Greencoat Renewables : ESG Report 2023

Expanding our horizons

ESG REPORT 2023

GREENCOAT RENEWABLES PLC

GREENCOAT RENEWABLES	OUR APPROACH TO					KEY PERFORMANCE
OVERVIEW	RESPONSIBLE INVESTMENT	ENVIRONMENT	SOCIAL	GOVERNANCE	LOOKING FORWARD	INDICATORS	GLOSSARY

GREENCOAT RENEWABLES ESG REPORT 2023

G R E E N C O AT

R E N E W A B L E S

Greencoat Renewables PLC reaffirms its commitment to be a catalyst for positive change in the global fight against climate change

HIGHLIGHTS

39

Operational renewable energy assets across Europe

3,422 GWh(1)

Renewable energy supplied

>750,000 (2)

Households powered

1.3m

Tonnes of carbon dioxide equivalent emissions avoided

€1.3m

Funding to charities, communities and initiatives.

>300

Charitable projects benefited

CONTENTS

1.0 Greencoat Renewables overview	3
1.1	Foreword	4
1.2	About us	5
1.3	Board of Directors and Management teams	7
1.4	What ESG means to us	8
1.5	Our ESG focus areas	8
1.6	Our ESG timeline	9
1.7	Key activities in 2023	10
1.8	Highlights from 2023	10
2.0	Our approach to responsible investment	11
2.1	Our approach to ESG management	12
2.2	Reporting and disclosures	15
2.3	External initiatives and standards	17
3.0	Environment	19
3.1	Climate change	20
3.2	Waste management and circular economy	25
3.3	Protecting the local environment	26
4.0	Social	28
4.1	Health and safety	29
4.2	Human rights and modern slavery	31
4.3	Supporting local communities	33
5.0	Governance	36
5.1	Role of the Board	37
5.2	Business ethics and conduct	37
5.3	Expectations and requirements of third parties	37
5.4	Cybersecurity	38
6.0	Looking forward	39
7.0	Key performance indicators	41
8.0	Glossary	43

2

1. This includes 3,158GWh of actual electricity generated and 264GWh of compensated production. Only actual production figures were used in calculating CO2 displaced and homes powered figures.
2. The number of homes powered is based on the average annual household energy consumption, using the latest reported figures, and reflects the portfolio's annual electricity generation as at the relevant reporting date for each region.

GREENCOAT RENEWABLES	OUR APPROACH TO					KEY PERFORMANCE
OVERVIEW	RESPONSIBLE INVESTMENT	ENVIRONMENT	SOCIAL	GOVERNANCE	LOOKING FORWARD	INDICATORS	GLOSSARY

3 GREENCOAT RENEWABLES ESG REPORT 2023

1.0 Greencoat Renewables overview

GREENCOAT RENEWABLES	OUR APPROACH TO					KEY PERFORMANCE	GLOSSARY
OVERVIEW	RESPONSIBLE INVESTMENT	ENVIRONMENT	SOCIAL	GOVERNANCE	LOOKING FORWARD	INDICATORS

1.1 Foreword

RENEWABLES ESG REPORT 2023

Greencoat

Renewables is committed to providing the long-term capital required to support the energy transition."

Rónán Murphy

Chair

The world has reached a critical juncture in the battle against climate change. The need to mobilise resources and take action before the end of the decade has never been more critical. In the sobering words of United Nations ('UN') Secretary-General, António Guterres, during COP28, 'We are living through climate collapse in real time; and the impact is devastating' (30 November 2023).

The impacts of climate change have been felt across the globe, with 2023 confirmed as the warmest year in global temperature data records (close to 1.5C above preindustrial levels), increasing the number and scale of extreme events such as flooding, wildfires, drought, extreme heat and record low levels of ice in the polar regions.

In light of this, Greencoat Renewables PLC (the 'Company') reaffirms its commitment to be a catalyst for positive change in the global fight against climate change. Renewable energy infrastructure plays a vital role in shaping a net zero future, driving decarbonisation efforts, mitigating global greenhouse gas ('GHG') emissions and enhancing energy security and supply. As one of the leading renewable energy infrastructure companies in Europe, Greencoat Renewables is committed to providing the long-term capital required to support the energy transition.

Established in 2017, our approach involves deploying capital into renewable energy infrastructure projects, fostering job creation and building the resilience of local communities.

In 2023, we expanded our portfolio through four acquisitions, including two forward sales, bringing our total to 39 renewable energy assets across Europe. These new assets have strengthened our portfolio's supply of renewable energy, which amounted to 3,422GWh(3) during 2023 and is estimated to have powered greater than 750,000 households(4) and avoided over 1.3 million tonnes of carbon dioxide ('CO2')(5) emissions across Europe.

With the acquisition of our first solar photovoltaic ('PV') farm, Torrubia in Zaragoza, Spain, a key focus of the Company in 2023 has been to ensure a robust approach to managing supply chain risks. Schroders Greencoat LLP (the 'Manager') takes supply chain risks very seriously and seeks to conduct thorough due diligence on all key service providers it engages, with enhanced due diligence on any supplier that is considered high risk.

Our impact extends beyond renewable energy production: our community funds have awarded over €1.3 million in grants to charities and community benefit organisations across 307 projects over the past year. These contributions benefit local people, wildlife and habitats, reinforcing our belief in being a responsible business.

We believe that sustainability and long-term value creation are fundamentally aligned. By managing our environmental, social and governance ('ESG') issues effectively, we can maximise returns for our investors and create positive benefits for the communities and the natural environments in which we operate. Our dedication to responsible investment practices is embodied in our robust ESG Policy, which is overseen by the Manager. Through this approach, we can identify and manage ESG-related risks and opportunities throughout the life cycle of our renewable energy assets.

Greencoat Renewables recognises the need for more transparency around biodiversity data and disclosures and welcomes the recent publication from the Taskforce on Nature-related Financial Disclosures ('TNFD'). In 2023, we conducted another bespoke environmental audit on one of our sites and provided funding to the Hare's Corner project to support biodiversity and wildlife enhancement in the local community.

We are proud to present our 2023 ESG Report, which highlights the progress we have made over the past year in furthering our commitment to sustainable investment.

As we look ahead to 2024 and beyond, we remain dedicated to continuing this progress by identifying and implementing improvements in our investment strategies, operational processes and overall company growth. This dedication aims to optimise returns for investors, fostering long-term value for shareholders and benefiting all our stakeholders.

Rónán Murphy

Chair

4 GREENCOAT

1. This includes 3,158GWh of actual electricity generated and 264GWh of compensated production. Only actual production figures were used in calculating CO2 displaced and homes powered figures.
2. The number of homes powered is based on the average annual household energy consumption, using the latest reported figures, and reflects the portfolio's annual electricity generation on the relevant reporting date for each region.
3. Based on the marginal generation displaced in each jurisdiction. Gas generation for Ireland and Spain at 385gCO2/kWh, nuclear generation for France and Sweden at 0gCO2/kWh, biomass generation for Finland at 0gCO2/kWh and coal generation for Germany at 935gCO2/kWh. This approach is the preferred option under Partnership for Carbon Accounting Financials ('PCAF') guidance ('operating margin') for measuring carbon avoided and replaces the methodology used in 2022 that applied average grid intensity per region.

GREENCOAT RENEWABLES	OUR APPROACH TO					KEY PERFORMANCE	GLOSSARY
OVERVIEW	RESPONSIBLE INVESTMENT	ENVIRONMENT	SOCIAL	GOVERNANCE	LOOKING FORWARD	INDICATORS

1.2 About us

Greencoat Renewables is an owner and operator of European- denominated renewable energy assets and is one of the leading listed renewables infrastructure funds in Europe. Since its listing in 2017, Greencoat Renewables has invested across Ireland and expanded into continental Europe.

Onshore wind

36

Offshore wind

2

RENEWABLES ESG REPORT 2023

Currently, the Company is the largest owner of operational wind farms in Ireland and has a growing portfolio in other European countries. The Company is managed by an experienced team of senior investment managers from Schroders Greencoat, a specialist investment manager of renewable energy infrastructure.(6)

In the global landscape, renewable energy emerges as a multitrillion-dollar asset class, projected to grow by over US$100 billion annually in the coming decade.(7) Across Ireland and our targeted jurisdictions in continental Europe,

we expect over 400GW of renewable energy generation capacity to be in operation by 2028.

1. We are well positioned to provide the capital required for investment in the renewable energy sector to meet these objectives through our strong relationships with many of the major counterparties and developers across the continent.

Our aim is to provide investors with an annual dividend that increases progressively while growing the capital value of our investment portfolio in the long term. As of 29 December 2023, the Fund had a market capitalisation of €1,152 billion and managed a portfolio of 39 operational renewable energy assets across the Republic of Ireland, France, Sweden, Spain, Germany and Finland with a combined installed capacity of 1.5GW. Greencoat Renewables has

been listed on the Growth Market of Euronext Dublin and the AIM market of the London Stock Exchange since 2017.

In 2023, Greencoat Renewables completed four acquisitions in total. These included:

• Two forward sales:
• • Cloghan (37.8MW onshore wind farm in Ireland)
  • Ersträsk North (134.4MW onshore wind farm in Sweden)
• Two acquisitions:
• • Torrubia Solar (49.97MW solar PV farm in Spain)
  • Butendiek Offshore Wind Farm (288MW offshore wind farm in Germany - two separate investments for 22.5% and 15.7% respectively)

Total

1,219MW

Net capacity (9) (10)

2

Total

90MW

Net capacity (12) (13)

Total

266MW

Net capacity (11)

Battery

1

Total

10.8MW

Net capacity

5 GREENCOAT

1. In 2022, Schroders PLC completed the acquisition of a 75% shareholding in Greencoat Capital, now known as Schroders Greencoat.
2. Based on data provided by the International Energy Agency ('IEA') World Energy Investment 2023 Report. Available at: https://iea.blob. core.windows.net/assets/54a781e5-05ab-4d43-bb7f-752c27495680/WorldEnergyInvestment2023.pdf.
3. Based on forecasts by the IEA Renewables 2023 Analysis and Forecast to 2028 Report. Available at: https://iea.blob.core.windows.net/ assets/96d66a8b-d502-476b-ba94-54ffda84cf72/Renewables_2023.pdf.

1. Including 172MW net capacity acquired and forward sales in 2023
2. Including 40MW net capacity under construction
3. Including 110MW net capacity acquired in 2023
4. Including 50MW net capacity acquired in 2023
5. Including 40MW net capacity under construction

GREENCOAT RENEWABLES	OUR APPROACH TO					KEY PERFORMANCE	GLOSSARY
OVERVIEW	RESPONSIBLE INVESTMENT	ENVIRONMENT	SOCIAL	GOVERNANCE	LOOKING FORWARD	INDICATORS

1.2.1 Assets under management

Key

Onshore wind	Solar PV
Offshore wind	Battery

40

39

41

				16
1514	4		18						35
		12		22					34
10	17	23				26
	7	8	19			2		28	31
		13
25	21	3		11		30	27
			6		32
24 5	1									33
20										29
	9							38 37	36

6 GREENCOAT RENEWABLES ESG REPORT 2023

Ireland

1. Knockacummer
2. Killhills
3. Lisdowney
4. Tullynamoyle Two
5. Glanaruddery
6. Knocknalour
7. Ballybane
8. Monaincha

9 Garranereagh

1. Cloosh Valley
2. Raheenleagh
3. Sliabh Bawn
4. Gortahile
5. Killala
6. Killala BESS
7. Beam
8. Letteragh

1. Carrickallen
2. Cnoc
3. Cordal
4. Glencarbry
5. Taghart
6. Cloghan - Acquired in 2023
7. Ballincollig Hill
8. Tullahennel
9. South Meath (under construction)

France

1. Pasilly
2. Sommette
3. Saint Martin
4. Arcy-Précy
5. Menonville
6. Genonville
7. Grande Pièce

Germany

1. Borkum Riffgrund One
2. Butendiek - Acquired in 2023

Spain

1. Torrubia - Acquired in 2023
2. Soliedra
3. Andella (under construction)

Sweden

1. Ersträsk South
2. Ersträsk North - Acquired in 2023

Finland

41 Kokkoneva

GREENCOAT RENEWABLES	OUR APPROACH TO					KEY PERFORMANCE	GLOSSARY
OVERVIEW	RESPONSIBLE INVESTMENT	ENVIRONMENT	SOCIAL	GOVERNANCE	LOOKING FORWARD	INDICATORS

1.3 Board of Directors and management teams

We manage risk through robust processes and controls. We ensure adherence to regulations and best practice to support our growing business. The Board of Directors oversees the management of the Company and is composed of non-executive directors, all independent of the Manager. They all bring significant and complementary industry experience and a wide range of skills and expertise.

7 GREENCOAT RENEWABLES ESG REPORT 2023

Rónán Murphy

Director and Chair of the Management Engagement Committee

Rónán Murphy, aged 66, was previously Senior Partner of PwC Ireland, a position he was elected to in 2007 and was reelected to for a further 4-year term in July 2011. Rónán joined PwC in 1980, qualifying in 1982 and was admitted to the partnership in 1992. Rónán was a member of the PwC EMEA Leadership Board from 2010 to 2015. Rónán is also a non-executive director of Icon PLC.

Rónán holds a Bachelor of Commerce degree and Masters in Business Studies from University College Dublin and is a Fellow of the Institute of Chartered Accountants.

As of 31 December 2023.

Kevin McNamara

Director and Chair of the Audit Committee

Kevin McNamara, aged 69, has more than 25 years' experience in the energy sector. Kevin enjoyed a long career with ESB International, including leading the investment division of ESB International Investments. More recently Kevin was CFO of Amarenco Solar, a solar business focussed on the Irish and French markets and prior to this CEO of Airvolution Energy, a UK wind development business.

Kevin holds a Bachelor of Commerce degree from University College Dublin and is a Fellow of the Institute of Chartered Accountants.

Emer Gilvarry

Director and Chair of the Remuneration Committee

Emer Gilvarry, aged 66, was the Managing Partner of Mason Hayes & Curran for two consecutive terms from 2008 to 2014. From 2014 until 2018, Emer took over the role of Chair of the firm. She is also a former Head of the firm's Litigation Group (2001 to 2008). Emer is a former Board member of Aer Lingus. Emer is also a non-executive director of Kerry Group PLC and a Patron of Chapter Zero (a chapter for the education of non- executive directors in sustainability).

Emer holds a Bachelor of Law degree from University College Dublin (BCL).

Marco Graziano

Director and Chair of the Nomination Committee

Marco Graziano, aged 66, has more than 35 years of worldwide experience in the energy sector, with a demonstrated track record of driving growth and profitability managing large organisations. He served as both executive and non-executive director in a number of companies in Europe, Africa, Middle East and Latin America. After many years with the French multinationals Alstom and Areva, more recently he was President of South Europe, MENA and LATAM for Vestas Wind Syst.

Marco holds a doctorate degree in mechanical engineering from Genoa University.

Eva Lindqvist

Director

Eva, aged 66, has more than 30 years extensive international experience in telecoms and infrastructure, having worked for more than 30 years across these sectors. She spent the majority of her career at Ericsson where she held a number of senior management positions. In 2007, she was appointed CEO of Xelerated Holdings AB, an international technology company specializing in semi- conductors, where she held the position until 2011. Since then, she has held a number of Chair and non-executive director roles, including Bodycote plc, Keller Group plc and Tele2 AB.

Eva graduated with a Master of Science in Engineering and Applied Physics from the Linkoping Institute of Technology and holds an MBA from the University of Melbourne, along with being a member of the Royal Swedish Academy of Engineering Sciences.

GREENCOAT RENEWABLES	OUR APPROACH TO					KEY PERFORMANCE	GLOSSARY
OVERVIEW	RESPONSIBLE INVESTMENT	ENVIRONMENT	SOCIAL	GOVERNANCE	LOOKING FORWARD	INDICATORS

8 GREENCOAT RENEWABLES ESG REPORT 2023

1.4 What ESG means to us

Our commitment to ESG is integral to achieving our business objectives and maximising the positive socioeconomic impact of renewable energy.

Greencoat Renewables' strategy is to own and operate a diversified portfolio of renewable infrastructure assets across different geographic locations, technologies and weather systems. Rooted in our investment philosophy, culture and leadership approach, we firmly believe that effective management of ESG factors both benefits our shareholders and contributes to the wellbeing of wider society. Recognising that effective consideration and management of ESG factors impacts performance and overall business success, we ensure that they are fully integrated into our investment processes. Our approach to risk management ensures that ESG-related risks and opportunities are identified, mitigated and managed throughout the life cycle of the assets we manage. We achieve this by embedding ESG factors into our pre-investment processes through robust due diligence, ongoing asset management protocols and monitoring performance during operations to ensure a comprehensive approach to sustainability.

As one of the largest listed renewable energy infrastructure investment funds in Europe, we recognise the importance of having a robust ESG management and governance structure while continuously engaging with industry stakeholders to inform our ESG knowledge to champion responsible investment.

Additionally, the Manager is committed to allocating resources towards the development of internal ESG capabilities within its teams and incorporating these considerations into the Company's day-to-day operations.

1.5 Our ESG focus areas

In this report, we explore the issues of most importance to our business, the impact they have on our stakeholders and, where appropriate, the contributions they make to the UN Sustainable Development Goals ('SDGs').

We consider the following ESG topics to be material and of the highest priority:

Environmental	• Carbon emissions
	• Renewable energy
	• Climate change
	• Environmental management
	• Waste management

Social

• Health and safety
• Community engagement
• Supply chain

Governance

• Human rights and modern slavery
• Anti-bribery,anti-corruption, and anti-money laundering (AML)
• Management practices

GREENCOAT RENEWABLES	OUR APPROACH TO					KEY PERFORMANCE	GLOSSARY
OVERVIEW	RESPONSIBLE INVESTMENT	ENVIRONMENT	SOCIAL	GOVERNANCE	LOOKING FORWARD	INDICATORS

1.6 Our ESG timeline

As we continue our ESG journey, we will look for opportunities to strengthen our risk management and ESG processes based on best practice.

2016 2017 2019

Greencoat Renewables	The Manager established its
published its first ESG Report.	ESG Committee.

The Manager became a signatory to the UN-backed Principles for Responsible Investment ('PRI').

Greencoat Renewables was listed on the Euronext Growth Market of Euronext Dublin and the AIM market of the London Stock Exchange.

Greencoat Renewables published its first disclosures under the Task Force on Climate-related Financial Disclosures ('TCFD') recommendations.

Greencoat Capital formalised its	The Manager rolled out its
ESG materiality process.	Code of Conduct Side Letter.

2022

The Manager hired a dedicated ESG specialist to coordinate ESG practices across the business and support the ESG Committee.

2021

Greencoat Renewables adopted its first ESG Policy.

2020

The Manager updated its ESG	The Manager joined the Net Zero	Greencoat Renewables' first
Policy, providing guidance to	Asset Managers ('NZAM') initiative.	submission to CDP.
Greencoat Renewables to align its
own policies with the requirements
of the Sustainable Finance
Disclosure Regulation ('SFDR').

The Manager updated its ESG and Equality, Diversity and Inclusion policies.

Greencoat Renewables began supporting the Dublin Rape Crisis Centre.

9 GREENCOAT RENEWABLES ESG REPORT 2023

The Manager implemented its Supply Chain Policy, allowing Greencoat Renewables to better identify and navigate emerging supply chain risks.

Greencoat Renewables was			2023
classified as an Article 9 fund under
the SFDR.
Greencoat Renewables initiated	Greencoat Renewables published
third-party employment and	periodic SFDR disclosures for the
modern slavery audits for the first	first time including Annex V and
time for a selection of assets.	Principal Adverse Impact ('PAI')
	indicators.

Greencoat Renewables updated its ESG Policy to incorporate the requirements of the SFDR.

Greencoat Renewables renewed its support of the Dublin Rape Crisis Centre for another three-year period.

The Manager expanded its team of dedicated ESG specialists.

The Manager completed its first ESG Accreditation as part of Schroders' ESG framework to ensure ESG is integrated across all investment desks.

Greencoat Renewables made its first solar PV investment.

GREENCOAT RENEWABLES	OUR APPROACH TO
OVERVIEW	RESPONSIBLE INVESTMENT	ENVIRONMENT	SOCIAL

1.7 Key activities in 2023

		KEY PERFORMANCE	GLOSSARY
GOVERNANCE	LOOKING FORWARD	INDICATORS

1.8 Highlights from 2023

10 GREENCOAT RENEWABLES ESG REPORT 2023

In 2023, we reached a number of important milestones progressing our sustainability actions. These include:

• We updated our ESG Policy to incorporate the requirements of the SFDR including good governance, minimum safeguards, PAIs and exclusion criteria.
  Classified as an Article 9 fund, we completed our first SFDR PAI indicators and periodic (Annex V) disclosures in 2023 and will continue to report in 2024.

We continued working on implementing the TCFD recommendations.

We successfully achieved a CDP score of B for our latest submission, an improvement from the C received the previous year.

We updated our Modern Slavery Statement keeping in mind guidelines, guiding principles and new technology, markets and stakeholders.

We continued to report and disclose our Scope 1, 2 and 3 emissions in our 2023 Annual Report.

The Manager has been reviewing its Code of Conduct to ensure it is robust enough to meet its good governance standards and ensure alignment to the Organisation for Economic Co-operation and Development ('OECD') and UN Global Compact ('UNGC').

The Manager expanded its team of dedicated ESG specialists who focus on ESG matters and coordinate ESG activities across the Company.

1.5 GW

Installed net capacity under management (as of 31 December) (GW)

2023			1.5 GW
2022		1.2 GW
2021	0.8 GW

3,422 GWh

Renewable energy generated (GWh)

2023			3,422 GWh
2022	2,487 GWh
2021	1,522 GWh

>750,000

Number of homes (equivalent) powered by clean energy

2023	753,000
2022	539,000
2021	348,000

€1.3m

Investment in community funds or social projects (million)

2023		€1.3m
2022	€1.0m
2021	€1.0m

39

Number of operating renewable energy assets under management

2023	39
2022	35
2021	25

1.3m

Tonnes of CO2 avoided (million)(14)

2023			1.3m
2022	0.7m
2021	0.6m

100 (14 assets)

Percentage and number of assets that have habitat management plans or any environmental planning requirements in place

2023	100 (14)
2022	100 (13)
2021	100 (9)

1. The methodology for calculating carbon avoided has been updated in 2023 and is based on the marginal generation displaced in each jurisdiction. This approach is the preferred option under Partnership for Carbon Accounting Financials ('PCAF') guidance ('operating margin') for measuring carbon avoided and replaces the methodology used in 2021 and 2022 that applied average grid intensity per region.