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

Gore Street Energy Storage FundAnnouncement

01/09/2023 07:00

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RNS Number : 9555K  Gore Street Energy Storage Fund PLC  01 September 2023

1 September 2023

Gore Street Energy Storage Fund plc

(the "Company" or "GSF")

Publication of latest ESG and Sustainability
Report

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
(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: Gorestreet@buchanan.uk.com

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. 

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