Good morning, welcome everyone to this first Innergex Investor Day. My name is Colleen Giroux-Schmidt, and I'm the Vice President of Corporate Relations here at Innergex, and I'll be your host for this morning. Before we begin, I'd like to go over the flow of our presentation today. We will first provide an overview of our industry and all the opportunities that lie ahead, in addition to providing our Chief Executive Officer, Michel Letellier's insight on the impact of the global energy transition on Innergex. Michel will also go over our strategic plan for 2020 to 2025. We will talk about Environmental, Social, and Governance, the challenges we face, and the progress that we have made to date. After this discussion, Jean Trudel, Chief Investment and Development Officer, will share our growth strategy for the years to come in terms of organic growth and M&A. Following that, we will hear from Jean-François Neault, Chief Financial Officer, on how this growth will translate into projected financial performance for Innergex. We will conclude the day with a Q&A session. During the Q&A period, we will welcome Pascale Tremblay, Chief Asset Officer, to join the rest of the team in answering your questions. You will have an opportunity to ask these questions either by writing in or live by video. I will explain the process for this later in the session. At the end of the day, Michel will conclude the Investor Day before everyone can disconnect from the platform. I will now welcome our CEO, Michel Letellier, for a fireside chat. Good morning, Michel. Good morning, Colleen. How are you? I'm doing great, thank you. How are you today? Well, I'm very excited to be able to share our story with our investors and friends. It's like you said, it's the first time we do this, we host an Investor Day. I hope that we'll be able to explain what lies ahead and the tremendous opportunity that we have. Well, it's a great time to be doing one of these because there's not a hotter thing right now in the world than dealing with the climate emergency and the energy transition to renewable energy. There's meaningful policy happening almost daily right now around the world, and a lot of concerted effort from citizens writ large all the way up to governments and corporations. Wondering if you can share your perspectives with us this morning on what this global landscape looks like and why we're excited about it here at Innergex. We were chatting while we were preparing for this session. What seems to be kind of a reset, right, in terms of mindset of government and people regarding global warming. We've talked about it in the past, Kyoto and all that stuff. It seems that maybe the COVID also focused people on what can lay ahead when we are facing a challenging around the world. I think that we feel, I feel anyway, that we're in kind of a transition, but a very hard transition because a lot of people are now talking about net-zero emissions by 2050. 2050 is far, but in terms of infrastructure, it's tomorrow, right? We have to start now to do this. I think that it's never been that exciting to be in our industry. We're going to have a lot of challenge, lots of opportunity. I think the world will have to change a lot in terms of how we distribute the electricity, and this will need a lot of focus and investment. From our part, of course, we will be ready to utilize renewable energy, and expand our portfolio in the different market that we are going to invest in. We're going to talk about it later on. I think that the people has to understand that this is a turning point where electricity will take a bigger chunk of the pie of the consumption of energy. We've been talking about the electricity in the past with lightning and driving computers and stuff like that, but the energy pie is a lot bigger. We need to replace oil, diesel, gasoline in our vehicle. All that can be replaced by either electricity with batteries and green hydrogen in the future. I see a lot of opportunity. Also, the way it's now structuring, it's of course, government will have to get involved and push for these changes by regulation and by putting more restriction on CO2 emission and all that stuff. I think that customer are starting also to ask for renewable energy and a cleaner world. People are starting to realize that if we're not acting and not putting pressure also on big industrial to change and clean up their industrial processes. I think that it's a pull also from the customer that will drive also corporation in the future to change their behavior. It's much bigger than the already big challenge globally of reducing emissions in our electricity system. This is about expanding that electricity system to transform the full energy system. We have a lot of work ahead of us. Oh, yes. We're going to be busy. Another group of people that are very busy right now is the U.S. government. We're all watching with a great deal of attention on the passing or potential passage of the infrastructure bill, and then coming alongside of it, the budget reconciliation package. Why do we care? Infrastructure is key. It's what enables us to get our product to market through stable and resilient transmission infrastructure. Also to enable that transition we just talked about with increased electric vehicle charging and other pieces to enable. Budget reconciliation is exciting to us because it has the potential to extend the Production Tax Credits and Investment Tax Credits for another 10 years. It has the potential to expand those credits to the full suite of emission-free energy products. There's also a component of it called the Clean Electricity Payment Program, which would incent utilities to transition. A lot of exciting stuff. Full disclosure caveat, it hasn't passed yet, and there's a lot of churn ahead to see what will happen, but it's exciting. Now, that's all really new. Before these bills came to action, Innergex was already really excited about the U.S. market and what the potential could be. I'm wondering if you could share with us this morning what's keeping us excited there and why we're spending so much time and effort. Sure. Thanks for wrapping this very complicated piece of legislation that is going on in the States. As you're saying, it's not passed, but definitely, there's a movement towards change. Like you're saying, this payment of the stick or the carrot for utilities will drive, definitely, some opportunity for us to sign long-term Power Purchase Agreements, because these utilities will be looking and seeking for signing long-term PPA, and we like that, right? This is the core business of Innergex, in the past, is to sign long-term PPA with utilities. We are going to focus on this, and I think that either the states or the federal, by going to incentive, will force or will incentivize these utilities to be more active. This is a big portion of the development strategy in the States. Corporate offtaker, I just mentioned it. I think that the corporate offtaker are now big retailer. We've seen Microsoft, Amazon, all these guys love to say that they're being powered by renewable energy. They do this because their customer likes it, and the customer wants to have these industrial to clean up their act. Again, a lot of opportunity, I think, in the U.S. to sign corporate offtaker. A big, big piece of all the past development in the States for renewable energy has been based on PTC and ITC. We don't have that in Canada. The closest thing we had in the past was the, remember, the ecoENERGY program, which was only $ 10 per MWh for 10 years. Now the PTC is $25 for 10 years, fully indexed. That's a lot of money for promoting renewable energy. If we go back to the next slide. This is a very complicated slide actually it's very simple in a way that I think that a lot of Canadian investors don't really understand the PTC accounting. For us, we have been doing quite a bit of development in the U.S., and PTC will be also a part of the, potentially, if it passed, the future incentive of government to promote wind and renewable energy. Typically, bear with me, on a typical wind project, if you put $100 million of equity and then probably $300 million of debt, you have a $400 million. Mind you, that in the U.S., those are big projects, the numbers are not so important. This is just an example. On a regular financing, if you wouldn't have PTC, you would have a EBITDA of roughly $30 million. You would have your revenue and then your expenses, and then you have the EBITDA around $30 million. If you don't have PTC or other revenue, this $30 million is used to repay your debt usually. A multiple that investors are focusing quite often is the enterprise value divided by the EBITDA. If you do the math, that's around 13x, which is typical for a brand-new wind project in the U.S. with the long-term prospective or long-term PPA. If you do the same thing with PTC, then it's a little bit trickier. Given the fact that you are receiving $25 from the federal government for 10 years, that's the equivalent of a PPA with the government of the United States. You're getting probably less revenue from a PPA, let's say only $15 million, part of your EBITDA, but then the PTC represents another $15 million. Roughly half of the revenue comes from the PTC. Your whole at the end. Your whole at the end. If you're not taking an EBITDA-Adjusted approach like we're doing, you could be missing the fact that you're receiving $15 million of EBITDA. On the bottom right of the slide, you could see that if you wouldn't take the PTC other revenue to incorporate it into your EBITDA, you would see a 26x ratio, which is quite high, and it's not representing the full commercial value of the PTC that is used to repay, basically, the tax equity portion, which is the equivalent of a project finance. Very complicated, but at the end of the day, the tax equity is the equivalent of our project finance, and we need to take into account the revenue coming from the PTC in order to make sense and to compare it with the regular financing. Yeah. It's one of the challenges, as we've expanded more and more globally, is being able to come back to apples to apples, because there's so much variability now in how [crosstalk] this business is operating. Exactly. Yeah. Exactly. It's a big piece of the U.S., and if this legislation passes, this is going to be the cornerstone of the future development of wind in the United States. People have to get their head around that PTC thing. Excellent. I'm going to change gears on us a little bit. Yeah. Canada's home. It's where Innergex was founded 31 years ago. Everyone who knows our story knows we've had a great deal of success and have a strong foundation here. It isn't quite as hot as the U.S. market in terms of additional growth, but there's still a lot of potential opportunities here for us. I'm wondering if you could share a perspective on why we're optimistic about Canada. Well, Canada has a little bit more maturity in terms of renewable energy in its portfolio mix to produce electricity. In the U.S., it's in the 20%-25% range. In Canada, it's a little bit higher than that. We think about Quebec and B.C., that has a big portion of their portfolio being 100% renewable. A little bit less opportunity in the production of renewable energy in the portfolio mix to produce electricity. As we mentioned, all the energy pie is very different. Quebec has been very present in heating our home with electricity. The rest of Canada is heating their home with oil or gas. This is a great opportunity also to have the electricity being introduced in this bigger pie of the total energy. We think that Canada will see some growth in that aspect. Matter of fact, even in Quebec, we have a 300 MW Requests for Proposals for wind coming up next year. That's very positive. It's been a while we had the opportunity to bid project in Quebec. It's very interesting. I think also, Canada has a lot of great resources, natural resources, wind. We have tremendous wind in the prairies and also in Quebec and in the north part of B.C. I think that Canada will also be a good place to produce green hydrogen in the future as well. Awesome. I knew we weren't going to escape this morning without talking about heat pumps. Heat pumps are what will drive a lot of electricity demand going forward. No. It's silly, but we've been talking about it so often in British Columbia or even in Ontario. Good climate to have heat pump and to replace natural gas. I think this is a good segue to say that we have room to improve and raise the penetration of renewable energy in Canada as well. Yeah, and contribute to reducing our [crosstalk] Greenhouse Gas emissions, which is our global imperative. Yes. One of the markets that's a bit newer for Innergex and somewhere that we're also really excited about the potential is Chile. I'm wondering if you can share with us your perspectives there, and you've had the opportunity to spend some time down there. Sure. Yeah. Chile is a very interesting country in the sense that we've been there for three years. We now have bought back our partner. I think we'll be more flexible in the type of project financing and also corporate financing and a corporate portfolio approach in Chile. What we like about Chile is the fact that Chile doesn't have any fossil fuel in its territory. It has to import its coal, it has to import oil, it has to import natural gas. Importing natural gas, of course, we all know it comes with Liquefied Natural Gas. It's a technology that is very well-known, but it's more expensive than utilizing a pipeline to transport the gas. Chile natural gas price is a lot higher than what we can see in the States, and therefore, the marginal cost to produce electricity in Chile is more expensive than in the States. We like the fact that the competition for renewable energy is more expensive than in some other place. 30% of their production is now with coal, and they have a very, I would say, straightforward willingness to shut down those coal plant. The legislation call for complete shutdown by 2040. There's talk about speeding up this process. Matter of fact, some companies have already shut down their coal because they're international company, and they may face also some pressure from their investor or customer. I think that we'll have some room to develop a portfolio approach in Chile, and we like hydro. There's still some hydro possibility to develop in Chile. Wind and solar and battery will also be a big part of the future portfolio in Chile. Awesome. Well, another new market that Innergex has expanded into in the last, I guess, five, six years now is France. It's been a while, yeah. Also lots of exciting news and really progressive environmental energy policy coming out of the EU, of which France is a member. Wondering if you could share a bit our outlook for France? Well, France, we have been in France for more time than in Chile. France is a very interesting country in the sense that there's a lot of opportunity for wind and solar. We all know that France permitting process is very long and difficult. At the end of the day, usually the project in France are smaller. A typical project can be 15 MW- 50 MW. These are the average size, and it can take five, six, seven years to develop. Matter of fact, we've been at it for the last five or six years, and I'm happy to report, and Jean's going to talk about it, that we already now have reached a point where some of our own initiative, greenfield initiatives, are now maturing, and we have the ability to put them into RFP, and then hopefully start building our own project in France. France is a smaller market in the sense that it's difficult to grow fast. The ability to sell the electricity, the customer wants it. It's a little bit of a challenge to permit them, but once they're permitted, I think that they make great projects and perhaps the profitability of these projects might be better than bigger projects, but the volume is slower. We like France. There's definitely a lot of activities going on in France, and excited about the fact that our initiative in greenfield is starting to unfold now. I always think about us as being farmers, and we've got the field with the fast-growing crop to feed us tomorrow for our dinner, and then we have the field with the slower-growing crop that's going to feed us in the years to come. So we need to be tending all of these. Yes. We need to eat on a regular basis. That's a good. Different way to take the renewable energy as farmer analogy. Yes. Switching gears a little bit from places, the other way Innergex has always maintained diversity and built that over the years into our portfolios through a diversity of technology. We all know there's a ton of innovation happening right now. There's a lot of discussion about the new latest, greatest, and so wondering if you can share our perspectives on what are the technologies that are exciting us right now, and where we see Innergex growing in the years to come. I think that definitely, we've talked about the potential for renewable energy to take more room in the pie of energy. That means that solar and wind will be the big winner, definitely. It depends where, right? Probably in Canada, and in some places, nor', wind is probably a better solution, probably a better technology to take advantage of the natural resources. Solar will take a big role. Solar also has, especially when there are places where the forecast of sun is easy to do, the match between solar and battery is probably easier to do. You know that the sun is waking up in the morning, and you know when it goes to sleep, and therefore, you have the ability to charge up those batteries to meet the evening peak and perhaps, the late evening part of the day. This will be playing a big role. Matter of fact, we're in this technology in Hawaii. We are matching solar and battery and selling it to the local utility under a long-term contract, 25 years contracts. We think that this has a lot of potential going forward. Especially if you want to have more renewable energy, battery storage will play definitely a big role. Also, I think that the smart grid will also play a big role in the future. We're not grid manager, definitely, we will be benefiting from this new technology that will enable more renewable energy getting into the home. Also, of course, the grid will have to deal with Electric Vehicle batteries being hooked up to the home. One can think about these possibility of switching, charging, and theoretically, your car could feed your house eventually. A lot of software, a lot of grid upgrade will have to be made, and these represent jobs. One of the threat of renewable energy in the industry is the loss of the existing job in the fossil fuel business. If you look forward and think about all the opportunity of new jobs in this new era of integrating renewable energy, battery, hydrogen in the grid and in the mix, there's tremendous opportunity for our new engineers and new software developer to be able to have great jobs in our industry. I think it's a myth to say that renewable energy is going to destroy job. It's just a movement towards something different for the future. I think we're seeing that reflected in some of the COVID recovery strategies governments have putting in place, where they very clearly, thankfully, are linking the economic recovery to the energy transition and using that energy transition as a vehicle for solid jobs going forward. Batteries are a key part of the team game now that will power our lives going forward, and Innergex has been doing some really exciting things with batteries. Just wondering if you have any more? Well, I just mentioned that we have those four project in Hawaii, but we also have the 9 MW project called Tonnerre in France. This is a straight battery embedded in the system, where basically the utility is going to take advantage of the battery to stabilize an area of the grid. This will be definitely a key for the future. Battery will be deployed in many places in the grid. Of course, battery will evolve in time. I think that volume has shown that, and technology has shown that the battery are improving. Security is a concern also in battery. We've learned and we've seen some fire hazard in some of the technology. I think that the industry is adjusting. I think they'll find great ways to minimize these risk. I think that transmission investment will also have to be at play. Innergex would be also interested in owning some transmission grid. Actually, we have built quite a bit of high-voltage transmission line. In B.C., we've built a high-voltage line through the mountain range, and have been able to permit these and with our partner, First Nation in B.C. I think that this is also potentially a segue to our involvement. There will be a lot of transmission line to be built in the future, because typically, wind, just take the U.S., you have the Midwest, which has tremendous amount of wind resources, but you have to bring that power to customers. I think that government will have also to sit down and find ways to have better permitting processes for transmission line as well. I'm sure we will see some of those rapid improvements. Yes. One of the things you've mentioned a little bit is hydrogen. Yes. Green hydrogen is the sparkly new kid on the block right now in energy policy talks. I know my team and I spend a lot more time these days thinking about green hydrogen policy than we did a year ago even. What's got Innergex excited about green hydrogen, and where do you see the opportunities for us? Well, I think that, first of all, green hydrogen is going to be completely renewables. That fits directly in our philosophy. Now, green hydrogen will not be deployed all over the place tomorrow. It's something that's going to take time. A lot of denier of this technology are saying, "Well, too expensive, too complicated," and all that blah, blah. Well, we all said that to wind and solar, right? When solar started, it was so expensive. I remember that we needed $ 50-$60 per MWh to develop solar. Now, solar are being developed around $30 in some places in the world, and sometime even lower than that. I'm not saying that green hydrogen or electrolyzer technology will do the same tomorrow, but I'm a firm believer of innovation and technology, and I think that with smart people and volume, we'll see an improvement of cost of hydrogen. Also, I think that battery are fantastic for short-term storage. Now, hydrogen can be stored for a longer period of time, can be transported also through pipeline eventually. There's billions of dollar that have been invested in the past in pipelines to move a cheap molecule called natural gas. Yeah. Why can't we imagine that in the future, some distribution system would potentially be put in place to transport that molecule, which is green, and it's called green hydrogen? I'm a firm believer that in the future, a lot of the complementary between renewable energy, transmission, battery, hydrogen will have its role in the future. In the short period of time, I think that people don't realize how much gray hydrogen is utilized in industrial processes, and this can be the first wave of project in green hydrogen to replace that gray in the industrial processes. Help them get their emissions down. Yes. Everyone needs to do. Yeah. Exactly. Yeah. Exactly. That was a lot of it really exciting stuff. Big markets growing. A lot of new technology coming. There is a lot of government policy driving it. What gets you excited in the morning? When you get out of bed and come to work with us all at Innergex, what sort of drives that fire? Well, I think that this is a very strong statement that we're saying. We are part of the solution. When I enter the office, well, not now. The virtual office that we're all existing. The virtual office. Yeah. What drives me also is to see our people invested in trying to do something different. Of course, we're going to work. Some pieces of our day-to-day life is ordinary, even if we're in a great industry. We, well, I feel and I think Innergex employees feel that we are part of a solution. We have great challenge to face in the future. We've been at it for the last 30 years, as you're saying. I must say that this time, I've been fighting or trying to develop project over the years, and I must say that in the earlier years, it was not that easy to sell and to build and to develop a renewable energy project. I'm not saying that in the future it will be a walk in the park. One has to develop them with community, as we've done in the past and so forth. There's definitely now a meaning to our industry that resonate with people and community, and that makes me very happy. It's the first time I feel that we are part of the solution. We are needed in order to achieve net-zero emissions by 2050. There's no way the world can achieve that without renewable energy. I'm very excited to be part of it and also excited to try to find ways to have new technology be embedded. Of course, they are more expensive, as we were mentioning, green hydrogen to start with. If we're very smart and diligent in our approach, I think we can find ways to introduce these technology first and being a first comer into these new market we'll find ways to grow. As we grow, as the industry is growing, the volume will grow, and we'll see these technology being more competitive in the future. Yeah. We are part of the solution. We're part of the solution. With that market share that we've talked about growing and the electricity picture being an energy picture now in a much bigger landscape as there's strong emission reduction targets for the transportation sector, for the building sector, for the industrial sector, how is Innergex going to capture its share of this market? I think that we have been doing renewable energy in the last 30 years, as we were mentioning. We're trained to do this. We have just reintroduced our strategic plan for 2000, 2025. It's not very different from the initial one of 2015. Four pillars. It's not complicated. We just want to do what we've done in the past, being a little bit more focused on generating cash on cash, and this is important for us. We want to make sure that what we've done in the past, we have learned and adapt, and we want to grow responsibly. That means that we have established a few market where we want to focus our attention. That doesn't mean that we would not expand eventually from these market, France, Canada, North America, U.S., and Chile. Definitely, we are seeing a lot of opportunities. Jean today is going to talk about it. We want to focus. Our market is big enough, so we need to be disciplined. That's a big part of our strategy plan. Build expertise, I've mentioned it. We have already started, being invested in batteries. We have now professionals in our team that are specialized in batteries. We just hired a very knowledgeable person in hydrogen, in green hydrogen. We want to invest, we want to know, we want to have projects in the future in that space. We want to understand also how grid will evolve. This is a great segue to say that, we are welcoming Hydro-Québec, our new partners. They know how to manage grids. They're focused on R&D, they're focused also on being innovative, and they have been focusing on renewable energy all their life. I think that it makes a great team. We think we can be a win-win together in many ways. We want to diversify our activities, but that means also diversify our customer base, our stream of revenue. Our revenue, Jean is going to talk about it, but we used to see only one line of revenue, electricity. Now we have electricity, capacity, green attributes, eventually, ancillary services being paid for managing the battery in the grid. There is diversity also in our line of revenue and customer and region. This is also very important. We have been in the past owner of asset. That doesn't mean that we can't recycle or sell asset, but we like to own asset. We like to operate also our asset. That doesn't mean that we cannot give a service to Vestas or Siemens to operate a wind farm, but we'd like to have also part of our portfolio being operated by our own people so that we know how much it costs. We know the challenge. Whenever we have to negotiate with a third party, we know what to ask, and we know what to look for. Yeah. It continues to excite me what a phenomenal team we have here at Innergex [crosstalk] of expertise and knowledge there. Speaking of that, I'm going to use that as a segue to my next question for you, which is, what are the strengths and advantages that Innergex is going to bring to achieve this growth? Well, I think that one of the aspects of our development is that we've been doing, acting, doing a sustainable development. You heard me so many times calling, talking about this approach of sustainable development. For us, it's called for the three P, the people, the planet, and the prosperity. We've been living it for the last 30 years. We've been, I guess, improving it, also quite a bit. I think that the future lies towards also being embedded in community. I think that making money is very important. We're a public entity. We have to make a decent return. I said always to the guys, these three pillars are as important as each other. Yes, prosperity or profit is important, but we want to make sure that we take care of the planet, and we take care of our own people and our own community where we lies in. This is important because as we grow in the future, as we are going to see more and more renewable project close to community, if the community are not embedded in the project, if the community are not benefiting from this project, we'll have a pushback. This is very important for our industry to understand and to act so that these project can be made in together with the community. That's right. We have an opportunity to, as we go through this energy transition, build this new suite of infrastructure in a way that is more inclusive than historic build-outs have been. Innergex has been doing this from inception. Before it was the flavor [Foreign language]. Being in Montreal today, got to throw in a wee bit of French. Yes. It is really foundational at this company to always develop in balance. Look at the past and what exploration of fossil fuel or mining has done in the past, is that you go into a community, you take out, and you leave. Yeah. This is not what we want to do, and I think the renewable energy has the opportunity to be there for the long term for the community, being a community contributor and also have, I would say, a heritage to the community. Yeah. Excellent. We talked a little bit about three P being our foundation. What else contributes to Innergex's foundation that will help us seize the moment? Well, I think I mentioned it a little bit earlier on. Sorry, I'm not necessarily following on the slide. It's all good. I think that, definitely, we are a long-term owner. We've been at it for a long time. We're committed. We're a renewable energy expert in the sense that the part of the energy pie is growing, and our ability to develop renewable project will be a big advantage for us in the future. It's all we do, every day. It's all we do every day. What we hope to do is more of the same going forward in the future. We've been trying to do this. Also, talent convener, I think that our young comer, and sometimes not so young new employees, are coming in, and they are attracted by the fact that we're doing and we're a part of the solution. We're doing a renewable investment. Matter of fact, in the last few years, we doubled our numbers of employees. For us, it means that we have a power of attraction, but we have the responsibility also, and we'll talk about it in the ESG. We have the responsibility to take care of our employees, to get them important, get them motivated and embedded in our future development of the company. We've been also a great partner of choice for community and First Nation. You've been dealing with a lot of our partner in B.C. I think that this is a strength that Innergex has developed over the years. We've been partnered with financial institution, even competitor. We've been partnered with TransCanada in the past. We're open. We have the ability. I think it's a mindset. We've been able to be partnered with First Nation, financial partner, and sometimes competitor trying to develop the project, as long as we all think and we're a very transparent company. I think these will help and take advantage of the future development that lays in front of us. Awesome. We've kind of woven around this elephant in the room. It's a friendly elephant. We like this elephant, but it's been sitting here behind us, called ESG, and it's been an increasing trend and something that we're all talking about a lot these days. Being a sustainably developed renewable energy company from day one, it hasn't always been easy in an ESG landscape. I'm wondering if you can share with us a little bit this morning the challenges and why we're not an easy fit into. Well, it's sad to think that Innergex has 100% renewable energy company, that we have sometimes a little bit of a challenge in the way to be well-rated in some of the agencies. One thing that is frustrating is the type of questionnaire that this agency has. Just as an example, they would ask you, what is your plan to reduce the consumption of water? We're not consuming any water. In our industrial processes, the water is not consumed. Right. It's pretty difficult to reduce something you're not consuming, and yet this is very fixed type of demand. Same thing with CO2 reduction. We would strive to reduce the little CO2 emission that we're emitting, but it's very small, it's difficult to get a good rating in this. I think that the all aspects of these initial rating were set to have or to fit big emitters that were taking some steps to reduce their emission. I think that has to change, and investor has to go behind it and make pressure also on these agencies to be more strict. We also have seen a lot of greenwashing lately, and this is sad a little bit, right? Taking advantage of the ESG title to raise money and not necessarily doing the right thing is a little bit frustrating in our way to think. Just I meant to talk about natural gas has been very good in saying that they're clean energy, right? Right. Well. Cleaner? Cleaner maybe than coal. With ESG component and being more scrutinized in the future, I think that a good example is the new technology, those great satellite that now are able to scan emission from all the gas wells or even pipeline activities. We've seen some highlights lately to big spill in the air were there. I think that it's a great opportunity to see that the total life cycle of natural gas is not so clean at the end of the day because all of the emission is methane. Methane is 50x more potent than CO2. If you burn the natural gas, not so bad, but if it leaks in the atmosphere, 50x more potent than CO2. Yeah. Something investors should be looking for then is what is the overall contribution to what is our global imperative, which is emission reduction and making sure that we can address climate change. Definitely. A company like Innergex that is a zero-emission product and already so far on that journey should be one that does really well in that format. Hopefully. Is a good durable investment. Yeah. Years to come. I'd love you to talk about what we have been doing a little bit in our ESG reporting. We're trying to do and improve in our reporting. Can you walk us through a little bit of what we've been doing lately? I'd be delighted. Innergex started on our ESG reporting journey in 2015 with the release of our first sustainability report based on the 2014 reporting year using the Global Reporting Initiative framework. It was basic, but it introduced sustainability reporting to the corporation, and it opened the door for future reporting. 2017 saw us release an expanded sustainability report and developed ESG performance-based handouts based on people, community, environment, and governance. In 2018, we again expanded our disclosure metrics, aligned our contributions to the UN Sustainable Development Goals, and launched a dedicated sustainability microsite. In 2019, we included ESG performance data in our annual report, expanded our disclosure metrics, and for the first time, provided an accounting of our GHG emissions. For the 2020 reporting year, we again took steps to improve our reporting by incorporating a report based on Sustainability Accounting Standards Board standard disclosures and provided a fuller ESG performance report. We also gave the microsite a complete redesign for better information management and user experience. This year, we submitted our first climate change CDP, the Carbon Disclosure Project questionnaire, and look forward to improving our disclosures as we continue down the path within this framework. As Michel mentioned, Innergex's employees are the backbone of our corporation. Our 2020 report again expanded in metrics and disclosures, and for the first time, included voluntary turnover rates and the percentage of employees engaged in our corporate share purchase plan, as well as Innergex's contributions to employee Registered Retirement Savings Plan. This year, we launched a diversity and inclusion policy and action plan to improve our performance, grow the business, and better position Innergex as a place that people want to join and want to stay. We're working on a new health and safety policy. We are committed to offering an enviable work environment, and we dedicate resources to maintain this goal. As mentioned earlier, Innergex was one of the first renewable energy companies in Canada to understand the importance of developing and maintaining long-term relationships that are mutually beneficial with the communities that host our facilities and with our partners that help us all achieve a clean energy future. We are guided by our commitment to supporting groups, initiatives, and organizations that share our vision. We are proud of the trust that we have earned with the communities we collaborate with and welcome the opportunity to make a positive impact with the grassroots organizations where we are active. In 2020, we distributed over CAD 2.7 million through sponsorships, donations, and voluntary contributions in the communities where we work. As we all know, human-caused climate change has rallied the world in an urgent need to decisive and concerted action to reduce greenhouse gas emissions to limit global warming to 1.5 degrees C. We know and believe that renewable energy is part of the solution, and Innergex will continue to increase its share of renewable energy generation. Our expanded reporting metrics in 2020 included water use metrics, environmental expenditures, and an expanded incident reporting. New this year, we submitted to the Carbon Disclosure Project. We are always looking at ways and metrics to expand our ESG reporting disclosures. Our goal is to help the transition to a clean economy and to ensure that there is a great environment for all. Decisions rooted in ethics and integrity consider the interests of employees, shareholders, customers, communities, and partners. The diverse and experienced governing body is guided by a clear set of statements, charters, policies, and guidelines that reflect the corporation's core values. In 2020, we expanded our reporting metrics to include cybersecurity training, board remuneration, and incident management reporting. In 2021, we're exploring incorporating the Task Force on Climate-related Financial Disclosures framework into our disclosures. We're extremely proud that our efforts are being recognized. This year, we were awarded the 20th spot in Corporate Knights Best 50 Corporate Citizens in Canada. As we progress in our ESG reporting journey, we look forward to adding new and relevant metrics, updating our corporate policies to better reflect our ESG values and commitments, complete the diversity and inclusion employee survey and share the results, incorporate TCFD disclosures into future reporting, and calculate our Scope 3 emissions. This concludes the ESG presentation. We'll now turn the presentation to Jean Trudel, Chief Investment and Development Officer at Innergex. My apologies. He will provide more detail on our pipeline of projects in development and our M&A strategy. Good morning, Jean. Good morning, Colleen. Thank you very much. Thanks for covering all the ESG and stakeholder and community relations, which is such an important part of our business. Thank you all for joining today. It's a very important day for Innergex, and I'll try to cover the growth strategy ahead of us for Innergex. Before I start looking forward, here's a snapshot of what we've done over the last five years. This graph here is to demonstrate you the growth, that we've accomplished as much in greenfield as in M&A development over the years. It's important to note that when we started in 2015, this program, the competitiveness of renewables was not exactly what it is today. On top of that, the reality of climate change was not yet as well accepted or documented and accepted by governments. On top of that, we had a much smaller corporation. We had, obviously, a smaller development team, smaller M&A team, and we had practically no local presence outside of Canada. With that in mind, we were still able to triple our installed capacity over that last five-year period. I think we can say that today we're much better organized. We've expanded our team's capabilities. We have de-risked our investment process. We are really in position to do more projects concurrently and more projects in each of our markets. Let's look at the footprint that we have over the target markets that we're in. You see on this map, obviously North America, France, and on the left side, you see Chile. What's interesting about this chart here is that when you compare to 2015, when we took the challenge to expand ourselves internationally, we were just that Canadian company. We have a complete local ecosystem, relationship webs, and we have internal presence in each of these markets. You can see on the map here that we have local offices in each of these countries. Obviously these offices are populated by local expertise and talent, but we also have several antennas or branch offices across each country. Since 2015, we more than doubled our number of employees from 200 to about 450 employees. We bridged the talent gap necessary to face the new challenges in these new markets with the creation of some departments such as a real estate department, the power marketing, the trading desk. We dedicated resources and expertise to solar development, to battery storage, and to also green hydrogen, just to name a few examples. Now onto our growth strategy. As Michel mentioned, our strategy is very simple. We just want to repeat the development and the many successes that we've had, and that we have done over the last 31 years. We want to repeat it over and over again. I think, over the years, we've improved our decision-making process and risk management practices, and I'll get onto this a bit later. We also have optimized our allocation of capital, and we're able to target the best risk-return proposals. Our M&A and greenfield activities are working really in sync today. Obviously, the M&A activity for us is meant to get some greater near-term cash flows, the greenfield project is to provide higher return and long-term value to shareholders. Our active capital allocation is focusing on wind, solar and battery development, run-of-the-river hydro, battery standalone projects, and also green hydrogen. Our target market, as explained by Michel, Canada, USA, France, and Chile. Let's take a look into these a bit more deeper. Maybe before I start to talk about each one individually, it's important to understand that we monitor and track the very rapidly changing environment in which we are evolving. For that purpose, and to make sure that we're not missing out on opportunities outside of these target markets, we are monitoring, we've developed an internal tool to Innergex and also a team of an expert committee to monitor and evaluate several other jurisdictions around the world. We're using multiple criteria specific to Innergex for that to accomplish this. We know that there are some markets very attractive out there, and we may decide eventually over the foreseeable future to expand our reach to other markets. At the moment, I have to say, we see so many tremendous opportunities in the actual markets we're in. We're extremely busy, and we don't feel the need to change this focus at the time being. As far as the U.S.A. is concerned, I think one large piece of our strategy was to secure enough 100% ITC-qualified panels that would lead us to develop over 600 MW of solar projects. That's a very important competitive tool that we have. Also, we've developed very strong knowledge in all of these markets. For the U.S., what it means in large part is the understanding of the tax equity structures. Just to give you an example how we differentiated ourselves from the competition, the creativity that we've shown in putting together tax equity structures helped us to develop the recently developed Griffin Trail project. The Griffin Trail project was developed actually in a record 16 months from start to Commercial Operation Date, and it really was made possible because we were able to have a creative solution with regards to the tax equity structure. Without that, it would have been difficult to build a project such as Griffin Trail. Now, if we go at looking into Canada, one thing that is important to mention is that we're a very long-term focused investor. We're very patient. In Canada, actually what led us to go outside of Canada back in 2015 is the fact that opportunities for development were actually drying up, or the development outlook was not as good. It forced us to think about international expansion. That doesn't mean that we've left Canada aside without doing anything. We kept our assets, we kept our relationships, we kept the very important presence that we have in each of our provinces in Canada. It's paying off because now we see Quebec is now coming back into an expansionary mode. Michel mentioned the Quebec RFP for 300 MW. The good thing about this strategy is that we have already existing assets in our pipeline that are ready to actually submit into this RFP, and that's what we intend to do for the next RFP in Quebec. In Chile, here, obviously the intention is to develop a very diversified and balanced portfolio of multiple projects. In Chile, the angle that we take is more towards M&A activities. We see a lot of projects that are put on the block for sale, and we're a very active participant in that segment. In France, Michel mentioned it also a little bit. It's a very attractive market. The demand is really high. We see in the foreseeable future, close to 2 GW of wind required, and 2 GW of solar required per year for the foreseeable future in order for them to meet their goals. Obviously, we have a team now in France. We are an active participant. We have also developed our own solar development team now. Although projects are of a smaller size, I think we see great opportunities to bring high return to our shareholders. Now on to the next slide. Just taking a closer look at our U.S. activity and how we see the expansion. When we started in the U.S., actually a while ago in Idaho, and then in the Pacific Northwest area, we had a presence and as you know now, like in Hawaii as well. We opened up an office in San Diego. That is how we started in the U.S. You see that how we progressed over the years. We slowly expanded into new Independent System Operators, new Regional Transmission Organizations, new states with bilateral markets such as PJM, California Independent System Operator, the mountain area, Colorado, Wyoming, very important opportunities there. We see also now with the presence of our partner, Hydro-Québec, an interest in going into New York and New England ISO. We also have very strong interest for Nevada, Utah, New Mexico, and Arizona. Slowly we're expanding our footprint. We're becoming a larger player in the U.S., and we have the team to accomplish this. Let's look now at the M&A activities that we have. The good thing about this segment is that there's so many opportunities right now. I don't think I've ever seen that many opportunities in my career so far. Just to give you an example, in the bottom right corner of the slide, you see the number of opportunities that we've seen over the last six months period. We've received many opportunities. We've screened 38 opportunities. Out of these 38 opportunities, we actually actively due diligence 12, and we closed three acquisitions over the last six months. That includes Curtis Palmer, which is not closed yet, but was announced, and which is expected to be closed by the end of October. In view of this constant flow of opportunities, what we've done is we've streamlined our process, and we can now tackle opportunities in each of our markets concurrently. Actually, in some cases, we can tackle more than one opportunity in a single market. We can also do larger and more complex transactions. Our aim here, with M&A, is to really find opportunities that would bring either operational synergies or financial synergies in our financial structure. We want to find these opportunities that will bring something in addition and some additional return to Innergex. We've set ourselves objectives, you see this on the top of the slide, to bring 780 MW of new capacity by 2025, which is roughly about 200 MW per year in the next four years. These transactions will be done either 100% Innergex or with the help of our partner, Hydro-Québec. These accretive acquisitions, again, are really meant as a first objective to bring near-term cash flows to support our dividend policy. Let's look into the alliance now with Hydro-Québec. As you all know now, I guess in February 2020, we found ourselves and we formed with a very large, very knowledgeable, and very well-capitalized partner, an alliance. This is Hydro-Québec. Over the last 18 months, we've developed a very deep understanding of our common goals and objectives. I can say that after having worked on a multitude of transactions, mainly in the U.S., we have now a great working chemistry. Both organizations can benefit in our complementary skill and knowledge, and that's recognized from both sides. The recently announced Curtis Palmer is really a proof of concept for both Innergex and Hydro-Québec. We see both a very bright future for the alliance over the coming years. In addition, the support we receive at the shareholding level is very strong from Hydro-Québec. It demonstrates Hydro-Québec's commitment to Innergex and the underwriting of our growth plan and our capacity to thrive in a very changing environment. Let's talk about that changing environment. I think it's important to mention that as I mentioned earlier, we were kind of forced to go outside of Canada if we wanted to achieve the desired growth. Forcing us to go in other markets really put us on the forefront of all these new market designs and realities. Before, we were solely relying on RFPs coming out of large public entities, and we were relying on their timeline to do so as well. We were a bit stuck, if you want, in that paradigm. Now, forcing us to go outside, we've developed really a customer-focused approach. We offer our product now, like let it be energy capacity or Renewable Energy Certificates, directly to several different type of customers, such as institutions, industrial corporates, cooperatives, or governmental entities. To give you a few examples, we still very much like PPAs, long-term PPAs with utilities, of course, we'll still keep chasing these. We have, like recently, the Boswell project just secured a 30-year PPA with PacifiCorp. Before that, in Hawaii, we had secured 25-year capacity PPA with Hawaiian Electric Company. If I go down that slide in corporate PPA at our Hillcrest project, we signed a long-term PPA with Amazon. For the Palomino project, we are just about to sign with large retailers two PPAs to cover 100% generation of that facility, and it goes on. We can sell capacity in Duqueco in Chile, we are selling capacity. As we mentioned also, the Tonnerre project in France is selling its capacity and also ancillary services like primary reserves to the grid. We see this as a very important tool and an increased flexibility in building the project's revenue stack. In some cases, we'll have a merchant component, and it can be desirable in some market to be exposed to merchant and spot prices. It's important to note that rarely a project will depend solely on merchant price. As an example, in the U.S., the Production Tax Credits that we talk about often is really indirectly a PPA that is indexed for 10 years with the federal government of the United States. Projects can also secure multi-year REC contracts, in some cases, sell portion of their generation under PPAs that could be short-term or long-term. That cyber warfare and that increased flexibility in building our project revenue stack can be applied in the States, but eventually, I'm sure it's going to be applied to many other development areas in the world in the coming years. As we say, often what gets measured gets done. We wanted to make sure that we and very often also the people are asking us the question, well, how do you determine where you should invest your next dollar? What we've done, and I think it's important to share with you how mature today our decision-making process has become. Over the years, we've organized ourselves, and we've developed this framework to guide us in our decision. Basically, I'm just going to go into details a little bit, not making it too complicated, but we develop a project Net Present Value for each of our project in our pipeline. Each prospective project has its own model with its own set of assumptions to the best of our knowledge. We develop a project maturity. The project maturity is really based on all the steps to develop a project to bring it to COD. We have all the large categories of development, and we break that down into five stages. Each of our project is ascribed that maturity, so we can track really the development of our asset. Also, we also ascribe to each project a probability of success. Each project has its Net Present Value, its project maturity, and probability of success. You see the equation at the bottom of the slide. Really, the NPV multiplied by project maturity multiplied by probability of success gives us an appreciation of the portfolio value or adjusted value. The important thing here is that we track that value and the way that value is actually evolving over the time. It's really providing us a guide to the development decisions. In some cases, it showed us that in some cases, it was better to stop the development of a project and to ascribe these funds to another project that had better probabilities or greater maturity. I think that tool is actually helping us to optimize the allocation of the next dollar and to maximize the portfolio value creation over time. Now on to our pipeline. This table that you see here is the same table that we have in the quarterly MD&As. It provides you a bit more detail by region as well. This is the prospective product pipeline. It does not include all the general development initiatives that we're conducting in each of our countries. These are only the projects for which we have the project that we identified and for which we have secured a land right or a right. Out of these projects, out of these 7,000 MW, we have 32 projects for a total of 2,100 MW that are aimed to be commissioned by 2025. In addition to this, we have also the team objectives is to bring 15 new prospective projects every year to that list of projects. You will see in Jean-François' presentation later on that our 2025 forecast actually is a lot more conservative, where there might be attrition to these numbers, so we're more conservative, and we're using only a subset of that number for our forecast. Now some example of our greenfield activities. We're very excited about the advancement of some of our projects. We have new projects that will soon be added to our prospective project list. That's a non-exhaustive list. If I go down the list, the Boswell project that you probably know of by now, 332 MW. We've just received confirmation that we were awarded the PPA for 30 years. We're negotiating that PPA. We expect to sign it in the Q4 of this year. It should be then accepted by the Public Utilities Commission of Wyoming by mid-2022. We would start construction with an expected CD of 2024. This is a great project, great addition to our portfolio for Innergex. The Palomino project, 200 MW solar, is also in advanced stage. We are just about, as I mentioned, to sign with two counterparties long-term PPAs for 100% of the production of this asset with large retailers in the U.S. We have the France project, more limited size, as we mentioned before, but very attractive return on these projects. The particularity here of these projects is that, as Michel mentioned, they're coming out of our own greenfield pipeline. It takes a long time to develop projects in France. These ones will be the first ones that we'll put in COD. The particularity of this is that after that, we see that we have a recurrence of projects coming online from the French development pipeline. That's the interesting part of it. It's the beginning of something beautiful, in my view. Also in France, we've now developed our team to tackle solar development, and you see the solar project in France, the 60 MW project, is the first one that comes out of that. It's very promising to see how the team is working hard to make new development project. We see a very high level of interest also for renewables from Washington State, from many of the Investor-Owned Utilities, like Portland General Electric or PacifiCorp or Puget Sound Energy or even Bonneville Power Administration. Colorado as well, has a significant plan for retirement of about 2,400 MW by 2030. We are positioning ourselves to answer these coming RFPs. We know that there's an RFP coming in 2022, so we're going to position these assets, and the Green Valley Colorado Project is our very new prospective project that we added to the list that you would see in the next quarter report. Now turning onto the battery strategy. Obviously, as the penetration of renewable increases and as existing baseload supply decreases, energy storage is going to be required to stabilize the grid volatility or variability. We've set up in-house a team dedicated to focus really on building a pipeline of greenfield standalone battery system projects. In each market, with the local development team and external consultants, in some cases, we're presently identifying the best grid locations, securing land and transmission rights to develop this pipeline of battery standalone project. We're building on our experience in Hawaii and France. We continue to develop our technical knowledge, always. Our relationship with Tier 1 suppliers and integrators is key to this. Of course, we have to include into this the very close relationship that we've built over the last 18 months with EVLO, the HQ subsidiary. Now maybe a little piece on green hydrogen. Green hydrogen can almost be looked at as R&D at the moment, but our interest to green hydrogen stems from our understanding that a new green molecule is required if the goal to decarbonize heavy industries and heavy transportation is to be met. What we have here as well is a dedicated in-house team. We are mapping the competitive landscape. We're actually developing our business model. All the inputs of the financial model needs to be verified, and that's what we're working on very hard right now. It is clear that policy is going to be required. Regulation policy support framework will play a very large role in the development of that segment. We have Colleen's team working very hard at pushing for these nice policies to come to help green hydrogen to become reality. I would add that maybe to take, again, the expression Michel used before, we may need not only the carrot, but maybe the stick and the carrot to make it happen, to bridge the economical gap that is required. We really believe that technological breakthroughs and technological advancements and cost reductions will come in and will make green hydrogen a reality sooner. Our objective, and to tackle the problem and to understand really the ins and outs of green hydrogen, is to develop our first industrial scale project of a modest size, but enough for us to understand all about green hydrogen and become a front runner in this segment. I guess I'd like to conclude. The key concluding message is we have a stronger entity today. We're well organized. We have a larger development and M&A team. We streamlined the M&A process. We filled important new departments that I named before, like trading desk, power marketing, interconnection, solar development teams, and you name them. There's a few other organization changes that we've made. We have ecosystems of local talent, of local advisors in each market, and we've also developed the tools to align the best allocation of capital and to find the best risk-return proposition. We want to also become Tier 1 leaders in battery storage and green hydrogen. I think more than ever, we have the capacity to meet our strategic goals. On that, I guess I'll turn back the stage to Colleen. Thank you very much. Thank you, Jean. It was great to hear more details on our growth strategy this morning. I'm sure there's going to be a lot of great questions for you in a wee bit. What will all this growth mean to the bottom line? To answer that and translate our development and M&A strategies into financial projections, it is my pleasure to welcome Jean-François Neault, our Chief Financial Officer at Innergex. Good morning, Jean-François. Thank you, Colleen. Good morning, everyone. Nice to be with all of you today for this first investor day. Before going into the next five-year plan, let's have a look at what we have accomplished over the last five years as a reference point forward for this presentation. On this slide, we present the revenues and Adjusted EBITDA proportionate, and in orange, the Adjusted EBITDA proportionate per share from 2016 to 2020. Focusing on the EBITDA per share, the compounded annual growth rate when adjusting 2020 to exclude the share issued to Hydro-Québec and the impact of the BC Hydro curtailment was 20%, meaning that we have doubled from CAD 2 a share up to CAD 4 per share over five years. The bottom layer of the graph highlights all greenfield project that were COD and the closed M&A transaction over that period of time. We should all agree that this is a pretty solid accomplishment. What is not shown on this graph is the F ree Cash Flow per Shar e. F ree Cash Flow per Shar e normalized for the HQ share issued and the impact of the BC Hydro curtailment was flat over 2016-2020, due most exclusively to the 2018 strategic investment made to accelerate the positioning of Innergex in the U.S. and in South America. This is exactly why we crafted the next five-year plan to foster a creative F ree Cash Flow per Shar e with M&A and greenfield developments. Entering into the 2025 strategic plan. Before I start, let me explain this waterfall. The base of the plan is fiscal year 2020, shown here by the dark blue column on the left side of the graph. Here you can see that we have carve out our Shannon and Flat Top from the baseline, since they are classified as asset group held for sale going forward. Therefore, the baseline of the plan now becomes the year 2020, normalized for the removal of those assets. Now moving to the right. We are bridging the baseline up to year 2025 from our original strategic plan as disclosed in our Q4 2020 MD&A, represented by the dark blue bar on the right of the graph. Up to the additional upside we foresee from our Hydro-Québec Alliance, here disclosed for the first time in pale blue on top of the plan. In between, we have our three growth pillars, greenfield projects, standalone M&A, and M&A investment with Hydro-Québec. All figures related to Hydro-Québec Alliance are presented on a 100% basis, as this investment will be fully consolidated in our financial results. As for the color code, the dark green stands for project or M&A that were already COD or closed at the time of this presentation, while the mid green represent projects in progress. The pale green represent project yet to be materialized from now on. The plan is to grow our install capacity up to 5,600 MW, representing an 11% CAGR growth. 60% of the growth is driven by our prospective project pipeline that Jean presented earlier. However, for the purpose of this plan, we have taken a conservative approach and modeled a fewer number of projects. For standalone M&A, we expect the additional 250 MW of capacity to be achieved by acquiring on an average 50 MW per year on a standalone basis. As for M&A in the alliance, we expect the additional 550 MW to be achieved by acquiring on an average 140 MW per year. I would like to draw your attention to the top left circle chart. This chart shows that we are already ahead of our plan with 23% of our forecasted growth achieved so far in less than a year into the plan. Let's have a look at the Adjusted EBITDA proportionate growth on this slide. We expect to reach CAD 980 million of Adjusted EBITDA proportionate in year 2025 or CAD 4.35 per share, representing a CAGR of 13% over plan. This first variant is driven by the increased contribution from the base business, meaning the same operating assets included in our 2020 baseline. Here, the CAD 25 million additional contribution is driven by contractual escalation, revenues and OpEx cost saving plan, partly offset by PPA renewal pricing pressure and cost inflation. The Greenfield project should contribute an additional CAD 210 million to Adjusted EBITDA proportionate, whereas the contribution from standalone and Hydro-Québec Alliance M&A initiatives should amount to CAD 70 million and CAD 170 million respectively. The last variance on your right is driven by greater investment in prospective project expenses, explained by management desire to increase investments in prospective activities toward the end of the plan in order to fuel our growth and increase our capacity to COD more and more projects towards 2030. Here again, the top left circle graph shows that we are ahead of the plan, with closed transaction and projects representing 33% of our total 2025 goal. Going into our most important metrics of this five-year plan, the F ree Cash Flow per Shar e, net of prospective project expenses. As I mentioned before, this five-year plan focus on improving our Free Cash Flow per Share. The plan provides that M&A, both on a standalone basis and as part of the alliance with Hydro-Québec, will be mostly focused on buying existing operating asset that typically call for a greater F ree Cash Flow per Shar e accretion, such our most recent announced acquisition of Curtis Palmer. As we see on this waterfall, the free cash flow and F ree Cash Flow per Shar e should reach CAD 230 million or CAD 1.01 per share as a run rate basis by 2025. This accounts for 15% CAGR growth over the plan. Here again, the additional free cash flow generated by the base business should amount to CAD 25 million, explained by the benefit of the refinancing saving plan and the net additional contribution from adjusted EBITDA over an increase in principal and interest payments. The contribution from the greenfield project that should arrive later in the five-year plan is expected to contribute to an additional CAD 65 million of free cash flow on a run rate basis. As for M&A standalone and with Hydro-Québec Alliance, the additional contribution is expected to reach an additional CAD 30 million and CAD 45 million of free cash flow on a run rate basis. Lastly, the increase in our prospective expense will reduce the free cash flow by CAD 25 million, making up for a total net increase of CAD 140 million over 2020 baseline. Again, looking at the progress made so far, we have already achieved 36% of the CAD 140 million run rate free cash flow target in this plan. Finally, the plan provides that the payout ratio should be around 70% on a run rate basis by 2025. After investment in prospective expense, assuming a stable dividend of CAD 0.72 modeled in the plan. On that note, it is important to note that dividend declaration is a discretionary decision of the Board of Directors. The use of a stable dividend over the plan was done for target setting of free cash flow and payout ratio at the end of 2025. Any change to that forecast could impact the final figures. Speaking of prospective expenses, if we look on the slides, the investment in prospective expenses should reach an annual amount of CAD 42 million per year, compared with CAD 17 million in 2020, to bring the free cash flow before investment in prospective project expense to CAD 272 million. The circle graph on your right explain well the allocation of this CAD 272 million. In 2025, the share of free cash flow allocated to prospective expense will reach 15%, whereas dividend will account for 60%, leaving a 25% of retained free cash flow. The total CapEx spent over the duration of this five-year plan will amount to CAD 5.4 billion. The closed transaction on recently commissioned and acquired assets amount already to CAD 1.6 billion, meaning that there is an additional CAD 3.8 billion to be invested from now and up to 2025, of which CAD 2.1 billion in greenfield projects, CAD 0.4 billion in upcoming M&A standalone, and CAD 1.3 billion in upcoming Hydro-Québec Alliance M&A. I want to point out, looking at the table below the graph, that we have used reasonable assumption on EBITDA multiple to build the plan. The greenfield projects multiples would range between 10x-14x, depending of the type of resources and PPA duration. As for M&A, the multiple we see in the market range between 8x and 12x for the average five years of EBITDA generation post-acquisition. Speaking of the alliance for a minute. Note that at the time of the announcement of the alliance with Hydro-Québec in February 2020, Hydro-Québec's initial commitment amounted to CAD 500 million for the equity share to co-invest with us. Looking at the table on this slide, this is exactly what we have. The total Hydro-Québec equity spend model in this plan over 2020 to 2025 amounts to CAD 490 million. The assumption used in order to finance this five-year CapEx plan are presented in this slide. The close transaction of CAD 1.6 billion was financed at a gearing of 40% debt versus 60% equity, mostly due to Curtis Palmer, that was acquired debt-free, and Griffin Trail being a merchant asset. As for the prospective projects, we expect an average gearing of 80/20, whereas the French project gearing is closer to 85/15, and the U.S. tax equity ones are more acute to 75/25 gearing. Regarding M&A, we have used a 55/45 gearing in the plan. The CAD 1.2 billion total equity needs over the plan will mostly be funded from retained cash and share issuance. While we have not modeled in the plan any asset recycling during these five years, we remain open to potential opportunities. Now looking at our total debt allocation and credit profile. The intent during this five-year plan is to refinance some non-secure hydro project debt through the issuance of an estimated $250 million U.S. green bonds. This refinancing should free up an additional $20 million of free cash flow, mostly from lower principal repayments and lower interest charges. Also, this refinancing will improve the pairing of our U.S. versus Canadian currency, given the forecasted increase in U.S. free cash flow generation, as we will see in a minute. Our plan provides for an improvement of our credit profile, where we target to remain between 21%-23% Funds From Operations debt over the plan. In this slide, we provide a pro forma view of our revenue proportionate by the end of 2025. The segment exposure on your left shows that the hydro segment proportion will decrease to 30%, given that most of our future greenfield developments are in wind and solar. Moreover, most of the M&A opportunities that we are currently studying are also in wind and solar, since hydro M&A projects are less frequent. Moving on the middle graph, representing country exposure. U.S. should amount to 42% of our total revenue proportionate, and LatAm will reach close to 10%, while France should remain stable at around 12%. Consequently, Canada share revenue proportionate is expected to further decline to 38%. Looking at the graph on the far right, despite the M&A profile we are targeting and the expansion in LatAm, we expect to remain on or above 80% of contracted business compared to merchant exposure. In conclusion, looking at the CAGR metrics for revenue proportionate, Adjusted EBITDA proportionate, EBITDA per Share, and Free Cash Flow per Share, the plan should provide respectively 13%, 7% and 15% CAGR growth. We believe that this plan is fairly conservative given that, first, our historical track record, secondly, that we are already ahead of the plan as at today on all those metrics, and lastly, that our strategic positioning and knowledge on U.S., LatAm, and the French market, combined with a rich pipeline of opportunities in M&A, will foster a sharp execution on acquisitions. On that note, Michel, would you like to join me and add any comments on the numbers before moving to 2030 outlook? Sure. Good job, Jean. Yeah, I think that your conclusion is great, and I think that the big change that we have just made lately is to focus on Free Cash Flow per Share. You've done a great job talking about it and seeing that 15% CAGR for the next five years. We're focused on this. You are focused on this. You're keeping us online on this, and I think it's very important. We have shown lately that we have the ability to create value on cash on cash. Curtis Palmer is the latest. I think that if we focus, if we keep looking for these potential accretion in short-term period for helping us and creating long-term value, we'll succeed, and we're on the right track. Very happy. Great job. Thank you. In explaining this, I'm sure that we'll have some questions around your slide in the future. Now I would love to talk about the outlook. Of course, 2030 is far. What we have shown here is just a little bit of taking the 2025 result and just forward it to 2030 at the same, roughly, CAGR. I think we've been conservative. Jean has shown you, and you've talked about the fact that we have the bigger team. We are on many more markets. There's tremendous opportunity in our market right now. We've talked about U.S., we've talked about Europe. I think that renewable energy opportunity will be just getting bigger and bigger. I think that this is just fair to show that we've been doing this type of growth. I think that it's only conservatively looking towards 2030 and thinking that we'll have more than 10,000 MW portfolio. Hydro-Québec is definitely keen also to participate in this. I'm very confident that 10,000 MW is reachable. Just that 10,000 MW, Jean-François, it's like, BC Hydro has 12,000 MW of installed capacity. It's kind of getting big in a sense. I'm very excited about this. We've talked about free cash flow. I think that we're doing a great job in 2025. I'm sure that a lot of question will be raised about how much dividend growth we'll be giving through that period of time. I don't want to get too specific about this. The board of director has the ultimate decision on managing the dividend. I think that for now, we have pause on growing our dividend. I think that we are on the good track to create a better cash on cash and reducing our payout ratio. Once we would have reached the type of ratio that you've shown to the audience, then we'll take decision on the allocation of capital towards growth or rising the dividend. I think that growth opportunity for us remain very, very strong, and I think that we have a good plan. You've explained to our investor how we are going to finance these things. Of course, we'll have to issue some stock, but we'll also play with the financing engineering. Green bonds will definitely be also a tool for the future. I'm very excited. On this, I think we can open up the question. I'll give the mic to Colleen, and we'll be back in a few seconds for the question period. Thank you very much. Thank you, Michel. Well said. Thanks. Colleen? Thank you, Jean-François and Michel. I knew I was going to get Jean and Jean-François confused at least once this morning. My apologies. We're now going to move on to the Q&A session, and there are two ways to ask your questions. You can write your questions through the Q&A tab on the upper right corner of your screen. All questions submitted will be received by our production team and will be given to the moderator to be answered by one of us on the executive team on stage. You can also ask your questions live by using the [Foreign language] icon. You will be directed to the waiting room, and the operator will be with you shortly to test your audio and camera placement. You will get instructions from there and will be queued to ask your question. You might have to quit the full screen mode. If you're facing a blue screen, it means your settings are not compatible, and you will need to write your questions in the Q&A section. We will try to answer as many of your questions as we can. If we don't have time to answer all of them this morning, we will make sure to follow up by email. I'll read the questions as they come through messaging. As I mentioned at the beginning, it's our pleasure to welcome Pascale Tremblay, Chief Asset Officer, to the stage to join the rest of the team here this morning. Our first question comes from Rupert Merer. What are the plans with Hydro-Québec for future co-investment into infrastructure? Is there a target for capital deployment? Well, thanks, Rupert, for the question. I think that, Jean-François, you've covered that, but of course, we've said since the beginning that Hydro-Québec wanted to commit about CAD 500 million in terms of equity, same thing with us. We're looking into opportunity. I think that what we've shown in the plan in the presentation is fairly conservative. We're working hard. You guys have heard me telling you that we've been working together with Hydro-Québec in the last 18 months. Jean Trudel is working hard. Our team are working hard trying to understand each other. It was not that easy, right? We're two different companies. Definitely, Hydro-Québec is a huge corporation, so finding ways to create synergy and having win-win situation for us, I think it was well invested in the last 18 months or so, and delighted to have seen Curtis Palmer being the conclusion of these last 18 months' effort. It's not because we were not working, it's just that sometimes it takes a little bit of time and sometimes you need a little bit of, I would say luck and also opportunistic view, and Curtis Palmer was just the perfect fit for our first acquisition. Jean-François, do you want to just add up on the question? We've seen in the plan that we've modeled exactly the CAD 500 million. Maybe just a comment. At the time of the announcement was discussed about this three years exclusivity, but in this plan, we've modeled the full CAD 500 million over five years. There was no defined limit in time to invest that CAD 500 million. No, you covered the answer pretty much. Thank you, Michel. Great. All right. Our next question comes from Andrew Kuske. On both the near term and longer term, what is the potential to sell structured 24/7 green power underpinned by your hydro facilities? What premium pricing is available? Well, that's a good question, first of all, most of our facility in Canada are run of the river. This is a little bit different. If we look at Chile is a better example for making more premium to our hydro facility in Chile. We have, in this case, both in Duqueco and Lican, we have about four to five hours of peaking capacity. It's not a big reservoir, but it's just enough to move the daily production during the evening hours. Obviously, in Chile, where eventually you'll see a lot of solar presence, of course, during the solar days, the energy is available, but what is the challenge is going into the evening and during the night. I think that hydro has this ability. I think that eventually also some facility, just like not Duqueco, but Curtis Palmer, have a pretty good also utilization factor and coupled with the ability of Hydro-Québec to play a little bit with the market in trading, I think we can get premium on these things. Hydro facility, if they are run of the river, a little bit less likely that we can get a big premium. Nonetheless, it depends on the period and the utilization factor of this facility. You can get more price during the evening and during the night than into the solar hours. It depends, but I think that owning hydro facility going forward into a more renewable intense grids is a great asset. Excellent. Our next question comes from Sean Steuart. Which regions and technologies offer the most attractive risk-adjusted returns? Overall, what is management's perspective on the weighted average levered returns for renewable development projects? That one is, we can go on for a long time on this. I think that, together with Jean Trudel, he has explained, we're trying to have this formula to see the taking the risk into consideration, also the likelihood to get the project. The risk can be also off-taker, can be the technology, can be also the natural resources that can be a little bit more volatile. All this has to be taken into consideration. For us, of course, we hope to create more value on the long-term basis with our own greenfield development. Jean Trudel's team is working hard on this. When we're making an acquisition, it's always a risk return balance. Of course, on the long run, we're hoping to provide a premium over the Canadian bond. I've said it so many times. Back in 1990, when we started the business, interest rates were at 10%-12%, and we were hoping to do 16%-20% return on projects. This spread is what drives us. Our job, I think, is to create something around 600- 700 basis points over the Canadian bond. The Canadian bonds are trading at 120-125 basis points. We're hoping to do at least 8% type of return, but this is a portfolio approach, right. Some projects might get a lower return depending on the risk profile, but some others, if they're a little bit more merchant exposure, as an example, we're hoping to do double-digit return perhaps. As a whole, we're aiming to have a risk-adjusted portfolio, giving a spread over the Canadian bond that can range between 6% and 7%, and perhaps even better if we can. This is the approach. Jean, I don't know. Yeah, I think maybe if I can just add a few things. It's a very good question. We've talked about France as being a very high return area because the contractual framework is really interesting with what's offered by the market. You can't just put all your eggs in that basket. I think our approach is to really have diversified portfolio. As you said, Michel, you want to limit your exposure to some political risk, for example. If there's a change of heart in the government, you don't want to be stuck in one place and dry, right? I think our approach is to really deploy the means that we have, the capital that we can invest every year, like in these markets, and try to find the best way to come up with a risk return proposal that makes sense. The 8%-10% is often something we hear. There's a lot that goes into the assumptions when you say this, right? Someone can say, "I aim at earning 8," and the next person says the same thing, but it's not necessarily an equal number between two parties. I think we have a very conservative approach when we build our model, and when we build, especially today, like the visual value aspect of projects is extremely important. The view that we have on the power pricing in the market post PPA, for example, has a very strong importance. All that gets into the mix, I guess. That is very good point, Jean, because sometimes giving potential or forecast rate of return is warrant on the assumption that you're using to start with. We hope that when we look at project, we're conservative in our assumptions. Hopefully, we'll be able to meet our long-term return. Right. The next question comes from David Quezada. You mentioned you'd like to own some transmission assets. Could this be an opportunity in Chile? Could the partnership with Hydro-Québec provide an angle there, or potentially taking renewable power from Quebec to the U.S.? That's definitely something that we haven't acquired or built for a third-party transmission line. Throughout our development, we have been building high transmission line in very complicated country range, and also very complicated permitting processes in B.C. I was chatting with Colleen over time, since Kwoiek as an example, we had to cross 80 km of high mountain range and dealing with five First Nation territory. Can we do it for a third party? It depends on the return, of course. It depends on the type of long-term contract we can get. Definitely Chile is a more open space to do this, especially if it's not what they call Troncal. If it's, I would say, smaller portion of transmission line, this is a lot less regulated and perhaps it can create opportunity in Chile to do this type of development. All the U.S., not all because there's some states you can't. Definitely, transmission line will be a key of future development in the world in general. If you want to have more electricity, you'll have to have more capacity to move that electricity around, and this will create definitely opportunity. You're right, Hydro-Québec knows a lot about transmission line. Matter of fact, Hydro-Québec has been on the forefront of high voltage. If we remember, they were the first to bring the 7 35 kV lines in the world. I think that, together with them, we can get definitely more attention to potentially own or even develop a transmission line. We don't have any short-term plan to develop some. That's something that together with Hydro, we have definitely the capacity to do. Great. The next question comes from Mark Jarvi. If direct pay tax credits get approved in the U.S., do you believe that erodes one of the competitive strengths, the ability to find tax equity solutions you've developed over the last few years? Well, Jean's going to help answer that one. Of course, we're good at it. We have invested times, and I think the team of Jean Trudel and Jean-François Neault are very efficient in doing this, but it's costly, right? It's complicated. If we can get the direct pay, we won't complain neither. No. I think [crosstalk]. I think we would forgo the competitive advantage in favor of having the opportunity to build a lot more megawatts, and in many other jurisdiction. I think it's a complex structure. We're good at it. I think it's not going away anyway. We may buy assets that have that structure still in place for years to come. I think this advantage is going to remain with us. As you say, Michel, I don't think we're going to cry over the disappearance of the tax equity business. It's not so clear if PTC will apply to a direct pay. We understand that ITC is under probably direct pay. PTC might not be. Maybe an additional point, too, if they apply a certain form of PTC to transmission lines, just to get back to the previous question, it may actually trigger a lot more investments in transmission lines, which is, as you said, Michel, extremely needed in the U.S. particularly. It would maybe help us to reach areas where project could be developed maybe faster. I think the new bill is certainly a positive for the industry, for Innergex as well. All right. We're just going to all cross our fingers and hope that it survives some semblance of what it looks like right now. Yeah. We're not going to predict the U.S. legislative process. The next question is from Ben Pham. What is driving the hot M&A market? What caused you to pass on the deals you looked at? Well, Jean is going to answer this one. Of course, it's just like real estate, right? 20 years ago, there were a lot less renewable project built, less M&A opportunity. Now, the portfolio of renewable project is growing and growing. Of course, some trade or some transaction are more designed for financial investors than us. Return and also risk profile is something that we have to be careful. There's a minimal threshold also in our own decision-making that we will not cross. It depends on also on the perception of the other buyers. They may have different views on long-term pricing of electricity or any assumption. I guess that we're willing to go the distance when we like the asset, when the assumption that we're using, we feel comfortable, and we can match a minimum threshold of return that is satisfying. It has to be accretive, right? To our own shareholder and to the portfolio. This is a little bit what I would answer. Jean, I'm sure you have also. I think you answered it well, Michel. I think we're picky, too. We want to find the asset that fits exactly what we need at a certain point in time. In some cases, we see processes. Some processes are not well run also, so we just don't want to participate. In some cases, we have to admit we've lost, right? To the competitions. We would have liked to gain an asset, but we've lost it. In many cases, and now many of these transactions are looked at by us and Hydro-Québec. We need to make sure that we fit both organizations also strategic goals. There are tons of opportunities, as you mentioned, Michelle. It's becoming where I think we can find the right opportunities at any point in time. Yeah, so I think that's what I would add. More picky, right? We don't buy everything. We're discerning. We used to have Gilles Lefrançois, our old CEO, he was saying that there was no bad project, but only bad budget. That's something we have to remember also. That's right. Our next question comes from Naji Baydoun. How are you sourcing new project development opportunities by geography and technology? What additional talent hiring do you need to do in the near term to support your growth ambitions? Well, that's a very good question, and I think that our industry is facing the same challenge that many other industries, the lack of talent or the difficulties to hire new, good employees. That's why ESG is so important, and Colleen, you have mentioned the initiative that we're taking. I think that especially the young generation needs more involvement. They need to see a purpose in what they're doing. I think that the COVID also created an opportunity for us to open up, to open my mind also to more flexibility and work from a distance. We've been at it for the last 18 months. I think that we've seen the great, I would say, opportunity there is in working from distance. But we have seen the limit of also these working from distance for the culture, for also integration of new employees. I think we've done a pretty good job in integrating new employees while we were away from the office. This is definitely something that we have to face. We've been fairly successful in hiring. Like Jean said, we've doubled our numbers of employees in the last four or five years. I think that if we're looking right, if we have also a good working environment, we will be able to. Attract. Attract, thank you, the employee. As for the other part of the question, Jean, of course we are trying to diversified our approach on different market and technology. I guess we're more opportunistic in terms of technology and market. If the market is good, we're not sticking in solar or wind or hydro. Matter of fact, we would love to do hydro. Yeah. [crosstalk] Guys, everybody that knows me, I love hydro. It's just that the competitiveness of building new hydro is a little bit more of a challenge. Well, I think a lot of it is interconnections related, right? When we develop a market, we look at, obviously, receptive environment, communities, and stakeholders. You need good resource, you need good interconnection, and that starts from there. We are present in markets. We'll work on markets where we have local presence more likely, and then we build up from there. You need to have to structure your projects so that you can have enough take that will make sense for the revenue line. I think we're equipped now, like to answer that, in the areas we are, and I spoke about the states and the ISOs and RTOs. In France, the areas that we are developing are also well mapped out. Yeah. Good. All right. Our next question comes from Brent Stadler. How much external equity are you assuming in your 2025 FCF-ish guidance? That's a tough one. Free Cash Flow. That's a tough one for you, Colleen. Thank you. It's very early for me, in my defense. Yeah. Jean-François. Yeah, go ahead, Jean-François. Hello, Brent. Thanks for asking the question. As I said in the plan, on the page where you see the growth funding source, we have CAD 1.2 billion of equity funding to come in the plan. This is going to be fund with using, obviously, first the retained free cash flow, but the remaining of it would be by issuing, let's say, one bought deal a year between CAD 200 million and CAD 250 million or so over time in the plan. That is making up the CAD 1.2 billion without going into the details. This CAD 250 million-CAD 200 million issue would be including also Hydro-Québec participation into this, assuming they maintain their pro rata 19.9%. Maybe another tip I can give you, Brent, on the Free cash flow per share figures, and then you can make up the total of it, is we've used a stable share price target of around CAD 24, less usual discount to issue stock in the model across the board. We have not been, again, a lot of conservatism into this, so no 5-year plan with multiple extension and stuff like that. Pretty reasonable assumption here. Yeah. Anything you want to add? I think that what is important, and we've been transparent, and you've done a great job in showing these numbers in the slide, is that we're not hiding the fact that as planned and the calculation of Free Cash Flow per Share growth in this plan is based on issuing new equity. If we're opportunistic and we resell some asset or we have perhaps the financial investor coming in in some of our existing assets, that might reduce the need to issue stock. As you mentioned, the plan, as you've seen in the slide, take for granted that we are issuing stock. I don't think that it's a bad thing. In a way, we were mindful of the dilution, but the dilution has been taken into account in the calculation of the Free Cash Flow per Share. One of the things I love about working at Innergex is we always get an opportunity to improve and learn. The next question is giving me one. Coming from Nelson Ng. Free Cash Flow per Share is one of your key metrics, which incentivize the acquisition of older assets with short contracts. Will that continue to be the focus on M&A? What are your thoughts on acquiring newer assets with long-term contracts that may be less Free Cash Flow per Share accretive? Well, I think that, yes, we are focused on creating more free cash flow in the next few years, because we were starting with an elevated payout ratio. Also, we are counting on Jean, no pressure, Jean. No pressure. On your team to create more greenfield project that are long-term, I would say, more long-term issue. It doesn't preclude that we would be buying existing facility with long-term contract, especially if the cash flow or the PPA is flat and close to market. The problem that we're having sometimes is that if you're buying something that have a fairly short period, and then you see perhaps a higher price of electricity for some reason, then these type of assets are not easy for us because you would pay for a big tail. The big tail is what is tough on the cash on cash, because definitely, you're paying for future long-term cash flow that comes at year 10, 15, or 20. We know that some of the structure of the PTC are generating that type of cash flow, where the first 10 years you're repaying tax equity, and then after that you have more free cash flow. Those would not necessarily be the targeted M&A type because we are able to generate these type of cash flow. That's why we always said that M&A is going to be a tool to try to balance both the cash flow, the technology, and also the diversification of location. We'll be opportunistic in terms of M&A to basically refocus these M&A strategy depending on the need for rebalancing our portfolio, both on cash, technology and geography. I have nothing more to add. Perfectly answered. The next question. With all recent meteorological events across the world, and we're seeing an increase in climate-induced extreme weather events, how do you see the impact of climate change on your operations? Do you plan on revising your long-term average production in the future? Well, that's a very good question. Our board has been asking me this question often. We've done some studies. I'll start with some few area where we have a better handle on this. We've looked at B.C. Our conclusion is that the places in B.C. where we have asset has not been subject to big climate change. Our conclusion is that in the next future, of course, glacier will melt in B.C. In some area, we'll see less accumulation of snow in the mountain range. Depending on how that snow melt, we think that it will actually be contributing more to run of the river facility. There's no evidence that the amount of water in B.C. will diminish over the next foreseeable future, 20, 30 years, it can be more extreme also. This is something that we have to be mindful. Our infrastructure, road, and access to our facility might be exposed to potential more extreme event. For Quebec and Ontario, for hydro, all the same conclusion. I think that the winter, spring, and fall will benefit from more rain. The extreme dry period during summertime, we might see more of those. Same thing in B.C. In B.C., we've seen what happened when we have those dry spell in summertime. Fire hazard can happen. This is unfortunate because we have some transmission line also in these regions. We're mindful of this. In Duqueco, as an example, when we entered Chile is experiencing a long period of dry spell, and we have been taking into account in our long-term forecast, we have reduced, actually, the long-term hydrology performance for Chile when we bought, and now we are even more focused on this. We have induced a small decrease in the hydrology over the next 10 years. I think that this is a good example. Chile is actually seeing, for the time being, a reduction in its hydrology. For the wind, it's a little bit more complicated. The basis is saying that if the poles are warming up, there will be less movement between the center of the earth and the north, and it might reduce the jet stream. This is a lot more complicated. I don't think we have any strong conclusion on when the long-term forecast just yet. We're watching. I think that everybody is out there and is trying to understand what it means for natural resources, global warming. So far, we don't have any clear view on the long-term wind forecast. Whenever we're doing a new project or an acquisition, we're making sure that we're putting more weight in the last 10 years than before. Okay. Pascale? Yeah. [crosstalk] W e're talking about the transmission line, Michel. I'm just thinking from a climate change perspective, the fact that we have the transmission lines, although they were kind of damaged, and we needed to repair in Kwoiek, in B.C., for example. The fact that we had built a transmission line also serve as a barrier to stop the expansion of the fire. Yes. From an incorporation, the more we're going to build transmission lines, the more we might be protected in the future towards these events. That's true. Good point. We can be proactive, and we already ask the team of Colleen to actually, in those transmission line, the right of way to cut trees have been very narrow in the past because of the environmental impact. I think that given the recurrence of some fires, we may have the right to have these right of way being a little bit larger, so that even if a fire is coming, to your point, Pascale, the fire might not cross this transmission clearing. This all really speaks to what we started the day with in talking about how we are part of the solution, and as this next generation of infrastructure is going to be built out, there is an opportunity to do it smartly and solve multiple problems and help build resilience into our energy system as well. It is a big opportunity for us. The next question comes from Mark Jarvi. With respect to your 2025 targets, if you had to rank the expected contributions from the regions you are focused on today, the U.S., Canada, France, and Chile, what would be the order and the potential relative contributions? For example, 50% U.S., 10% France, et cetera. Different contribution, but go ahead, Jean. I can give it a shot if you want to add after. The way we build our project, if I talk about purely development, I'll talk about M&A after. Purely development, the way we are set up today is about a bit over half of our budget goes to actually investment in the U.S. You have about, I would say, 10% France, 10% Chile, and probably 50. Yeah, 20/20 and 10 for the other markets, like France, Chile, 20/20, Canada 10. If that's a testament of the success we'll have, I guess over the years, we would grow more in the U.S. In terms of M&A activity, we see a lot of activity in Chile, a lot of activity in the U.S. at the moment. In France, there's a lot of activity as well, but it's a lower-yielding environment, it's difficult to deploy capital in that environment and make it accretive for Innergex. We see things, we try to make it work, but it doesn't at the moment, or not as often as we would like. Our profile at the end will probably be weighted towards the U.S. I would say Chile, and if we see opportunities in Canada, we would take them on. I don't know, Michel, if that. No, that makes a lot of sense. Perhaps Canada will see a little bit more activities if we see more RFPs go on in Canada, of course. No, you're right. The U.S. is definitely a bigger market as terms volume as well. Great. Our next question comes from Andrew Kuske. Over the longer term, should we expect Innergex's U.S. portfolio to have greater regional concentration or be more a series of individual investments without significant regional concentration? Well, I think that, and Jean, you'll comment, but it depends, right? We like the diversity. Of course, when you have more project into one location, perhaps you can create a little bit of a synergy in operation. That synergy of operation can also be achieved when you have, let's say, Vestas that has a lot of operating contract to a certain region. You don't necessarily need you to be very concentrated in one area to create a lot of synergy. I think that when you know a market, when you're present, when you have the ability, you have your team to develop, that may provide more development in one particular region. I guess that, of course, if we take the Gaspé Peninsula, where we have most of our, well, all our wind asset in Quebec, that concentration gave us the opportunity to develop our own operating skill. We had this concentration, so that made the decision for us to operate these facility easier. I like the fact that we have this capacity to have our own operator managing our own assets, so that, like I said earlier on, it gives us a perspective of a service provider giving us that service for us. We know what to ask. We know what to put in these service contract, and if we don't have a good service, we have the ability to take over and make that operation for ourselves. I don't know, Pascale, if you want to. I think you were bang on, Michel. Thanks. That was good. Right. The next question comes from David Quezada. On the Green Valley project, this is a larger scale storage capacity than you have developed to date. What kind of reductions in cost do you need to see in order to make the project work? Well, that's a good question, David. I previewed Green Valley. Normally, we wouldn't have necessarily done it that way, but since it was an IR day, I was pleased to mention it. It's a very early-stage project. What we have at Green Valley is a project very close to load. We think the site has a great resource from a irradiation perspective, and the calls for tenders that are coming in the area calls for capacity as well. Obviously, our aim is to add to this project a significant battery system. In terms of cost, we're not done with the costing of the project. We will try to make it obviously as competitive as possible to bid something that would win into these RFPs, if the RFP is the route that we take. Obviously, we may find other solutions to offtake this project. In terms of cost, the battery system, and that might be of interest as well to discuss this, what we see for 100 MW, four-hour battery system, we're roughly in the $250,000 per MWh, slightly under. That would lead to about, just for the battery system, close to CAD 100 million. This is probably in the low range of what is being advertised from BloombergNEF and the other sources. There's a range. There will be improvement in cost. We're talking here about 2025 type of pricing. I don't think it's going to come from the cell itself. It's going to come from the organization of the battery, the footprint that it takes, the way they rack the cells, the way that you can access to the perimeter, and the actual battery system itself. I think the evolution in the EMS systems, the Energy Management S oftwares, will also provide better access to understand the battery, the product you sell, how to monetize it. Coupled with that, all the analytics that comes with batteries is also extremely improving. It optimizes what you can do and what you can serve with a battery system. I think we'll see further improvements in that. Michel, I don't know if you have an idea on that, but I think the cell itself at one point is not necessarily going to decrease that much in cost. I think the efficiency might help a little bit. Like you're mentioning, putting all these cells together takes time. Also it takes sometimes when something fail, you have to take out these cells. I think the organization and how to build them and to stack will help also reduce the space, making sure that they don't eat up too much and so forth and so forth. The transportation as well. The transportation also, the stacking, as you're mentioning. All that makes a little bit of a difference over time. The number of cycle eventually also will play because [crosstalk] as these system will be more reliable, we'll have the ability to amortize them over a longer period of time. I think we'll see a lot of improvement over time and volume and technology. Like I said, technology, I'm a big believer of that, will come and help us being more competitive down the road. I think you mentioned before, but I want to reiterate also that the systems that we are working on now are using Lithium Iron Phosphate, so they are a lot safer. The thermal runaways are not the same as what we've seen in lithium-ion batteries. That's very important, and we really believe that this will be extremely important for grid operators to have batteries and stakeholders around these systems, obviously, to have batteries that are not dangerous or that doesn't show this type of deficiency. There's a lot of effort, and I know from EVLO, for example, and they can talk about this a lot better than I can, but they've put a lot of effort in making one of the safest battery out there. I think that's a feature that will come into play, like for all these RFPs that are coming. EVLO is the subsidiary of Hydro-Québec? Yeah, that's right. Thanks. For the battery supply. Yeah. Right. Our next question comes from Ben Pham. Would direct pay, if approved, be more accretive than PTCs? Well, the thing is that PTC or ITC are a little bit like project finance. These tax equity provider have little bit of almost a monopoly. It's a small group of financial institution that drive this market. Like I said, it's a little bit like a project finance, but it has return of equity almost. As an example, you do a project finance, and you would have an interest rate around 4.5, whatever. To compare with tax equity, they would be looking for a return of 7.5 type. This is plus all the trouble of putting that structure together, with fees, lawyers, tax advisor and what have you. It's a system that works because $25 per MWh, as PTC goes, it's a lot of money compared to, this is U.S. dollars, and it's fully indexed. If you compare to the latest project that were awarded in Saskatchewan, as an example, wind project got about CAD 30-ish per MWh. It shows you the magnitude of that help, that PTC is a big portion of the revenue. Of course, we make ourself flexible to introduce these tax equity partner in our project. If direct pay comes, it is definitely going to be a lot easier and cheaper for us to take advantage of. Yeah, I think direct pay may come for ITC purposes. PTC, I haven't heard that they would switch this to a direct pay or cash grant. It's two different systems, where one is more for solar development. ITC is better suited most often, and then PTC is for wind. Yeah, I agree with your comment. Absolutely. Yep. Right. Our next question comes from Rupert Merer, Meyer. My apologies. What are the assumptions that you use on power pricing, repowering, recontracting in your forecast for existing assets and development projects? Well, that's a good question, it has so many answers because it depends where. Quebec, B.C., New York, Chile. It's all over the place. The places where we're trying to do, I think that what Jean is saying, is that whenever we go to the board to present a project in a long-term rate of return, we're trying to be conservative, and we're trying to bring a range of return based on these assumptions. I don't think there's one specific number and rate of return that is going to stick for a project that has some repowering or some renegotiation in the next 20, 25 years. It's very difficult to know exactly what is going to be the price of electricity. This is probably the toughest part of our job, is to try to forecast long-term pricing in our market. Our market means a lot of market, and the timing also. It's contingent also on a lot of legislation rules that are going or not to be put in place. Price of carbon. There's a big component of future pricing in the eventuality of the introduction or not of rules to put a tariffication on carbon. I don't know, Jean, if you want to add up, but we're using all kinds of third-party curves, and we're trying to do our own. What I'm saying to the teams, whenever we're facing to a curve, and I'm trying to work hard with the team and trying to figure out what is the cost of the next megawatt to be built in that area? Yeah. I think this is very basic, right? If you have a market that doesn't have fossil fuel, doesn't have good natural resources, of course, the price of electricity might be higher in that particular region compared to a place where the natural resources are bountiful. Right. Yeah. Well, if I can add, maybe we use also different I agree with what you said. We use also other ways to tackle the problem by solving back. Like what is the lowest price it can get before it hurts our dividend coverage, for example. We try to see if the market, and with the Levelized Cost of Energy or the marginal cost of new entrants, that you understand if it makes sense or not. We also are thinking about it now, like as a future carbon world. The curves that we used to use were no carbon curves. We're using with a carbon aspect to it so that, I think, as an entity dealing in renewables, we are in agreeance with this. It makes sense to use these assumptions. It's a hard part to guess. Obviously, we don't have a crystal ball. One thing that is interesting in your question is about repowering. I think we didn't mention that. We don't talk about this often. I can say that we are getting a lot smarter about this and a lot better internally. Our engineering teams and the focus has been put on repowering a lot over the last couple of years. If you look back at 20 years ago, we would see an asset for its first life and sometimes even just the duration of its first PPA length. Today, we appreciate that there's actually a second life to these assets. The site is very valuable. The resource is valuable. The concept of being in a place as a first-comer is valuable. We're trying to really firm up our view on what does it take to actually expand the value of these assets and repower these assets. That's something that has perhaps changed in our views over the last couple of years. Key point there, if I understand, Jean, is that asset life isn't tied to contract life, and there is a much longer future for our assets, and they bring broader value to the region beyond just the first PPA. That's right. Yeah. All right. Our next question comes from Naji Baydoun. Can you discuss your Internal Rate of Return targets on both organic and M&A initiatives? I think we partly answered that question early on. Again, a little bit the same thing. It depends. We're trying to have this metrics of risks and return so that we, at the end of the day, as a portfolio, both with greenfield and M&A, we end up having a spread over the 10-year bond that exceeds 6%, 7%. This is roughly the same answer. I don't want to dodge that question. Typically, if we're doing a greenfield project, we're hoping to go into the low double-digit return. If you are buying something that is existing with a very long-term contract, you may accept to be into the 5%, 6% type of return. As a portfolio, it's important to have a decent return and create this premium over the 10 years bond. That's our goal. Jean? No, that's absolutely right. The next question comes from Mark Jarvi. Can you clarify when you will pursue M&A on a standalone basis versus with Hydro-Québec on any new deals and assets you look at over the next few years? Well, that's a good question in the sense that Hydro-Québec has shown their preference to be in North America for now. That's why we have forecasts on transaction on the standalone basis. Sometimes also it can be too small for Hydro-Québec to share with us in acquisition. It can be. I think that over time, we're open to share any opportunity with Hydro-Québec, and I think that growing together, getting more accustomed to perhaps a new market for them, might bring them to the possibility that they would expand their strategy too. That's the Hydro-Québec prerogative. I don't know, Jean, if [crosstalk]. No, that's right. I think it may happen in some cases that an asset is more attractive to Innergex than to Hydro-Québec, and there's a decision not to participate. That's their prerogative. Absolutely. As you said, they're more focused on North America right now. That's the reason why, and I think it explains well. Okay, our next question comes from Naji Baydoun. Organic growth objectives of approximately 2,112 MW implies greater than 500 MW a year of new development. How do you expect to deliver on this potential compared to the previous pace of development? Yeah. I think that if we look back, Jean, I'll give you this is your territory, but just to reinforce what you just said early on, is that I think that we started to think outside Canada back in 2015, 2016. By the time you build out a team, offices, get to know these people, get more efficient on the ground, it takes a little bit of time. I'm very happy, actually, to see how successful our team now is developing project in different area. We've talked about France. It takes five, six years, we're really delighted to have now the first project that are actually getting out of our initial initiative in a greenfield in France. I think that this is just like a ball you're letting go into a slope with snow. It takes a little bit of time to get the momentum, but when it's going, then nothing can stop it. Yeah. Well, I don't want to put too much pressure. No, the number looks maybe big compared. Actually, we came in, and as I said in my presentation, we tripled the size over the last five years. What we see also, maybe to add to your point, Michel, is that the project sizes are much bigger today than they were. We were limiting ourselves to Canada and then France, which were also a smaller project size. In terms of megawatt, it would've been hard to achieve 2,000 MW. When you look at the States, and you look at the Boswell project, 332 MW, you see the Washington State project at 400 MW, and you add these up, it goes fast actually. The 2,000 comes from that pipeline that we have until 2025. We shaped up. Yeah. Don't forget, Naji Baydoun, that the 2,000 MW is from the full pipeline, but we use the conservative approach into the financial models and use only 1,400 MW of this. This is within range of what we've accomplished, and again, what we've said is we believe that this plan is fairly conservative. That's a good point. I have a bit less pressure on my shoulders. You have a bit less pressure from me, but you have a lot from Michel. I know that. It's okay, the momentum is on your side. Yeah. Our next question this morning comes from Mark Jarvi. Would you ever look to invest in distributed generation or onsite generation, particularly if you want to invest more in storage and batteries? Yeah. Actually, we are doing that in Chile. It's just that we're delivering hot water. That's the same principle. We are supplying Codelco. That's one of the biggest copper producer in Chile. We have Pan de Azúcar, which are the equivalent of 34 MW of thermal water that we are supplying for those industrial processes. We will be willing, and I think that with Hydro-Québec also developing their own software and technology to understand the management of big customer, I think that we will be equipped in the future to take advantage of these things. EVLO will definitely also be mindful of these possibility to be integrated into some industrial process and perhaps be helping being behind the meter in some cases. In some market, this is a great motivation for some industrial customer because if you can bypass the distribution system, sometimes old asset and stranded asset has been built into the tariffication of transporting the electricity. In some area, you have the ability, the industrial customer have the ability, to build their own facility with us and then bypassing this stranded cost embedded in the transmission system. That can also be a problem for some utility in some area where they have put too much stranded cost in their price to deliver electricity, and that would enable some customer to try to avoid these fees. This is also something to watch. If the right opportunity comes, definitely, we could look at these opportunity. All right. Our next question is from Naji Baydoun. You talked about the potential growth in storage. How is Innergex positioning itself to take advantage of opportunities in storage and batteries? Jean. Okay. Sure, I can. Well, basically, the way we go about it is identifying congestion points or particular points on the grid that would make sense for a battery to be positioned. We have our own internal interconnection teams, with the help of consultants also, we look at all of the areas of a grid, that it be in France or in Chile or in the U.S. From then on, obviously when we sense that there's a place of interest, we would then try to lock in the land and do the work for the interconnection and the permitting and go forward. We have to say we have a good relationship, obviously, as you know, with Hydro-Québec. Hydro-Québec is obviously very interested in deploying their own battery systems. There's a lot of collaboration between the teams, to actually accelerate that and find the best areas. Maybe now, just maybe to add, we also have now a dedicated team that specializes just for that. I think focus is required also to have result. We're now really focused on this. No, that makes sense. All right. We have come to our last question this morning, and the honor goes to Rupert Merer. Can you give me more color on your refinancing plans? Which assets will you refinance with green bonds, and what are the plans for leverage on Curtis Palmer? Okay. Jean-François, you have the honor. Yeah, sure. Rupert, the one specifically that we've modeled in the plan is related to some hydro asset in Canada. I don't want to get into the specific because we have a lot of opportunities forward. There's also within the plan, we think this is conservative looking only at those assets. Those are few hydro asset. We think in the middle towards the end of the five-year plans, we may have an opportunity to go for a green bond. There's also the Chile portfolio of asset that have a lot of potential to be refinanced and looked at. Also maybe France to some, it's a lesser end, lesser size. We have the eyes on the ball, that is what should be remembered, and we have some option and opportunities. One has to understand also that we have the structure of our corporate facility, which we have about 16 projects without any security. Yep. That basket by itself could represent easily that 300 MW or portion of that. We could certainly put that into a separate set of securities and issue a green bond. That would right away take out a lot of pressure on our corporate rate or corporate financial matrix for S&P or Fitch. This is also a possibility that we're looking, and we're seeing a lot more attraction to green bond. Mind you that I'm always concerned about greenwashing as well. Our green bond should be really green, dark green. Emerald. Yes, there's no set plan for now for Curtis Palmer. No. I mean, it's all integrated into the same thinking. Yep. Yep, that's about right. You thought we were off the hook. We're not. We have one more question from our friend Rupert. It's a good one because we haven't had a chance to talk about hydrogen yet in the Q&A. Sure. We mentioned the potential for investment into hydrogen generation. If it's not too early to comment, which market would you target, industrial or transportation, and would you target an offtake agreement? Would you consider investing in other assets like RNG or carbon sequestration in the future if backed by an offtake? Hey, Rupert, those are good question. I think that, we were talking, Jean and the team, about green hydrogen. I think that the two first area will be displacing gray hydrogen in industrial processes. Maybe it's not 100% replacement, maybe it's only a portion of their consumption. I'm sure that industrial customer are mindful of the image and the ESG rating that they may get a better rating if they reduce their CO2 footprint by introducing some green hydrogen in their existing processes where they are consuming gray hydrogen. I think that this is not a slam dunk, but I think this is the market where we'll see the first hydrogen. There's transportation. Transportation, you're right. There's a lot of a possibility. We've been talking to some players where they want to install some hydrogen station, and some would like to have perhaps electrolyzer just nearby because moving the hydrogen is an issue. If you have the ability to put small electrolyzer in some area, it's more efficient this way instead of trying to transport the hydrogen. We're looking into this also. Of course, people would love to have green renewable energy feeding these electrolyzers. We're mindful. We're trying to find ways. Now for the remaining portion, CO2 capture, would we invest in this thing? Well, I'm a little bit concerned about this technology in the sense that how safe is it to think that you would be putting CO2 in the ground and That CO2 will stay underground on the long run. Theoretically, if government are willing to give a lot of subsidies for these type of investment and we can find the right fit, maybe. It's not our first pick, but again, if government subsidies are such that these facility makes a lot of sense financially, like I said, I'm having a little bit of a trouble to make sure that if we're capturing the CO2 and we're putting into the ground or into a solid state in rocks or something, I want to make sure that this is fixed for the longest period and it's not just a temporary dump in the ground and it's coming up afterwards. That would be my concern. Other than that, theoretically, if we're helping reducing the CO2 in the air and we have a safe way to store it, maybe it's an opportunity for us to deploy capital. Which brings us full circle to we are part of the solution. Part of the solution. We're at the end of our morning with you this morning, and we want to thank everyone for spending your time with us. I'd like to give Michel an opportunity to have any concluding remarks on what you'd like people to take away with them as they head into the rest of their busy days. Well, thank you for being with us for our first Investor Day. I hope you enjoyed it. The team have worked hard in putting that together. It was actually a great opportunity for us to think and have the ability to communicate what the great initiative we have in front of us. One thing you have to remember from these days, and I know that you've seen and read a lot about it, global warming effect of the CO2 in the atmosphere is real. Government are taking a step towards zero emission by 2050. A lot of opportunity in our sphere. I think that what you have to appreciate is the fact that we have been doing this for the last 30 years. You've met some of our team members, but there's a lot of people behind the few of us here. We're all dedicated. I think that we're part of the solution. We're excited about it. We have a plan. Jean-François has shown you that we're focused on bringing back the cash on cash in the forefront of our strategy. Not that we're forgetting about the long term. Jean Trudel is building a great team towards that. Pascale is taking over for making sure that our operation will operate for the longest time. We want to introduce also all kinds of technology to help minimize our human intervention in these facility. Guys, we love to have you on board. We love your support, and thank you for being an investor in support of our initiative. Thank you very much. Thank you.