c) the provision in the contract with the depositary on the possibility of transfer and reuse of AIF assets; and
  		Neither the Depositary nor any sub-custodian appointed by it has any right of re-use in respect of the Company's assets.
 
 (d) information about any transfer of liability to the prime brokerage firm that may exist; and
  		Not applicable.
 (17) a description of how and when the information required under FUND 3.2.5 R and FUND 3.2.6 R will be disclosed.
  		Under FUND 3.2.5 R, the AIFM must disclose to investors periodically:
 
(1) the percentage of the Company's assets that are subject to special arrangements arising from their illiquid nature;
 
(2) any new arrangements for managing the liquidity of the Company; and
 
(3) the current risk profile of the Company and the risk management systems employed by the AIFM to manage those risks.
 
The information shall be disclosed as part of the Company's periodic reporting to investors, and — at a minimum — at the same time as the Company's annual report is made available.
 
Under FUND 3.2.6 R, the AIFM must disclose on a regular basis:
 
(1) any changes to:
 
(a) the maximum level of leverage that the AIFM may employ on behalf of the Company; and
 
(b) any right of reuse of collateral or any guarantee granted under the leveraging arrangement; and
 
(2) the total amount of leverage employed by the Company.
 
Information on changes to the maximum level of leverage and any right of re-use of collateral or any guarantee under the leveraging arrangements shall be provided without undue delay by issuing an announcement via a Regulatory Information Service.
 
Information on the total amount of leverage employed by the Company shall be published in the Company’s annual report and audited accounts.
 
Without limitation to the generality of the foregoing, any information required under FUND 3.2.5 R and FUND 3.2.6 R may be disclosed (a) in the Company's annual report, (b) in factsheets that will be available on the Company's website or (c) by the Company issuing an announcement via a Regulatory Information Service or (d) by the Company publishing the relevant information on the Company's website.
 
AIFMD Article 23(2) FUND 3.2.3  
 (1) An AIFM must inform investors before they invest in the AIF of any arrangement made by the depositary to contractually discharge itself of liability, in accordance with regulation 30 of the AIFMD UK Regulation.
  		The Depositary Agreement provides that the Depositary may enter into arrangements to contractually discharge itself of liability in accordance with Regulations 31 and 32 of the Alternative Investment Fund Managers Regulations 2013 (which replicate Articles 21(13) and 21(14) of the AIFMD).
 
 (2) The AIFM must also inform investors without delay of any changes with respect to depositary liability. Without limitation, Shareholders may be informed (a) in the Company's annual report, (b) by the Company issuing an announcement via a Regulatory Information Service or (c) by the Company publishing the relevant information on the Company's website.
 

 

Disclaimer

This document is not being issued for any purpose other than to make certain, required regulatory disclosures to investors and, to the fullest extent permitted under applicable law and regulations, the AIFM, the Company and its Directors will not be responsible to persons other than the Company's shareholders for their use of this document, nor will they be responsible to any person (including the Company's shareholders) for any use which they may make of this document other than to inform a decision to invest in shares in the Company. This document does not form a prospectus and is not intended to be an invitation or inducement to any person to engage in any investment activity. This document may not include (and is not intended to include) all the information which investors and their professional advisers may require for the purpose of making an informed decision in relation to an investment in the Company and its shares. Prospective investors should rely on their own professional advisers in relation to any investment they may make in the Company. Overseas investors should note that the distribution of this document in certain jurisdictions may be restricted and persons into whose possession this document comes are required to inform themselves about and observe such restrictions.

European Supplemented dated 4 April 2022
to the Prospectus dated 29 March 2022

Gore Street Energy Storage Fund plc (the “Company”) is a sole-play investor in battery energy storage systems and is a financial product as defined in Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (the “Disclosure Regulation”). The Company meets the criteria in Article 8 of the Disclosure Regulation to be categorised as a financial product which promotes environmental or social characteristics.

Whilst the Company promotes the environmental and social characteristics outlined below and a proportion of the Company’s investments will qualify as investments in environmentally sustainable economic activities as defined in Regulation (EU) 2020/852 on the establishment of a framework to facilitate sustainable investment, amending Regulation (EU) 2019/2088 (the “Taxonomy Regulation”), as further described below, it does not have an investment objective to make sustainable investments.

Consideration of sustainability risks

Environmental, social or governance (“ESG”) events or conditions (“Sustainability Risks”), if they occur, have the potential to materially impact the profitability, liquidity, financial profile or reputation of an underlying investment in the Company and consequently on the Company’s financial returns.

For the purposes of Article 6(1) of the Disclosure Regulation, using both quantitative and qualitative information, Sustainability Risks are identified, monitored and managed by the Investment Manager in the following manner:           

  • Pre-investment: The Company’s investment policy limits potential investments to battery energy storage systems only. The Company only invests in battery storage systems and has adopted an exclusion policy that confirms that it consequently precludes investments in high risk / unsustainable areas, as further described below (see “Investment strategy of the Company” below). The criteria for acquisition for battery storage systems is further described below (see “ Investment strategy of the Company” below).
  • Investment holding: During the life-cycle of battery storage investments, the Company assesses material Sustainability Risks on a case-by-case basis based on the relevant data available to it.

Where material Sustainability Risks are identified, the impacts of each Sustainability Risk on the Company will depend on the Company’s exposure to such risk and the materiality of that risk.  The Company will seek to mitigate any identified Sustainability Risks, including by modifying its investment strategy and diligence processes. However, there is no guarantee that these measures will mitigate or prevent a Sustainability Risk materialising in respect of the Company.

What environmental and/or social characteristics are promoted by the Company?

The Disclosure Regulation requires assessment and disclosure of metrics around environmental and/or social characteristics applicable to the Company.  The Company promotes the environmental characteristics of climate change mitigation and climate change adaptation.

What sustainability indicators are used to assess the E/S characteristics of the Company?

  • Net CO2 emissions avoided.
  • Total renewable electricity stored.

Investment strategy of the Company

Investment strategy the Company follows to attain E/S characteristics

The Company seeks to provide investors with a sustainable and attractive growth portfolio over the long term by investing in a diversified portfolio of utility scale energy storage projects primarily located in the United Kingdom, the Republic of Ireland, Continental Europe, and the United States of America, although the Company may also consider projects in other jurisdictions in accordance with the Company’s investment policy, as further set out in Part 2 of the Company’s prospectus (as supplemented, amended, or replaced from time to time).

By investing in and developing a portfolio of utility scale energy storage projects, the Company is able to deliver energy and grid frequency services to support the stability of grid systems as national utilities increase their usage of intermittent sources of renewable energy, like wind and solar. A utility’s ability to safely and reliably integrate renewal energy into its energy mix allows for the replacement of fossil-based power generation with cleaner, renewable sources of power and supports a faster transition to a low-carbon sustainable economy. As an enabler of renewable energy, the Company expects to contribute to the environmental objectives of climate change mitigation and climate change adaptation in the Taxonomy Regulation.

The Company does not invest in any products or investee companies that are responsible for the extraction of fossil fuels. The Company’s exclusions policy is available upon request.

What is the Taxonomy-aligned asset allocation for the Company?

The Taxonomy Regulation requires assessment and disclosure of the proportion of the Company’s investments in environmentally sustainable economic activities, including details on the proportions of enabling and transitional activities, as a percentage of all investments selected for the Company. This proportion of environmentally sustainable economic activities is referred to as ‘Taxonomy-aligned’.

For the purposes of establishing the degree to which an investment is environmentally sustainable, an economic activity shall qualify as environmentally sustainable where that economic activity is assessed as meeting all of the following:

  • contributes substantially to one or more of the six environmental objectives set out in the Taxonomy Regulation; and
  • does not significantly harm any of the environmental objectives set out in the Taxonomy Regulation; and
  • is carried out in compliance with the minimum safeguards laid down in Article 18 of the Taxonomy Regulation; and
  • complies with technical screening criteria that have been established by the European Commission in respect of the environmental objectives of climate change mitigation and climate change adaption in relation to the economic activity of energy storage.

While the Company falls short of meeting all the requirement included within the relevant EU Taxonomy Regulation criteria for environmental sustainable economic activities, it does qualify as an enabling activity for making a substantial contribution to climate change mitigation and climate change adaptation and has a governance basis for meeting the other requirements. The Company is assessing its policies and procedures already in place to ascertain the refinements necessary for alignment with the relevant Taxonomy Regulation.

Specifically, the Company will:

  • conduct a physical climate risk assessment to evaluate any modifications necessary to its current development programmes to ensure compliance with the EU criteria; and
  • work (together with industry-leaders) to assess current statutory and industry processes for the recycling of batteries at end-of-life against the ‘Transition to Circular Economy’ criteria for the “do no significant harm” principle. Battery technology continues to develop to increase the durability of battery cells.  Currently, the average life-cycle of the Company’s batteries is up to 30 years, with the average battery cell utility of up to ten (10) years. 

The Company is required to express the proportion of its investments that are in economic activities that qualify as environmentally sustainable under the Taxonomy Regulation. As at the date of this Supplement, given that the Company’s investments have been assessed as meeting three of the four components to qualify as environmentally sustainable under the Taxonomy regulation, 0% of the Company’s investments are in economic activities that qualify as environmentally sustainable under the Taxonomy Regulation. The Company is undertaking further work with the goal that its investments in energy storage facilities will in future be assessed as meeting all four components required to qualify as environmentally sustainable under the Taxonomy Regulation.  However, there is no guarantee that the Company will be assessed as qualifying as environmentally sustainable under the Taxonomy Regulation.

Pursuant to the Prospectus, the Company intends to raise further capital for investment. Upon receipt of such capital and prior to its deployment into investment projects in accordance with the Company’s investment strategy, such new capital will comprise cash and cash equivalents. The Company only deals in cash, and cash-like, instruments that are from non-sanctioned countries and territories.

Does this financial product consider principal adverse impacts on sustainability factors?

The Disclosure Regulation specifies a list of principal adverse impacts on sustainability factors that are applicable to the Company.

Upon investment and over the life cycle of the product, the Company will assess and monitor these principal adverse impacts on sustainability factors pursuant to the Disclosure Regulation. Although the Company anticipates fully monitoring and reporting on all relevant principal adverse impacts, data may not be fully, or in part, available on one or more of the Company’s investments.

In instances where data are not fully available, the Company may make reasonable estimates as to the impact or rely on third party providers’ data to do so. In situations, where data are not available either in full or in part and where the Investment Manager deems it appropriate to rely on estimates, the Investment Manager will explain in the Company’s reporting the rationale for such estimation.

Product-specific information online

More information can be found on the Company's website at www.gsenergystoragefund.com

Reference benchmark promoting Environmental or Social Characteristics

Due to the bespoke nature of the Company’s business activities, the Company believes that there is no relevant sustainable designated reference benchmark to utilise.

Gore Street Energy Storage Fund plc (the Fund) is pleased to disclose information on the methodologies it intends to use to assess, measure and monitor the environmental or social characteristics or impact of its investments in accordance with Article 8 of the European Sustainable Finance Disclosures Regulation (SFDR).   The methodologies below are developed in consultation with an independent third-party professional and remain subject to amendment.  

Topic  #  Indicators  Metrics  Methodology 
Greenhouse gas emissions  1  Total greenhouse gas (GHG) emissions (Scope 1, 2 and 3 emissions3)  tCO2e4  The greenhouse gas inventory will be calculated in alignment with the Greenhouse Gas Protocol (WRI, WBCSD, 2004). Total greenhouse gas emissions split in three different categories: 
  • Scope 1 – Direct emissions of energy consumption 
  • Scope 2 – Indirect emissions of energy consumption 
  • Scope 3 – Indirect emissions from the supply chain and downstream activities. 
The approach taken consists of collection of all energy consumption data at asset level and multiplying them by the corresponding emissions factors for each consumption category. The computed total, when categorised appropriately then provides a total CO2e figure. 
  • For Scope 1 emissions, the relevant energy consumption relates to total on-site generated energy consumption (stationary combustion), total vehicle and equipment consumption (mobile combustion).
  • For Scope 2 emissions, the relevant energy consumption is the energy, essentially electricity, purchased for other purpose than of charging the batteries (as the latter belongs to Scope 3).
  • For Scope 3 emissions, which is most likely the most significant total amount, the relevant energy consumption is the energy commercialised downstream and the energy arising from supply chain activities.
2  Carbon footprint  tCO2e  The Carbon footprint of the Fund is an aggregation of all corresponding asset footprints. 
On asset level, the sum of Scope 1, 2, 3 weighted by the current value of this asset investment in relation to the total asset value. 
3  GHG intensity of investee companies   tCO2e / unit of revenue  The indicator simply aims at providing an intensity measure of the investee companies by dividing the total CO2e emission by a unit of revenue, for which financial data can be provided through the Fund’s accounting records / books. 
4  Exposure to companies active in the fossil fuel sector  Description / qualitative  The indicator reveals any economic activity in the fossil fuel sector.
Relevant information consists of exclusion of revenues generated from exploration, mining, extraction, distribution or refining of hard coal and lignite; similarly for liquid fossil fuels; and fossil gaseous fuels. 
5  Share of non-renewable energy consumption and production  %  This indicator requires collecting all energy consumption and production within the scope of activities of the Fund. The approach is to collect those data at asset and investee company level in a way that distinguish the source type of the energy consumed and produced respectively. This is essential in order to distinguish renewable form non-renewable energy. 
6  Energy consumption intensity per high impact climate sector  N/A  This indicator is not applicable as the Fund does not own or operate any assets in high impact climate sector as per the SFDR definition6 
Biodiversity  7  Activities negatively affecting biodiversity-sensitive areas  #7  and description  A protected area means an area designated under the European Environment Agency’s Common Database on Designated Areas (CDDA). An area of high biodiversity value outside protected areas means land with high biodiversity value as referred to in Article 7b(3) of Directive 98/70/EC of the European Parliament and of the Council. 
A screening and review will be at asset level to identify potential for operations in a biodiversity-sensitive area and to assess whether or not the activities negatively impact these areas. 
Emissions to water  8  Emissions to water  mgs/l8  This indicator refers to tonnes of emissions to water generated by each asset of the Fund per million EUR invested, expressed as a weighted average. Relevant emissions are defined to priority substances9 and direct nitrates, direct phosphate emissions, direct pesticides emissions10. 
Data collection is depending on a list of water sources identified as potentially impacted by the activities of the Fund.  
Waste  9  Hazardous waste ratio  %  This indicator reports the total tonnes of waste generated by investee companies which is deemed hazardous, expressed over total waste across the portfolio. Hazardous waste is here defined under in Article 3(2) of Directive 2008/98/EC of the European Parliament and of the Council (20) and radioactive waste. 
Data on any waste that is hazardous, radioactive or non-hazardous, is collected at asset level and then compiled together to compute a final ratio.  
UNGC principles or OECD Guidelines for Multinational Enterprises  10  Violations of principles / guidelines  #  The metric reports a total number of violations mentioned under the UNGC or OECD guidelines based on a review of qualitative information.  
11  Processes and mechanisms to monitor compliance  Description / qualitative  This indicator evaluates whether the Fund’s policies, procedures, records, and reportings are adequate for monitoring the activities of the portfolio against the UNGC and OECD principles and/or guidelines. 
Gender equality  12  Unadjusted gender pay gap  Bespoke ratio  The unadjusted pay gap means the difference between average gross hourly earnings of male paid employees and of female paid employees as a percentage of average gross hourly earnings of male paid employees. As the Fund is an investment trust and does not have employees, this metric may not apply.
Gender diversity  13  Board gender diversity  Bespoke ratio  The indicator simply provides the ratio of female board members over male board members at asset and Fund level. 
Controversial weapons  14  Exposure to controversial weapons (anti-personnel mines, cluster munitions, chemical weapons and biological weapons)  Description / qualitative  This indicator relates to any commercial interest in controversial weapons, directly or through the value chain, upstream and downstream.  As the Fund is a pure-play energy storage investor, this metric will not apply.
Emissions  15  Emissions of air pollutants  Tonnes / unit of revenue  This indicator reports any pollution to air, differing from greenhouse gas emissions which are already reported under KPIs 1 and 2 above by identifying significant air pollutant substances that are relevant to the Fund’s activities and then reporting a record of emissions. 
Additional water and waste, and material emissions  16  Water usage and recycling: average amount of water consumed and reclaimed by the investee companies, and weighted average percentage of water recycled and reused by investee companies  m3/ unit of revenue  This metric measures the total amount of water consumed and reclaimed by the investee companies as a function of million EUR of revenue. 
%  This metrics measures the average percentage of water recycled and reused by investee companies.  
The ratio is then computed by adding total water recycled and/or reused over total consumption. 
17  Non-recycled waste ratio  %  This indicator reports the total tonnes of non-recycled waste generated by investee companies per million EUR invested, expressed as a weighted average over total waste across the portfolio. 
Human rights  18  Operations and suppliers at significant risk of incidents of child labour  %  This indicator reports the share of investments in investee companies exposed to operations and suppliers at significant risk of incidents of child labour exposed to hazardous work in terms of geographic areas or type of operation.  For third parties’ suppliers, this will require collecting relevant data on the extent to which their activities are exposed to child labour instances, and therefore incidents.
Upon proper identification of risks and exposure, a ratio is computed for this disclosure. 
19  Operations and suppliers at significant risk of incidents of forced or compulsory labour  %  This indicator reports the share of the investments in investee companies exposed to operations and suppliers at significant risk of incidents of forced or compulsory labour in terms in terms of geographic areas and/or the type of operation.  For third parties’ suppliers, this will require collecting relevant data on the extent to which their activities are exposed to forced or compulsory labour instances, and therefore incidents. Upon proper identification of risks and exposure, a ratio is computed for this disclosure. 
20  Number of identified cases of severe human rights issues and incidents  %  This indicator reports the number of cases of severe human rights issues and incidents connected to investee companies on a weighted average basis.  For third parties’ suppliers, this will require collecting relevant data on the extent to which their activities are exposed to human rights issues and incidents instances, and therefore incidents. Upon proper identification of risks and exposure, a ratio is computed for this disclosure. 
Sustainability indicators  21  Net CO2 emissions avoided  tCO2e  This indicator aims to demonstrate the contribution of the Fund’s activities to climate mitigation. The approach taken essentially is a comparison between a first scenario where the battery storage asset is in use as per current actual Fund activities against another, hypothetical scenario where the battery storage assets are not in use. In this second scenario, the supply of electricity to the grid, which is provided by the battery storage assets in the first scenario, is now provided by a gas peaking plant. This approach is aligned with the EU methodology11 for assessing avoided emissions.  
The total net CO2 emissions avoided is simply the subtraction of the first total (actual battery storage scenario) from the second total (gas peaking plant scenario). 
22  Total renewable electricity stored.  MWh  The total stored electricity consists of the sum of total electricity charged through all the battery assets within the portfolio. 
As per the above, this is obtained for each asset and then consolidated into a total for this disclosure. 

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