Climate Change Data

Environmental Metrics

ESG Focus Areas

• Climate Change
• Social Responsibility
• Governance

Environmental Achievements

• Achieved a 6,000t CO2e equivalent saving to date
• Portfolio will provide an estimated 50,000 tonnes of carbon emissions savings per annum once fully deployed.

Social Achievements

• Commitment to donate one per cent of its profits to charitable causes through an independent foundation.
• Investment Adviser has committed to make donations to the Foundation of 3% of profits. The minimum funding level for donation is set at £5,000.

Governance Achievements

• Awarded the LSE Green Economy Mark
• Supporter of the Task Force on Climate Related Financial Disclosures (“TCFD”)
• Signatory of the UN Principles for Responsible Investment (“UNPRI”)

Climate Goals & Targets

Environmental Challenges

• Delays in deployment driven by external factors (macroeconomic volatility, higher inflation, UK political uncertainty, and wholesale price volatility)
• Slow pace of companies committing to long-term PPAs due to wholesale price volatility and regulatory uncertainty.
• Risk of forced labor in the solar PV supply chain from China.

Mitigation Strategies

• Revised deployment timeline to CY Q2 2023
• Increased selected near-term pipeline from £86m to £100m
• Developed a procurement policy to mitigate exposure to forced labor, including supplier criteria and a module procurement policy.
• Developed alternative sourcing strategies

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Module Procurement Policy
• Supplier Criteria
• Contractual commitments to eradicate forced labor

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Regulatory changes
• Market shifts

Opportunities

• Development of energy-efficient products

Reporting Standards

Frameworks Used: TCFD, UNPRI, GRI, SASB

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Goal 7 (Affordable and Clean Energy)
• Goal 13 (Climate Action)

Investments support the UK’s net zero agenda

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• LSE Green Economy Mark

Environmental Metrics

ESG Focus Areas

• Clean energy technology solutions
• Transition to Net Zero

Environmental Achievements

• 20,000 tonnes CO2 emissions avoided per annum
• 100% ethical solar PV module procurement policy

Social Achievements

• Not disclosed

Governance Achievements

• Independent board of directors

Climate Goals & Targets

Environmental Challenges

• Price volatility delayed deployment
• Credit default
• Lost revenue from offtake agreement
• Electricity price decline
• ESG reputational risk
• Green levy change
• Installation delays
• Low irradiation
• Origination competition
• System underperformance
• Procurement issues
• System failure
• Unplanned vacancy

Mitigation Strategies

• Long term and take or pay PPAs reduce exposure
• Robust policies and procedures
• PPAs includes change in law protections
• Installation by known EPC contractors
• No balancing risk
• Corp relationships = exclusive pipeline
• Benchmarks set at low hurdle rates
• Diversified third party suppliers
• Diversified portfolio reduces concentration risk
• Contracted buyout value payable
• Targeting credit worthy counterparties
• Diverse off -takers

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• 100% ethical solar PV module procurement policy

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Green levy change

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: Null

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Winner: Investment Trust Launch of the year 2022

Environmental Metrics

ESG Focus Areas

• Climate Change
• Renewable Energy
• Waste Management
• Water Conservation
• Biodiversity

Environmental Achievements

• Not disclosed

Social Achievements

• Not disclosed

Governance Achievements

• Established ESG training for Investment Adviser staff

Climate Goals & Targets

Environmental Challenges

• Not disclosed

Mitigation Strategies

• Not disclosed

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: TCFD, UN PRI

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• SDG 7
• SDG 12
• SDG 13

The Company’s activities align with the UN Sustainable Development Goals (SDG) Agenda 2030.

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed