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32-332025 SUSTAINABILITY REPORTwww.omnescapital.comBESS serves the portfolio in two distinct ways. Co-located with renewable generation assets, storage allows energy to be dispatched at times of higher value, rather than being fed into the grid at the point of generation, directly improving the revenue quality of solar and wind assets and reducing their exposure to negative pricing events. As a standalone allocation, BESS assets provide grid-balancing revenues that are structurally uncorrelated with generation-side price dynamics, adding a layer of portfolio diversification that was not available in earlier fund vintages. In both configurations, battery storage reduces what might be described as the green premium problem %u2013 the compression of returns caused by an oversupply of undifferentiated generation %u2013 by making renewable energy more controllable and, therefore, more valuable.The portfolio%u2019s existing exposure to this premise is already in evidence. TagEnergy, a portfolio company held across the Capenergie funds, with assets spanning wind, solar, and battery storage across the UK, France, Spain, Portugal, and Australia, launched construction of France%u2019s largest battery energy storage platform in December 2024: a 240 MW/480 MWh project designed to optimize the use of sustainable electricity, provide capacity during peak demand periods, and enhance grid stability. The Capenergie portfolio currently reports approximately 9.4 GW of BESS capacity, alongside 19.3GW of solar PV and 13.2 GW of wind across early-stage to operational projects. This multi-technology composition of generation, storage, development, and operation is the configuration around which the next Capenergie fund generation is being designed.OperationsESG Integration across the Investment LifecycleESG is integrated into the Capenergie funds at every stage of the investment cycle: pre-investment screening and due diligence, active management throughout the holding period, and exit.At the pre-investment stage, all target companies are screened against the Omnes exclusion list, which prohibits investment in coal or other sectors not aligned with the fund%u2019s investment strategy. The investment team conducts dedicated ESG due diligence for each target, assessing ESG risk management practices and evaluating the target's potential contribution to CO%u2082 reductions through its core activities. The potential alignment of each investment with the EU Taxonomy is assessed at this stage, as is the target%u2019s capacity to collect, monitor, and act on ESG performance data. Responsible Business policies have been developed for both Capenergie 4 and Capenergie 5, setting out the standards expected of portfolio companies across environmental management, human rights, health and safety, corporate governance, and taxation.