At this time, all participants on the phone and internet are in a listen-only mode. Following the presentation, we will conduct a question and answer session for analysts and institutional investors, and instructions will be provided at that time for you to queue up for questions. If anyone has any difficulties hearing the conference, please press star followed by zero for operator assistance at any time. I would also like to remind everyone that this conference call is being recorded. I would like to turn the conference over to Karine Vachon, Senior Director, Communications. Please go ahead. Thank you. Hello, everyone, and thank you for joining us today. I'd like to specify that this conference will be held in English. Members of the media are invited to ask their questions by phone after this call. The presentation supporting today's discussion is available as we speak on the homepage of our website at www.innergex.com. This call contains forward-looking statements within the meaning of applicable securities laws. Although the corporation believes that the expectations and assumptions on which forward-looking statements are based are reasonable under the current circumstances, listeners are cautioned not to rely unduly on these forward-looking statements, as no assurance can be given that it will prove to be correct. Forward-looking information contained herein is made as of the date of this call, and the corporation does not undertake any obligation to update or revise any forward-looking information, whether as a result of events or circumstances occurring after the date hereof, unless so required by law. During this call, we will refer to financial measures that are not recognized according to International Financial Reporting Standards. Please refer to the non-IFRS measure section of the MD&A for more information. Our speakers today will be Mr. Jean-François Neault, Chief Financial Officer, who will present the Q3 results, and Mr. Michel Letellier, President and Chief Executive Officer, who will review operational highlights. I'll turn the conference over to Mr. Neault. Thank you, Karine, and good morning, everyone. Our third quarter results posted growth over the same quarter last year. Production, revenues, and adjusted EBITDA were all up 13%. These increases can be mainly explained by the contribution of Hillcrest, which includes a $6.2 million compensation received from the EPC contractor for loss of revenues due to the delay in commissioning. Also by the consolidation of Energía Llaima results since July 9, 2021, and by the commissioning of the Griffin Trail facility. These items were partly offset by lower revenues at the wind and hydro facilities in Québec and by higher operational expenses at the Québec wind facility. Revenues proportionate and adjusted EBITDA proportionate were up by 4% and 3% respectively. On page eight, for the three-month period ended September 30th, 2021, the hydroelectric power segment generated CAD 62.5 million in adjusted EBITDA, representing a 1% increase compared to the same quarter last year. This result is mainly explained by the consolidation of Energía Llaima results, which includes now three hydro assets, namely Duqueco, Guayacán, and the recently acquired Licán facility. These factors were partly offset by the fire incident at the [Kwoiek] Creek facility and a lower contribution from the facilities in Québec due to lower revenues. The wind power segment generated CAD 45.6 million in adjusted EBITDA, representing a 6% decrease compared to the same period last year. This decrease is mainly due to lower revenues and higher operating expenses at the Québec facilities and to lower revenues at the Foard City facility. This decrease was partly offset by the commissioning of the Griffin Trail wind facility and by a higher contribution from the facilities in France. The solar power segment generated CAD 29.8 million in adjusted EBITDA. The increase is mainly explained by the contribution of Hillcrest and by the higher contribution of the Salvador and Pampa Elvira facilities in Chile. This increase was partly offset by lower contribution from the Phoebe facility due to lower revenues. On page nine, for the quarter ended September 30th, the joint ventures and associates contributed CAD 22.7 million to adjusted EBITDA proportionate, compared with a contribution of CAD 29.7 million in the same quarter last year. The decrease is due mainly to the consolidation of Energía Llaima's results and due to a lower contribution from the Toba Montrose facility due to lower average selling prices. In addition, the proportionate production tax credit contribution decreased from CAD 13.2 million to CAD 10.7 million, mainly attributable to the exclusion of the results from the Flat Top and Shannon joint ventures and to lower PTCs earned at the Foard City facilities due to lower generation. This decrease was partly offset by the production tax credit earned at the Griffin Trail facility following its commissioning. Continuing on page 10, compared to December 31st, 2020, the increase in long-term debt is related largely to the debt assumed in the Energía Llaima and Licán acquisitions, the draw made toward the construction of Hillcrest and Griffin Trail projects, the corporate loans repayment, partly offset by the proceeds received from the public offering of common shares and the Hydro-Québec private placement applied against the revolving credit facility. On page 11, compared to December 31st, change in the total assets resulted largely from the Energía Llaima and Licán acquisition, as well as the Hillcrest and Griffin Trail commissioning. The total assets were also impacted by an impairment charge related to the Phoebe solar facility in Texas, reflecting an outlook of lower than expected congestion charges and by a decrease in investment in joint ventures and associates explained by the Shannon and Flat Top facility. Changes in total liabilities stem mainly from the increase in long-term loans and borrowings. The change in shareholder equity is mostly explained by the issuance of common shares upon acquisitions, the public offering and Hydro-Québec private placements, as well as by the total comprehensive loss and the dividends declared on common and preferred shares. As shown on the next page, the normalized free cash flow has increased by CAD 11.4 million on a trailing 12-month basis. This increase in free cash flow was mainly due to the contribution from the recent acquisition achieved in 2020 and 2021, and from the commissioning of Hillcrest and Griffin Trail facility, a decrease in interest payments on the corporate revolving credit facility concurrent with the Hydro-Québec private placement, and a decrease in interest payments related to Alterra loan fully reimbursed in January 2021, an increase in revenues from the facilities affected by the BC Hydro curtailment, which impacted the second quarter of 2020, an increase in distributions from joint ventures and associates, primarily due to a distribution received from Energía Llaima in the second quarter of 2021 prior to closing. These items were partly offset by an increase in debt principal payments stemming from the Mountain Air and the Energía Llaima acquisition, an increase in free cash flow attributable to non-controlling interest stemming mainly from the Mountain Air acquisition and a decrease in cash flow from the Phoebe facility due to an unfavorable basis differential this period compared to the same period last year. For the trailing 12 months ended September 30th, the payout ratio amounted to 121% of normalized free cash flow, compared with 124% for the corresponding period last year. As you already know, on September 3rd, 2021, Innergex has completed a CAD 201 million bought deal equity financing and a private placement of CAD 50 million with Hydro-Québec to maintain its 19.9% ownership position. In total, 12.8 million common shares were issued. Net proceeds were used to fund the acquisition of Curtis Palmer, and the remainder will be used for general corporate purposes. Before I conclude, I would like to add that the 2021 projections were revised to take into consideration the below-average water flows, wind regime, and solar irradiation in most regions since the beginning of the year, and the exclusion of the results from the Flat Top and Shannon joint ventures. The new projections were positively impacted by the acquisition of the remaining interest in Energía Llaima, of Licán and Curtis Palmer. We now expect our revenues and adjusted EBITDA to grow by 10% and adjusted EBITDA proportionate by 2% instead of 12% growth for all measures as previously disclosed. Also, we were very pleased to have held our first Investor Day in September, during which we provided an update on our 2020 to 2025 strategic plan. Despite lower financial projections for 2021, the targets provided at the Investor Day remain unchanged and were already excluding the impact of Shannon and Flat Top. On that note, I will give the floor to Michel for the operational review of the past quarter. Michel? Thank you, Jean-François. Good morning, everybody. As you've seen, it has been a quarter where the weather didn't cooperate so much with us, starting also in BC, mainly in BC and some other places. Of course, the fire in [Kwoiek] didn't help, neither. Nonetheless, we've been quite busy in that quarter, as you heard also from Jean-François. We've been busy in completing acquisition and working also on our development and construction. Not so happy with the quarter results, but there's something we cannot do. Weather is not something we can control. Just to give you a heads up, and I know the question will come later on, but the beginning of October and November looks much better, the bigger contributor being BC. BC is doing a very strong October and November, and also very strong wind in the U.S. So far, the quarter is online on our long-term average. The fourth quarter should be well, still a month and a half to go, but it's starting on a good foot. To come back to the initiative that we have done during the quarter, the growth and development initiatives are on page 15. Innergex has acquired the remaining interest of Energía Llaima, as Jean-François said. It's part of our strategy. Concurrently we did announce also a smaller acquisition of a 18 MW Licán storage. The idea in Chile, as we mentioned, is that we want to have a diversified portfolio, and we want to have some storage capability. We'll also be looking to put battery in Chile in the future. I think that what we have seen for people that have not looked into the market in Chile, this summer, but the winter for them, we've seen a spike in pricing as a direct result of the price of natural gas going up and also the fact that they are committing more and more commitment towards closing the coal. We've seen a big improvement in terms of pricing, and I think that we'll see overall in the near future a discrepancy between solar hours and during the day and evening and night. We think that battery will have to play a good role, and definitely small hydro with the storage capability will also be very beneficial. The idea over there is to have a diversified portfolio, like I said, and now owning 100 percent of Llaima will be a lot easier for us to achieve this goal, and also making sure that we could put a better financing strategy behind this portfolio going in the future. Switching to page 16, also very happy with the acquisition of Curtis Palmer. We announced that during the month of August. We just concluded the transaction a few weeks ago. Very happy to have these projects in the portfolio. Of course, very proud and happy to have been successful in this acquisition with Hydro-Québec. I think that together we'll be a good team in order to put value into this portfolio on the long term. In the meantime, we're seeing very good cash- on- cash from this acquisition, given the fact that they still have some PPA remaining in these two assets. The idea, as you know, for our M&A, is to focus more on the early cash- on- cash. Of course, we wanna have long-term value associated also with these acquisitions. If we can find acquisitions that also contribute on our cash- on- cash for the next few years, as you know, this is part of our strategy to help our payout ratio while we're still developing and creating value in the prospective and development activities. Talking about development activities, very happy also to conclude the commissioning of Griffin Trail. That project was I guess put on a fast track last year when we saw the opportunity to apply for the PTC extension rule. Very happy to have been able to conclude the development and the construction in time and a little bit under budget on that one. As Jean-François alluded, this was a good contributor during the quarter. We're happy to see a little bit firmer, well, better pricing in Texas also. We don't have a power hedge on this thing. It's the production is exposed to merchant as Jean-François has mentioned. Remember that we have also a PTC in this project, and the PTC are fully indexed for the next 20 years. They're representing at roughly CAD 25 per MWh. It's roughly half of the revenue or the contribution, financial contribution to these assets. It's not fair to talk about a project in Texas with PTC being fully merchant. We have, like I said, at least 50% of our revenue are based on PTC and potentially also REC sale on the long term. Continuing also on the activities, construction on Tonnerre and Innavik are progressing well. Innavik construction was advancing well. Mind you that COVID and shortage of skilled worker has put a little bit of pressure on many construction sites in Québec, especially the ones that are far away like Innavik. Nonetheless, construction has advanced very well. We're still confident to reach the COD in Q4 next year. Anyway, a little bit the same thing, a little bit of logistics to have all the equipment being delivered to the site. Now we have all the equipment in place. Transformer has been delivered to site. Commissioning activities have been initiated, so we're hopeful to still meet the end of this year as a COD. It might slip into January, but the team are busy trying to reach the end of the year as a COD. This again is an interesting project because, as we said before, this is the first commercial battery cell with the Hydro-Québec EVLO division. We're working very closely with them trying to find other area or market so that we can deploy that technology. We're very confident on the great value of this technology. Very safe, and I think that Hydro-Québec is committed with top-notch engineering behind this product. We're very enthusiastic to see how it's going to be performing in the next few years. Continuing on the development activities. We've been busy in Hawaii finalizing a lot of permitting, finalizing also equipment. I know that the buzzword in our industry right now is how much inflation are we facing in our construction cost and also the, you know, indirectly the logistics to deliver equipment. It's a challenge like everybody in our industry are facing. We were lucky to be to have been very proactive in negotiating in advance the battery with Tesla. The BESS system has been negotiated before. We don't have any inflation built in these. We had also a secure supply agreement with solar panel. We do have a little bit of headwinds in terms of logistics delivery and some inflation in the balance of plant. As an example, in Hale Kuawehi, we have perhaps CAD 2 million-CAD 3 million, so that's 2%-3% challenge still in potential inflation in our project. It's not super material. It's there, and the team are working. Paeahu is maybe a little bit more, maybe between CAD 3 million-CAD 4 million potential exposure, depending on the cost of deliveries of equipment and what have you. I think it's manageable. We're working hard also in continuing our development in Kahana and Barbers Point. We'll have a little bit more time to negotiate pricing and to see potentially easing pressure on logistics and delivery cost. Just to give you an idea, a container a few years ago, well, not a few years ago, a year and a half ago, to go to Hawaii was costing around CAD 3,000. Now, we have seen quotes as high as CAD 16,000. We have also prenegotiated some delivery of around CAD 12,000 per container. Those are built in our cost. It's just to show you that there's a potential also to see these pricing to come down in the next year and a half or so. We're hopeful that the effort from different government and other agencies to ease that cost pressure on transportation should translate to potentially a little bit of a relief on those two last project, Kahana and Barbers Point. On other development activities, we have Frontera. As you know, Frontera is an interesting project. We need to have a little bit more clarity on finding a buyer, the long-term buyers for that project. I alluded a few times ago on, a few times about San Carlos, which is on the same river, but just a little bit, a few kilometers upstream. We like San Carlos a little bit better. The cost to build the San Carlos is lower in terms of megawatt power produced. San Carlos will have also the capacity to basically store 45 hours of energy. That project could or that storage could benefit Frontera. We're working also in advancing San Carlos permitting in the meantime. Like I said, looking forward to potentially find a off-taker for both projects, which then would, I would say, give us the opportunity to have a good financing and start construction. Rucacura is a very small 3 MW in Chile. We did put that there. It's just that we're going to take advantage of the existing infrastructure in Duqueco. There's a second dam that are releasing water into the river, and we're gonna take advantage of that released water at the bottom of the existing dam. It's not a big project, but it's a profitable one and an interesting small addition to the Duqueco facility. First, also [audio distortion], 9 MW in France, we only own 25% of that project, but it's nonetheless a very interesting project. We're going to be going forward with that one into potential construction next year. Still waiting for interconnection service agreement. Hopefully, we'll have the opportunity to start that construction sooner than later. Going a little bit fast on prospective projects. As you know, we're working hard towards developing more projects in United States, France, and South America. Canada is also right now or Québec is. It's come back to a, I would say, an active market with the RFP in Québec for wind. It's a 300 MW RFP for wind. Also Hydro-Québec has said or released their forecast for 2030, and it's encouraging. The consumption of electricity in Québec is going up. That's great news for us in future opportunity to submit further projects in Québec. Eventually, I guess that Canada will also see a lot more activity, especially if the price on carbon that was discussed with the Liberal government. If this is enacted and implemented, I think that this will also help the rest of Canada to move forward with future RFP. Our main market right now for growth is France and United States. Some effort has been put, if you know, in Boswell. We are of course advancing negotiation with PacifiCorp. We have also the opportunity to discuss inflation on project costs. It's a good thing that the PPA were not completely finalized, so we will have some opportunity to get to discuss with PacifiCorp. Remember that this is a 300 MW with under 25 years PPA. We also have Palomino. As you know, it's a 200 MW solar project in Ohio that is advancing well. We always have some challenge in development of the project, but I think that our team has done a great job in meeting local community, and the project is advancing pretty well on that aspect. We still have to finalize the interconnection activities, and we have also opportunity to discuss with our two offtakers the potential inflation in pricing. That being said, I think that the price of electricity in United States, especially for renewable energy, have firmed up quite a bit and a lot more corporate offtaker are very interested in signing long-term contract to secure their supply of green power. You've seen, you know, natural gas price going up, so obviously that has also firmed up quite a bit some of the price target in United States. Even Mid-C has been quite strong this year. Matter of fact, we have one project in BC that can benefit from the Mid-C, and Mid-C has been very strong so far all the year. We're seeing a lot more activities, a lot more demand for corporate PPAs, and our intention is to develop further projects, as you know, solar and wind. We've been very active in the Northwest and Midwest. Again, we're advancing and hopefully in the next few quarters you will see more projects coming into the active development projects coming. Those will be big-ticket projects, as you know, in the States, especially in the Northwest, 200 MW -300 MW projects can be easily developed. We're quite happy with our effort in the prospective projects. Again, France is advancing quite well. We have some leads also on solar. We have initiated some development in solar that seems to be promising also in France. All in all, I guess that, a little word also on the COP26. We've seen a lot of articles lately, kind of, you know, in the last couple of weeks. A lot of attention has been put on initiatives around the world to curb the global warming. I'm very pleased to see that, a lot of articles and a lot of attention are now being put in front of the public. A lot of financial institutions also have been committing a more focused on ESG. Ladies and gentlemen, please stand by while we reconnect the host site. Once again, ladies and gentlemen, please do not disconnect while we reconnect the host site. We're back? Please go ahead. Okay. I'm sorry, I'm sorry we had a communication issue. I was saying that I've been critical about the ESG or the greenwashing, and I'm pleased to see that I'm not the only one that was upset by the way sometimes some ESG criteria or some green investment or even green bond has been marketed around the world. Like we said so many times, we think that we have a great business. We're committed to only produce renewable energy and utilizing also storage to enhance the penetration of green energy in many markets and eventually green hydrogen as well. Pretty pleased to see that the focus now seems to be having more scrutiny around these criteria. Innergex is very pleased to see that new fact. Of course, we're committed to fully have more and more disclosure on our ESG. Karine and her team are working hard in putting good documentation in order to help you assess our ESG rating. Also, one thing that I'm very pleased, some people that knows me know that I was quite focused on the methane fugitive emission. It's great to see the world now focusing on this. I think that natural gas guys and industry have gone without much of a criticism on that aspect. I guess on marketing aspect, calling natural gas what it is, it's methane. You know, more than 80% of natural gas is methane. I think that people should understand that natural gas is a fossil fuel, and methane emission will contribute to warming the planet. Natural gas is not so clean. It's potentially cleaner than coal, but it's certainly not as clean as renewable energy. I think it's about time that the world is waking up to that fact. On this, we would open up the floor for question. Thank you. [Non-English context]. Ladies and gentlemen, if you have a question, please press star followed by the one on your touchtone phone. You will hear a three-tone prompt acknowledging your request. Your question will be pulled in the order they are received. Please ensure that you lift the handset if you're using a speakerphone before pressing any keys. Please go ahead and press star one now if you have a question. Your first question will be from Sean Steuart at TD Securities. Please go ahead. Thank you. Good morning, everyone. Good morning. Michel, you touched on some changes to the prospective development pipeline, and there was mention in the MD&A of some wind projects in France and Chile moving to early stage from mid stage. Can you give us some context on what's happening with those projects and why they've moved seemingly backwards in the queue? Yeah. Well, in Chile, we had a small one, a 9 MW that. It was not very material. We had acquired these rights a few years ago, but we're focusing more on bigger projects, so I don't think it's very material. In France, I don't have all the specifics, but it was unfortunate that some local opposition had filed, I would say, an opposition to that particular project. Hence it was kind of reassessed in terms of advancement. Not big project again, but yeah, it's not positive when some of the project that we thought were going forward have some setback. Sean, I think the team in France are not discouraged. They are going to work even harder on trying to develop potentially other project or, you know, find ways to assess ways to further develop the project that have been reclassed. I can't remember exactly the name, Sean, on this, but we can certainly give you a bit more color on it. That's useful. We're still encouraged to see overall additions to the pipeline even since September. Second question I have is you touched on the 300 MW Québec wind RFP. Can you give us an update on the expected timing of that process? As we look ahead to more growth or more procurement over the next decade in Québec, your perspective on the scale of the opportunity, size and timing of future RFPs to come in Québec. Any thoughts there? Well, it'll be only my opinion, right? In the sense that Hydro-Québec has its own priorities. I think that what they have given the market perspective is that Québec is a place where Hydro-Québec and the government of Québec is open for business to have new companies, green hydrogen, good database, infrastructure that will need electricity and green electricity. There's a lot of talk about the greening, also the aluminum industry, and Québec is certainly well-positioned to take advantage of that. I think that the story here is that Hydro-Québec has been good in commercializing and being, I would say, a good ambassador to Québec in the sense that the Québec and Hydro-Québec has been willing to utilize Hydro-Québec as a tool to develop the economy in Québec. I think that the green economy in Québec is top priority. I think it's only the beginning to see some very nice growth and good economy news in a sense to see more and more companies coming to Québec to have access to reliable green energy. I think that the first 300 MW is a good start. How much more megawatt we will see in the near future will depend also on the ability of Hydro-Québec to finalize their interconnection with the Massachusetts. There's still quite a bit of energy there that was committed to be exported to Massachusetts. Nonetheless, I think that the fundamental of seeing Hydro-Québec being on the forefront of welcoming industry that needs green energy, I think is paramount. We'll see some good news announcement in the next few years. I'm quite positive about that. 300 MW in 2026, this is what they have announced. Hydro-Québec is going to give all the detail later this year or beginning of January. I would be expecting a bid probably at this time next year or first quarter of 2023 for us to complete the development period and be able to put this project in 2026. That's my two cents on what will happen with that 300 MW. No, that's great detail. I appreciate it. That's all I have for now. Thanks, everyone. Thank you, Sean. Thank you. Next question will be from Nelson Ng at RBC Capital Markets. Please go ahead. Great. Thanks, and good morning, everyone. I just want to start with a few questions on Hillcrest solar. I think the budget has been kind of creeping up in the last two quarters. Can you just give a bit of color as to what's causing the cost increase and delay? Well, it's finalized now. We have settled with PCL. Just wanna be politically correct here, but I think that this project unfortunately didn't receive from the PCL part, the [CAD 18 million] that we were expecting to receive. A lot of people have worked. If you remember, we mentioned that at the height of the job, we had more than 900 people working on site. A lot of rotation and unfortunately, not necessarily skilled worker were selected. That has brought a lot of repairs that had to be done during summertime. Now, I don't wanna get into too much detail in our contract agreement with PCL, but we thought that we had a very strong case to push back on some demand from PCL. On the other hand, we wanted to close this project. As you know, tax equity is committed to this project, and we wanted to close tax equity. And we wanted to, you know, finalize all the agreement as soon as possible. We think that there is a merit to finalize it. Now, you will not see more cost increase. We have settled it. What we have put in the MD&A is the final numbers. Through those numbers, as Jean-François said, we also were compensated for some liquidated damage in terms of delay. No more costs will be seen in Hillcrest. It's done. Project finance will be repaid. The closure or the financial closure for tax equity is scheduled before the end of November. All the I would say the cost and the potential delay on financial close are now behind us. All the independent engineering report has been done and are now being submitted to tax equity for their review. We are confident that this is the final number. Again, I think that it was a little bit unfortunate that project was built at the, you know, in the middle of the COVID. PCL is a Canadian developer, and their subcontractor, their main subcontractor, [Electric Field One] is also a Canadian one. That had complicated a little bit their ability to, I would say, to service that project. All in all, we're happy with the end result. Now the project is producing what it should be producing. We will be done with the tax equity financial close by the end of November. We'll have a nice project now in Ohio producing 200 MW. Okay. Thanks for all the color. Could you just repeat what was the liquidated damages received? And will there be anything recognized in Q4? I think that the- It's $6.2 million, and no more liquidated damages are. This is part of the final settlement with the EPC. We're done. We have recorded it in the Q3. Now the project has been fully operational since then, and there's no more liquidated damage related to the non-performing asset. Okay. Thanks. My next question relates to Curtis Palmer. I think there was roughly an earnout provision that has a cap of about CAD 30 million. I think it relates to the New York ISO market pricing in 2023, 2024. But I believe the PPA at Curtis Palmer goes out to 2026. Can you just give a bit of color as to what the earnout provision relates to, and under what circumstances would you need to pay some earnout? I don't want to go too much in the detail there. We'll disclose it when we will settle. It's the fact that there is some carbon initiatives that are being discussed. If they are implemented, that means that the market will, I would say, I wouldn't say permanently, but will be affected for the long term. That's the idea behind it, that if those initiatives are implemented, we will be in a position with Hydro-Québec to kind of secure our vision on the long-term pricing in the area. There's a formula agreed with the seller where we would be able to agree on a, I would say, on a long-term trend for pricing. That's the idea. Even though it's not necessarily aligned with the end of the PPA, it's just that the initiative around the carbon pricing should be implemented by that date, and they should have a permanent influence on long-term pricing in the area. That's good color. Just one last question. You mentioned power prices are higher. You have some merchant power price exposure in Chile, Texas, and I think other regions. Is this, like, do you see an opportunity to like lock in higher prices by entering into contracts? Or do you want to like keep benefiting short term from some of the high merchant prices? You did mention that you want to add batteries in Chile, and obviously that would give you some flexibility to take advantage of price differences during the day. Can you just comment on whether this is a good environment to lock in prices? Sure. I'll start with Texas. Texas is a place where it's very volatile as we've seen. Believe me, I've been burned and it won't happen again. The beauty of being a merchant is that you don't have any obligation to deliver. The nice thing about other PPA, technically, like just like the one we have with Foard, is that we would be also, if we can, the PPA that we'd like to have is as- produced, right? We don't want to get in Texas again with firm obligation to deliver and being forced to buy on the market when the volatility can be so high. Unless we find a as-produced PPA that makes sense for Griffin Trail, we will not commit to the same type of commitment that we had in Shannon and in Flat Top or in [CV]. We're happy now with what we're seeing. The last quarter, on average, we reached something around CAD 30 for Griffin Trail. And this is net cost basis. We were, you know, delivering on the node, so we don't have any obligation to deliver on the hub somewhere else. We don't have basis exposure. For the time being, we're happy with it. It's higher than we had expected. We're not in a rush unless we can find an as-produced PPA. Now for Chile, it's a little bit of a different story. Chile prices have been coming up. There's a lot of curve in the what we have given you as guidance for Licán as an example or even for Llaima portfolio are based on a I would say a mix of a curve that are showing reduced prices starting next year for a couple of years. The idea behind this is that old PPAs had been signed a few years ago, and their CODs are supposed to be in those two years. Now, that being said, those PPAs were signed at very low pricing, hoping that solar and battery prices would have calmed down even more than what we have seen lately. My view is that this won't happen, and there will be an acceleration also on decarbonization of the economy in Chile. I think that next year we'll probably see even better opportunity to lock a long-term PPA. For the time being, we've seen some pricing during summertime in evening and night at CAD 110-CAD 120 per MWh. It's not a bad deal to be merchant these days in Chile. Natural gas price have gone up, as you know. Chile doesn't have any, so they have to import it in LNG. They'll be competing against Europe and many other country that needs natural gas these days. I don't see any weakness in the natural gas price going forward in the next few months. We're not in a rush to sign. We have a lot of incoming calls to sign PPA in Chile. Prices have increased for four, five, 10 years PPA. We're patient. I think that we will have opportunity to lock price at even better condition. That's great news on Chile. I'll leave it there and get back in the queue. Thank you. Thanks. Thank you. Next question will be from Mark Jarvi at CIBC Capital Markets. Please go ahead. Thanks. Good morning, everyone. Michel, I want to come back to your comments about Palomino and Boswell. You said you try to manage inflation pressures and maybe see if you can get some offtake price adjustments. Would that be easier at Palomino, where it was a bilateral negotiation, versus Boswell as an RFP? Just curious in terms of what capability you have at Boswell to try to adjust the price. Yeah, you're right. Palomino, we have a path forward with the two buyers that are really clear. In terms of PacifiCorp, it's a little bit more murky, as you can imagine. If you've seen the numbers, we were one of the lowest contender pricing in that bid. Everybody in that group must be facing the same issues. You know, it's an industry-wide issue. You're right that it's not necessarily an easy process in PacifiCorp RFP. Again, I think that we will be able to find a way. We don't need huge increase in our PPA price. We need a little bit of adjustment, not so big. We also have been proactive to reach out to potentially other turbine manufacturer. Vestas was perceived to be the preferred supplier at that time. We have now reached out to others, and we have been shown some interesting alternatives that are mitigating the potential increase in cost that we had seen previously. We have also means to mitigate this inflation by having different model of turbine that could somehow be more suitable for the site in terms of total generation. I'm hopeful that we'll find a way. We don't need a huge increase, and I think that PacifiCorp need that energy and are seeing also that the market that they want to serve with that with those contracts are seeing also some increase. It's a win-win. It's not like PacifiCorp would have to swallow a big increase in their supply and not being able to flow through it to their other customers. I'm pretty positive that we'll find a solution. Just in terms of timing for this, for those solutions, is it, like, when, sort of the earliest we could see a contract at Palomino and move that into the firm development pipeline? The same thing for Boswell. Well, we have two major customers signed for Palomino. We had a window of, I would say, opportunity to show them an increase. That was a few weeks ago. We did show them an increase. They have another option to wait another six months to see if inflation prices are still there or get reduced. Then they have the option to walk out, and then we would be free to negotiate with somebody else. To be really frank, their option will not be better. I mean, the price of corporate PPA have gone up, and that's a fact. It's not only us trying to be opportunistic here. I think the oil industry is seeing some inflation, and the interest rate has gone up, so the cost to produce electricity has gone up as well. I don't think that and we're fair, we're open book. I think we'll find a way there too to continue and make the adjustment that makes both parties happy. Just based on those comments, clarity and sort of the green light to proceed on those would probably not happen until mid or late next year. Well, for us, Palomino is a green light. I mean, we will find it. There is plenty of corporate off-taker in that area. Got it. For us, it's only getting the permits finalized. Makes sense. Just coming back to M&A, you made the comments and you have for a while now that cash-on-cash yield is important, but also sort of value maximization. With the big accretion that came with Curtis Palmer, does that change at all the types of deals you're looking? Maybe a little less focus on high cash-on-cash accretion, more about an IRR maximization and maybe a little lower accretion? Or just sort of updated thoughts in terms of M&A, I guess, the deal flow you're seeing and just sort of priorities in terms of what you're looking for on an operating asset right now. Well, the idea here is that it's always a balance. Of course, we're focused on cash-on-cash, but we wanna acquire some good assets. We don't wanna only have the cash-on-cash in our goal to acquire assets. I think that it's still a good proposal if we can acquire existing assets that are generating cash-on-cash. That gives us more flexibility for us to continue investing in our pipeline of development. As you know, development pipeline can take two, three, four years to develop. Some areas are faster than others. Obviously, putting money upfront with these projects puts a little bit of pressure on our payout ratio. I think that this focus of using M&A as a tool to help us mitigate the pressure on our payout ratio because we wanna do development, because we're being more active also. We have bigger teams on the ground, and we're seeing great opportunities. As you know, I alluded to COP26, but there's so many state initiative and corporate initiative around the world that and especially in the market that we're active, that we are seeing a lot of opportunity. We don't wanna slow down on the development and one tool to help us not slowing down on the development is making sure that our M&A comes in to help it to give us a little bit of a help on the short-term cash flow. We're open to look at other type of acquisition if they're really good. Of course, the cash-on-cash will still be a priority when we would be deploying capital in M&A. Just based on the deal flow you're seeing, could the sort of the total amount of acquisitions in terms of dollars invested be comparable to what you did this year, if we think forward to next year in 2022? Well, it's always volatile. Well, it all depends. You know, we've looked at a lot of transactions last year. Our team were really busy looking into many and participating in due diligence. It's a competitive world. It always depends on the type of opportunity and the players that are also selected. I imagine that what we have deployed in terms of capital this year can be replicated next year, but there's no guarantee, of course. That makes sense. Thanks, Michel. Thanks. Thank you. Next question will be from Rupert Merer at National Bank. Please go ahead. Good morning, everyone. Good morning. Hello. I'd like to ask about development in France. If I look at your advanced stage pipeline, I think you have 161 MW there. What are the opportunities for bidding into France in their latest RFP? What's the outlook for Innergex there? To be honest, Rupert, Jean Trudel has better vision on that. We can get back to you or to the team maybe by giving a little bit more guidance. The idea is that by 2025, we were hoping to have four or five projects being ready to build and having been successfully participating in RFP. We're hopeful that one project might be finished by next year. It's hopefully, like we said, one or two project per year starting in 2023, that could be ready for. It's always a little bit volatile there too. I don't wanna get too much detail on those because we've seen that we were hopeful on one, and we had a setback. One has to be cautious in France. I think that wind are becoming also in France, wind projects are under more and more opposition in France, local opposition and organized opposition. It always been the case, but lately we've seen a little bit of a pushback there. Solar on the other end seems to have also some promising, and it might be more acceptable to some degree, and that's why we have also focused some of our team and hire new colleague to develop solar in France. We have a 60 MW that is not yet in the advanced pipeline that seem to be very promising. You know, we're working on it hard, but it's long in France. This project will be more profitable to some degree, but it's a long haul. It's not easy to develop in France. With the higher power prices in France, are there opportunities for building projects with corporate offtakes, rather than the government-backed offtakes? Yeah. Well, that's a very good point, Rupert. I think that the price to some degree now in some corporate PPAs or present in PPAs are actually higher than existing contracts. I think the industry in France is even looking to potentially cancel their utility type PPA to switch towards corporate, especially if those PPA are left only a few years in their contract. I don't know how long it will last, but right now there's a very strong corporate PPA demand, definitely. Looking at that opportunity for corporate offtakes in France and in the U.S., how do you go about sourcing corporate buyers in your target markets? What does that business development function look like within Innergex today? Maybe how might it evolve over the next few years? Well, right now we have two individual that have a full-time job is to just engage and look into RFP. We have also two person in Chile doing that. This is definitely a I would say an area where we will have to have more skilled people in the field. Right now we have a small department, but this is going to grow in the future. Of course, a lot of the business development people, folks have contacts with, you know, some corporations and what have you. It's a team effort. One has to be dedicated also to be on the lookout for all and every small RFP. There's some platform in the U.S. that are starting to be developed where it's a little bit like an electronic match where we can participate and then we see some corporate small RFP that are coming on a daily basis. This is helping. I think that this will be also developed in the States. I think the platform where corporate PPA would come and put their ask and IPP like us would be in a position to fulfill these demands. I think that this will become a trend in the U.S. We will see some broker-like platform being developed so that this matching between customer and producer will become easier and easier in the future. Great. Thanks for color. I'll leave it there. Thank you. Thank you. Ladies and gentlemen, if there are any additional questions at this time, please press star followed by the one. As a reminder, if you're using a speakerphone, please lift the handset before pressing the keys. Your next question will be from Andrew Kuske at Credit Suisse. Please go ahead. Thanks. Good morning. I think the question is probably starting off with Jean-François, and it really relates to just something inherent in this business where you have variability of production because the sun doesn't shine as much or it shines more than you expected. You know, I guess, how do you think about, from a financial standpoint, dealing with the deviations from LTA? How do you forecast it? How quickly do you adjust your internal forecasts? It was very clear on this call that your longer term forecasts, everything's intact, and, you know, admittedly this is just like one quarter blip. But how fast and how dynamic are you with changing things and just addressing? And fundamentally, how do you think about just your production levels on a longer term basis? Well, I'll answer quick, and I'm sure, Michel, you want to take this one. We never had to change our LTA view on our project historically. That has been perceived that, you know, the wind generation has some standard variation quarter-over-quarter, year-over-year. Historically, if you look at our Investor Day, we present the last five and 10 years. It's unfortunate that recently the weather was not on our side and, but we normally hit close to 98% and 99% of our LTA over the last five to 10 years. But the most recent years has been not good. We thought that the diversification, Michel, of jurisdiction and resource type would help and support to be closer to 100%. We never did change, so when we forecast. We typically like to see our asset that the next quarter will be at 100%. Very difficult to predict but Michel, I'm sure you have a lot to say on this quarter. Well, it's funny because we had our audit and board yesterday. The board was yesterday and of course the board members are also asking this same question with climate change, are we going to be affected? Innergex has initiated a review a few years ago. We're serious about this. We wanna understand what's going on. I think that Innergex has been known to be fairly conservative in establishing long-term forecasts. Lately we have been challenged in a few ways, in a few areas. There's been a few project that were not producing to the standard that we had hoped, Shannon being one. I think that it's a matter of being conservative in the first place. Hydro, we've looked at BC, we've looked at Québec, and we definitely looked at Curtis Palmer. Our conclusion is that on a yearly basis, BC, Québec, and New York will benefit from I would say climate change to some degree. Meaning that winter should be warmer, and we should be receiving a little bit more rain during wintertime, so hence less huge amount of snow accumulated during wintertime. Remember that for us, we're run-of-river. If we have a lot of snow and that snow melts fast, it's not good for us. For bigger hydro reservoir, they can mitigate this by, you know, being proactively managing their reservoir and capturing the spring runoff. For us, since we're run of the river, having an earlier spring and a later winter coming, that means that total generation should be going up. Now, the other aspect is that we will see drier and drier summertime. July, August, September for our hydro facility across North America, we'll be under pressure. Winter and fall revenue should go up, and our rate usually are better aligned with production in the fall and in wintertime. On that aspect, I'm pretty comfortable. Now, wind is a little bit more tricky. A little bit more difficult to have clear answer where the wind will go. If we remember all a few years ago, France were seeing or experiencing quite drastic low production, and then things came back to a little bit more normal aspect. It's little bit hard even with short cycle to think that long-term forecasts will be affected. It's something that we are always looking, and whenever we're making an acquisition, we're taking that in consideration, and we're hoping by acquiring new facility in different area, we will eventually also mitigated any future climate change influence on our long-term forecast. It's something that we have on our top priority. Yeah. Andrew, in terms of long-term planning and strategic plan forecast, of course, we do sensitivities on those, and we plan accordingly, and I put some dollar buffer in order to be covered in any case we don't hit 100%. Again, well answered, Michel. I appreciate the robust answer, and maybe just an extension, and this is one of the mitigating factors on renewables when you think about the use of batteries as it relates to solar. I guess what we started to see is a greater bifurcation on some of the solar offerings in the market where, you know, some utilities wanna do solar within rate base and have batteries associated with it, and then PPAs they put into the market are really solar only with no battery element. How do you think Innergex sort of fits into that mix at this stage now? Well, I would say that if we have a good price for our solar on a PPA basis, we're fine. The challenge that sometimes corporate or smaller corporate would need some kind of a capacity or 24-hour energy contract, and this is where it's becoming a little bit more tricky if you wanna serve one customer with one asset. Battery can help, but the battery can do so much for extending solar hours up to perhaps the evening. That's why I'm talking so much about the portfolio approach in Chile, because in Chile the great opportunity that we will have in corporate PPA will be on a 24-hour basis. Solar is great because it's cheap production during the day, but then you have to have either a hydro storage or a complementary wind or battery in order to be able to serve them on a 24-hour basis. For us, I would say that we have also been quite proactive in looking into Hawaii, because Hawaii is a great opportunity for us, of course, to have long-term PPA. It was also seen as an opportunity to really understand how to build and how to manage the relationship with the utility having solar and battery components. I think that those are not big projects, but they're making us work hard. Our engineering team and construction team are working together with the developers so that we are learning a lot from our experience in Hawaii, and we'll be well-positioned to answer future RFP type where utility would ask to have solar and battery together. I think we're being proactive, and these solar projects slash battery storage in Hawaii is helping us being a better developer. Thank you. Thank you. Next question will be from Naji Baydoun at iA Capital Markets. Please go ahead. Hi, good morning. Just wanted to follow up on the last point on Hawaii. I think there was a competitor that actually decided to abandon a project in Hawaii, citing interconnection costs and supply chain issues. I'm just wondering if you can talk about how you think that might impact your projects and if you would still wanna participate in future RFPs in the state. That's a good question. I've read about that article. It's hard for me to comment on their prerogative and why they have decided to walk away from the PPA. The only thing I can reinforce is the fact that we were really proactive when we did bid to have a commitment price with Tesla when we bid. We had the advantage of securing this. Some developer in the past have been more aggressive in hoping that battery price would go down. That's what I alluded also in Chile. Some developer, especially in Chile, the price of walking out from a project was very low, so they saw that as an option. They were betting that both the solar panel price and battery price would have gone even further down than what we have experienced. I don't know about the strategy of that particular company. I think it's ENGIE in the article you're referring to. I have no idea what their strategy was behind their bid and if they had secured their battery supply at the time of the bid, but we did. Yes, we are suffering a little bit in terms of delivery for other component and what have you, but the main cost was the battery component, and we had secured it when we did the bid. You know, to be honest, it's true that we are suffering a little bit on Hawaii. I mentioned it early on. It's true that we still think that the projects are valid. Again, also we're learning a lot in these projects. I think that a big portion of our growth in the future as an intermittent power producer will be our ability to be able to propose to a customer a mix of sources of green energy and storage. We're still committed to develop these projects in Hawaii. The team has done a great job. Also, Hawaii is a tough place to develop as well. You know, we've talked about France. Hawaii is a place also where the opposition have a lot of rights and a lot of opportunity to oppose projects. That is not helping developer to meet the schedule date. Hopefully the agencies in Hawaii will wake up to that, and then perhaps a few of those project being canceled may help us bring that message home in Hawaii and making sure that their processes of both permitting and perhaps eco might also have to be a little bit more open to some flexibility in their PPA. Great. That's very helpful and clear about what your strategy or your approach is in that market. Can you provide any color on the S&P credit rating, why that was withdrawn recently? Well, the fact that S&P has changed over the years, and they have selected some ways to calculate the flow of fund available. One aspect that we really didn't like is that they were using a P90 approach on the total portfolio. That was shocking to some degree because, you know, you can use a P90 on one project, but using a P90 on a project-by-project basis, part of a portfolio was shocking to me. It was not representing, I think, the diversification of the portfolio of Innergex. Having the rating that we had with them and knowing their bias versus our approach or versus our portfolio approach. We didn't think it was useful to keep S&P. We have Fitch, and I think that we are sharing a little bit more a common philosophy on how to forecast our ability to serve our debt. I think that we were perfectly fine with Fitch. Not expecting to re-engage with S&P for now anytime soon? Nope. Okay. Just my last question is if you had any updates on the Energía Llaima integration and maybe might be early days, but any optimizations that you wanna do for the portfolio in Chile? I think that we have started to do a lot in Chile. I think I mentioned it before, but when we did the acquisition of Duqueco, together with the subcontractor, there were 40 people working on Duqueco. With the automation and the approach that Innergex has and experience that we have with hydro, we have reduced these number of people to about 14 now. We still think there's a little bit of efficiency to embed there. Guayacán had 12 people. They will be only four by the end of next year. There is room for us to work a little bit more in terms of being more efficient in Chile. Financing is also something that in Chile, when you're looking at project by project finance, that doesn't work very well in Chile because if you don't have a PPA or if you wanna have a PPA with a single asset, it's kind of complicated because your typical PPA in Chile are firm energy delivery. We think that by having now 100% of the portfolio, we will be looking into a refinancing or an approach of refinancing as a portfolio approach. I think that we will see some improvement by some with some synergy both in terms of operation and also financial ones. Okay. That's great. I'll leave it there. Thank you. Thank you. Thank you. Mrs. Vachon, we have no further questions at this time. Thank you very much, Sylvie. Thank you, everyone. We'll be talking to you in February with some of the year-end results. Thank you. Thank you. Thank you. [Non-English content]. Ladies and gentlemen, you may now disconnect the line.