Publication of latest ESG and Sustainability Report
01 September 2023
Gore Street Energy Storage Fund plc, the internationally diversified energy storage fund supporting the transition to a low carbon future, is pleased to announce the publication of its second ESG and Sustainability Report.
This latest report reflects a significant year of growth for the Company, which expanded its energy storage portfolio to c. 1.2 GW across five different grids. This increased activity means the Company’s sustainability reporting has become even more important for investors and shareholders seeking enhanced transparency over its impact.
The Company has, therefore, expanded its reporting to cover Germany, Texas and California, where new assets were added in 2022 and early 2023. It has built on its inaugural report released in August 2022 with the Company’s latest Task Force on Climate-Related Financial Disclosures (TCFD) and Sustainable Finance Disclosure Regulation (SFDR) reports. These detail the performance of the portfolio in areas such as greenhouse gas emissions, avoided CO2 emissions, renewable electricity stored, biodiversity impacts, waste, and gender diversity.
The report also includes a climate risk assessment for the newest asset in California to update stakeholders on the portfolio’s changing exposure to physical climate risks.
The Company’s approach to issues inherent to its supply chain activities, such as human rights in mining and the disposal of batteries, is also detailed.
The report will be available on the Company's website: https://www.gsenergystoragefund.com/content/investors/shareholder-literature
CEO of Gore Street Capital, the investment adviser to the Company, Alex O'Cinneide commented: “The challenges faced by the global energy system over the last year have pulled into sharp focus the need for energy storage to contribute to the supply of clean, secure power. But with that increased activity comes a greater need to embed high standards of sustainability throughout the Company’s business strategy.
“We have taken significant strides in the last reporting period to support the Company in improving the accuracy and transparency of reporting, and I am proud to showcase these efforts in the latest ESG and Sustainability report.”
Key highlights include:
- During the year the Company increased its portfolio to 1.17 GW, with 291.6 MW operational and 878.4 MW of projects in construction or pre-construction stages, including new operational and construction-ready assets in Texas and California. The Company's operational assets avoided 3,590 tCO2e and stored 9,055 MWh of renewable electricity.
- The Company is committed to the belief that diversity in the workplace drives innovation and leads to better business. At the March 2023 financial year end, 40% of senior management positions in the Investment Manager were held by women.
- The Company’s contribution to providing stability to the volatile ERCOT market in Texas during extreme weather events is outlined in a case study.
- The Company worked with external sustainability consultants to improve the methodology for some of its metrics, including net CO2 emissions avoided, supported by the Investment Manager’s in-house ESG team.
For more information please contact:
Gore Street Capital Limited
Alex O'Cinneide / Paula Travesso
Tel: +44 (0) 20 3826 0290
Shore Capital (Joint Corporate Broker)
Anita Ghanekar / Rose Ramsden / Iain Sexton (Corporate Advisory)
Fiona Conroy (Corporate Broking)
Tel: +44 (0) 20 7408 4090
J. P. Morgan Cazenove (Joint Corporate Broker)
William Simmonds / Jérémie Birnbaum (Corporate Finance)
Tel: +44 (0) 20 3493 8000
Buchanan (Media enquiries)
Charles Ryland / Henry Wilson / George Beale
Tel: +44 (0) 20 7466 5000
Email: [email protected]
Notes to Editors
About Gore Street Energy Storage Fund plc
Gore Street is London's first listed energy storage fund and seeks to provide Shareholders with an opportunity to invest in a diversified portfolio of utility-scale energy storage projects. In addition to growth through exploiting its considerable pipeline, the Company aims to deliver consistent and robust dividend yield as income distributions to its Shareholders.