Our approach

We manage the sustainability of our assets across the investment life cycle.

EU Sustainable Financial Disclosure Regulation (SFDR)

The Company is classified as Article 9 under EU SFDR since 2022 and makes sustainability related disclosures in accordance with the regulations. Through its Investment Policy of investing in renewable power generation assets, the Company contributes to the environmental objective of climate change mitigation that helps to facilitate the transition to a low carbon economy.

Screening:

We identify opportunities that materially benefit the transition to a net zero economy, and screen against our investment mandate and exclusion criteria.

Due diligence:

We rigorously assess the ESG risk and identify mitigation plans if any material risks are identified.

Investment decision:

We identify and address ESG factors that inform investment decisions and price them in to the investment decision-making process.

Asset management:

We establish appropriate governance structures to ensure compliance with all relevant laws and regulations and ongoing monitoring and management of ESG factors. We manage our impacts on the natural habitats and communities around our assets.

Case studies

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Enhancing wildlife with the Hare’s Corner

Protecting and restoring nature is a key contributor to climate change mitigation, with enhancement of biodiversity being important to local communities and other key stakeholders. Across our assets, we aim to protect and promote biodiversity, both as part of environment and habitat management requirements, and through local community and Company-driven initiatives.

Hare’s Corner is one such project. We’re proud to provide funding to this project through our partnership with the Burrenbeo Trust, which actively promotes sustainable practices and makes a positive impact on the environment and local community in Ireland. This innovative project plays a crucial role in supporting landowners in County Galway and County Mayo to enhance local biodiversity and wildlife by creating various habitats such as ponds, native orchards and mini woodlands.

In 2024, over 95 biodiversity actions were undertaken through the Hare’s Corner project with funding from Greencoat Renewables, including the creation of native woodlands (which incorporate the endangered Burren pine tree) and mini orchards, the establishment of ponds, and the development of plans for nature. 68 habitats were created in County Galway and 27 in County Mayo.

One of the notable aspects of the Hare’s Corner project is its commitment to supporting the local economy. All trees, materials, and contractors involved in the project are locally sourced and all species planted are from native seeds and locally grown. By prioritising local resources, the project contributes to the conservation of biodiversity and fosters economic growth within the community. Participants have also cited the combination of financial support and advisory assistance provided through Hare’s Corner as key to the success of the interventions. We’re looking forward to continuing to support the Hare’s Corner project through 2025.

Health and safety practices

We work to promote the highest standards of health and safety in managing our assets, with protecting our workers and residents being a key responsibility for the Company. In recognition of the need for ongoing diligence, we maintain a commitment to continuous improvement of our practices, with some key actions over the past year highlighted below:

Independent health and safety audits

Our commitment to improving health and safety continued in 2024, with the performance of a total of nine independent health and safety audits and the expansion of these to our BESS and our first solar farm in Ireland. We undertake these audits at all sites with third-party involvement and will continue to do so as part of our emphasis on health and safety in our business. Findings and recommendations were discussed with the independent expert and prioritised and tracked by the Manager.

Wind turbine safety rule audits

We conducted wind turbine safety rule audits (WTSR) in collaboration with external specialists at four sites, each managed by a different O&M contractor. All contractors evaluated achieved the highest ranking in the WTSR compliance and culture ratings. The auditor confirmed the use of the WTSR as the safe system of work, demonstrating strong management along with consistent collaboration and communication among all operations staff.

Lifting operations audits

We conducted lifting audits on four of our O&M contractors in Ireland. During this process, all steps preceding lifting operations were thoroughly examined, with equipment, hazard evaluation, PPE use and presence of first aid kits all assessed. By clearly communicating the site rules and expectations to our third-party contractors, we foster a culture of adherence and responsibility, ensuring that all activities are conducted in a safe and compliant manner.

Making use of artificial intelligence

In 2024 we collaborated with third-party experts to evaluate the use of artificial intelligence (AI) in health and safety management. This included using a large language model to classify over 3,000 recorded incidents from 2021–2023 into 30 risk categories, achieving an 89% classification accuracy. The application of AI helped to overcome challenges posed by large data volumes, inconsistent incident descriptions and subjective risk interpretation. This exercise allowed the Manager to identify trends and to develop initiatives to mitigate these risks, thereby enhancing the safety of our assets.

Emergency response exercises at offshore wind sites

To respond efficiently during a real incident, it is crucial to conduct rescue and emergency response exercises at offshore wind farms. This enhances preparedness and coordination, and improves the safety of the workforce by preparing them for potential emergencies.

During 2024, we conducted 17 of these exercises at the Butendiek Wind Farm, averaging more than 1.5 exercises per month and covering a wide variety of topics, including rescue of a person with an injured leg, person overboard situations, vessel and helicopter fires and emergency communication exercises.

Taghart Wind Farm Community Fund

We recognise the importance of maintaining and enhancing good relationships with the local communities where our assets are located. This helps us preserve land and access rights, fosters positive outcomes for communities, and enhances the potential positive impacts our business can have.

Several community initiatives are served by our project at the Taghart Wind Farm, the Taghart Wind Farm Community Fund. Using funding from the Company, Statkraft has set up a new fund for communities close to the wind farm using the ChangeX platform. Taghart Wind Farm has a planning obligation to set up a community fund each year worth €2 for every MWh it generates.

The first stage of the process was to set up a committee for the fund and to oversee applications and funding allocations. Members of the local community were invited to apply, with those already undertaking active roles within the community and with fundraising or fund allocation experience seen as the strongest candidates.

The fund is available to all community groups to help expand existing projects and to facilitate new projects and initiatives. Projects were then shortlisted by the committee, which used a scoring matrix to evaluate the projects to determine those that would have the greatest community benefits, with particular attention paid to those within a 10km radius of the wind farm. The 16 projects funded benefitted the following categories: STEM (science, technology, engineering and mathematics), sustainability, sports and outdoor pursuits, heritage, education, health and community welfare, community solidarity and care of the elderly.

We’ll continue to assess where we can set up community funds at other assets, with funds being an effective way to serve a wide variety of community needs. In 2024, we invested €1.3m in over 408 different community funds and social projects.

ESG Report