Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Innergex Renewable Energy 2021 fourth quarter and year-end results conference call and webcast. 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. 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 like to remind everyone that this conference call is being recorded. I will now turn the conference over to Ms. 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. A presentation supporting today's discussion is available as we speak on the home page 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 section of the MD&A for more information. Our speakers today will be Mr. Jean-François Neault, Chief Financial Officer, who will present Q4 and year-end results, and Mr. Michel Letellier, President and Chief Executive Officer, who will review our operational highlights. I now turn the conference over to Mr. Neault. Thank you, Karine. Hello, everyone. First, I would like to start with a commentary on the corporation's 2021 guidance achievement. The corporation has exceeded its 2021 revenues, Adjusted EBITDA, and Adjusted EBITDA proportionate targets. These targets were primarily exceeded due to the Energía Llaima, Curtis Palmer, and Licán acquisitions, as well as higher than anticipated contribution from our recently commissioned facilities. Before continuing further, I would like to remind everyone that when specified, normalized figures exclude the impact of the 2021 February Texas events. This terminology will be used throughout this presentation. My overview will therefore focus on key variances and highlights on a normalized basis, thus excluding the impact of this event. As shown on Slide 6, the corporation financial performance posted growth in 2021 compared to 2020. Production was up 12% at 9,055 GW hours. Revenues were up 13% at CAD 692.2 million. Adjusted EBITDA reached CAD 470.7 million, which represents a 12% increase. Moving on to Slide 7. On a proportionate basis, the Corporation's financial performance posted low to mid-single digit growth for the year 2021 over 2020. Production proportionate was up 3% at 9,853 GW hours. Revenues proportionate were up 5% at CAD 817.9 million. Finally, also on a normalized basis, Adjusted EBITDA proportionate reached CAD 578.5 million, which represents a 3% increase. Continuing on Slide 8. The Corporation revenues for the year were up 22% at CAD 747.2 million compared with the same period last year. The Hydro segment generated a CAD 48.2 million increase, which was mainly attributable to higher production at most of the facilities in BC, the Curtis Palmer acquisition, as well as the acquisition of the remaining 50% interest in Energía Llaima, now included in the Corporation's consolidated revenues. These favorable items were partly offset by a lower contribution from some hydro facilities in Quebec due to the combined effect of lower production and lower selling prices from the recently renewed PPAs. The Wind segment decreased slightly by CAD 0.8 million due to lower production from the wind facilities in Quebec and France, as well as a lower contribution from the Foard City facility. These items were largely offset by the first full year of contribution from the Mountain Air acquisition and the commissioning of the Griffin Trail wind facility. The solar segment generated a CAD 31.6 million increase in revenues. Primarily due to the Hillcrest facility commissioning, including liquidated damage received from the Hillcrest EPC contractor for commissioning delays, higher selling prices at the Salvador facility, combined with its first full year contribution, as well as the acquisition of the remaining 50% interest in Energía Llaima. These items were partly offset by lower revenues at the Phoebe solar facility due to higher ERCOT curtailment, as well as lower irradiation despite higher average selling prices. Continuing on Slide 9. For the year ended December 31st, 2021, operating, general, administrative and prospective project expenses were up by CAD 30.5 million or 16% compared with 2020. The hydro segment recorded a CAD 9.6 million increase, mostly due to the acquisitions of Curtis Palmer and the Chilean facilities. The CAD 3.1 million increase in the wind segment is attributable to the first full year impact of the Mountain Air acquisition and the commissioning of the Griffin Trail facility. These items were partly offset by non-recurring expenses at Foard City facility in the same period last year. The CAD 5.3 million increase in the solar segment is explained by the acquisitions of the Chilean facility and the commissioning of Hillcrest facility. Finally, the corporate activities recorded a CAD 12.4 million increase, mostly explained by higher prospective projects expense. Moving on to Slide 10. As a result of the explanations in the previous slides, the Adjusted EBITDA proportionate was 20% higher at CAD 673.7 million for the year ended December 31st, 2021 compared with the previous year. This increase was partly offset by a lower share of contribution from joint ventures and a lower share of contribution from the production tax credits. Both variances were due to the classification of Shannon and Flat Top facilities as assets held for sale following the Texas events. On that note, I would like to remind you that the corporation completed the sale of its 51% interest in the Flat Top facility on December 28, 2021. Moving on to the next slide. Innergex recorded a net loss of CAD 185.4 million for the year ended December 31st, 2021, compared with a net loss of CAD 29 million in 2020. The variance was mainly due to the unfavorable impact from the 2021 February Texas event and the recognition of impairment charges relating primarily to the Flat Top and Shannon joint ventures. These items were partly offset by the favorable operating segments performance as previously explained. Continuing on the next slide, the long-term debt as at December 31st was up CAD 110.6 million compared to the previous year. The increase in long-term debt is related largely to the debt assumed in the Energía Llaima and Licán acquisitions, the net draw made towards the construction of Hillcrest and Griffin Trail. This increase was partly offset by the proceeds received from the public offering of common shares and the Hydro-Québec private placements applied against the revolver credit facility. Continuing on Slide 13. The increase in total assets results largely from the Energía Llaima, Licán and Curtis Palmer acquisitions and the commissioning of the Hillcrest Solar and Griffin Trail facilities. This increase was partly offset by an impairment charge related to the Phoebe Solar facility, the share of loss in joint ventures stemming from the February 2021 Texas event, the impairment loss at the Shannon and Flat Top facilities, as well as depreciation and amortization. Additionally, Innergex has acquired the remaining 50% interest in Energía Llaima, which triggers consolidation and concurrently reduces the investment in joint ventures. The decrease in total liability relates mainly to a favorable mark-to-market change in our interest rate swap, partially offset by the increase in long-term debt, as explained in the previous slide. Finally, the increase in equity attributable to owners is mainly due to the share issues related to the Llaima acquisition, the public offering and concurrent Hydro-Québec private placements, as well as the investment made by Hydro-Québec in the Curtis Palmer acquisition. These items were partly offset by total comprehensive loss attributable to owners of the parent and dividend declared. Moving on to the next slide. The cash flow from our operating activities totaled CAD 282.6 million, which represents a CAD 47.5 million increase compared to the same period last year. This increase is mainly due to Llaima, Licán and Curtis Palmer acquisitions, the incremental contribution from Hillcrest and Griffin Trail facility commission in 2021, as well as the first full year impact of the 2020 Mountain Air and Salvador acquisitions. These items have also favorably impacted free cash flow, which amounted to CAD 108.1 million versus CAD 93.3 million in 2020. This increase in free cash flow was partly offset by an increase in debt principal repayments stemming from the Llaima acquisition, the start of debt repayments from Upper and Boulder Creek project loans, and increase in free cash flow attributed to non-controlling interest related both to the Curtis Palmer and Mountain Air acquisitions. The CAD 14.8 million free cash flow total increase versus 2020 resulted in a 13 percentage point improvement to our payout ratio, which amounted to 122% in 2021, compared with 135% in 2020. When excluding prospective project expenses of CAD 27.4 million compared to CAD 16.7 million last year, the adjusted free cash flow stood at CAD 135.5 million versus CAD 110 million in 2020, and the adjusted payout ratio consequently reached 98% compared to 114% last year. Before I conclude, I would like to remind you that on February 22nd of this year, Innergex has completed its previously announced bought deal equity financing of common shares. The corporation issued an aggregate of 9.72 million common shares, from which 1.28 million common shares were issued through the full exercise of the over-allotment option for an aggregate gross proceeds of CAD 172.5 million. To maintain Hydro-Québec's proportionate ownership, a total of 2.1 million common shares were additionally issued for aggregate gross proceeds of CAD 37.3 million. The net proceeds of this offering will be used to fund the closing acquisition of Aela. On that note, I will give the floor to Michel for the operational review of the past year. Thank you. Thank you, Jean-François, and good morning, everybody. I guess last night was a late night for a lot of us. Fairly disturbing activities in Europe. I won't comment too much on it, but I'm sure that a lot of you are focused on what's unfolding today and will have some repercussion around the economy in the next few weeks and months ahead. Disturbing times. Thanks to be with us this morning. Like to cover a little bit of our activities during the last 12 months this morning, and also commenting on our advancement versus last year in terms of development and prospective activities. We'll also give you the forecast for 2022, and just confirming also our long-term strategy for 2025. A busy year in 2021, guys. We've been very active, both in terms of acquisition and construction and advancement on our development portfolio. In acquisition, we completed it in 2021. If we remember the remaining 50% acquisition of Energía Llaima in Chile, that was useful for us in the sense that it provided us a clear way for us to use the platform to expand our activities in Chile. Remember, we like Chile for a few reasons. It's a stable country. It has very aggressive policy towards decarbonizing their economy, and we think that renewable energy will have a nice growth pattern. We think that also the pricing for electricity will be strong, and that's why we wanna deploy some of our resources in Chile. We acquired during 2020-2021 the Licán Hydro facility. Not a big one, 18 MW, but again with some storage for four or five hours during the day. We like that profile. Remember that our Duqueco facility does have the same capacity to move some of the electrons during the day to the evening. I think this is paramount to be successful in Chile, being able to move the electricity from the sun hour to the evening or during the night. Very happy to have been able to conclude our first transaction with Hydro-Québec with the Curtis Palmer acquisition in New York State. That's the first one. Hopefully we'll be able to take advantage of this partnership that we have with Hydro-Québec. Very happy so far with this acquisition. It has overproduced over the first few months, so very happy on that one. Commissioning activities, not a big project, but nonetheless our first construction that we had initiated ourselves in France. Yonne II, a 7 MW facility that we have put in service. Full commissioning of Griffin Trail in Texas, 225 MW of wind. Very happy on that structure, and so far it's producing above expectations during 2021, as Jean-François said. Same activities also for the full commissioning of Hillcrest, 200 MW in Ohio, with a long-term corporate PPA. Pretty happy to have put more than 400 MW of renewable energy in 2021 from our construction activities. We also have been busy in advancing adequately in Hawaii. Construction that started last fall. So far it's going as we expected. Innavik in the north of Quebec is also advancing well. We may have a few months of delay, depending on how fast we can come back in the spring to start the construction. COVID has been pretty bad in the north of Quebec, so we're watching this. I think by the time spring comes, we should be okay to go back starting the construction. Tonnerre 9 MW storage in France is advancing well. We are hoping to be in operation by mid-March and be able to take advantage of the high, very high, volatility in price for electricity in France. One thing that I'm very happy also is the development activities that we have seen. I'm asking you to look at our MD&A in the table where we are showing our updated numbers of projects there. Of course, we have the projects in Hawaii that are advancing. We had a little bit of a setback in Paeahu. A local judge agreed with a local group of people that wanted to contest the permitting. It's a setback. We're going to take a bit of time to analyze that court case. But I think that something has been positive in that area is the fact that some of our peers have been successful in coming back to the PUC and asking for price increases in their PPA rate. We have been taking very good note of this, and we'll act accordingly. I think that what we have seen in last year or so regarding the inflation on cost have not been lost in terms of being noticed by the PUC. Their favorable support of some increases in PPA for some of our competitor seem to be a good window of opportunity for us to take advantage of this view. We'll keep you appraised on the development on that side, but I find it interesting that the PUC are open to revise the PPA pricing. Big news, not a big project, but nonetheless a very interesting project, Aux Bois Renier in France, a 30 MW project that we just got yesterday, actually, the confirmation that we have won a PPA in France. That's good news. This is coming from our greenfield project. As you know, we have been working pretty hard in the last five years to develop our own greenfield project in France. This is a good example of what we'd like to do and repeat again. I think that the team in France is now well-established, and we have a pipeline of project that hopefully will be able to bring something around one or two projects like Aux Bois Renier. Very proud of the team in France to have been able to bring this. We are hoping to have that project being in service in 2024 with a very advantageous PPA pricing. I think that this project will contribute marginally, but nonetheless, I think those projects in France, as we said, they're not big, and they're very long to develop, but once you have a good PPA, they're fairly profitable. We're very happy to have Aux Bois Renier now moving into our advanced project and being a PUD development project. Same thing going back to United States. Big project, actually. You heard us talking a little bit about Boswell. That's a 332 MW facility. We're getting very close to the final negotiation in terms of finalizing the PPA with PacifiCorp. We are very advanced in all the permitting, so this project is getting to be ready to build. We are securing also all the supplier and have updated all the numbers for this project. It's still a financial creative project that we like. Remember, that's a 30-year PPA with PacifiCorp, and it's a busbar PPA, take or pay type of PPA. We're pretty happy to bring you Boswell into our development project. Palomino, on the same line of thought, has advanced also as a development project for us. That's a 200 MW solar project, very close to Hillcrest, so we know the place. We have now secured the solar panel also for that project, so we know the cost. We have advised our existing term sheet PPA owner that a revised price was asked. They are taking their option. But in the meantime, if they're not selecting to continue, we are going to be looking for another potential PPA off-taker, but the market is very, very strong out there. We have indication that it would not be an issue, and we would actually have a very good economics coming out of that project. So we're very happy to advance also Palomino. In Chile, Frontera, you know that we have this project very advanced in terms of permitting. We're waiting for the right time to have a PPA off-taker to start the construction. That would cover our development activities. Now, switching on Page 21, on the prospective projects. Again, there we have made some tremendous advancement on that side. Very happy to report that a lot of the European or French projects have been advancing. We have also secured a 60-MW solar in France, which is not huge, but for France, it's pretty big, 60 MW. So very happy to have that project on the advanced stage. Also, as we mentioned, our portfolio of projects is advancing also in France. Interesting also, we have advanced in Wyoming with a 400 MW wind project that is actually on our transmission line from Boswell. Our line is actually crossing this wind farm. It was a great way to access and finalize our right of way to interconnect Boswell. In the meantime, we have 400 MW of very good wind resources that could be eventually put into the future PAC RFP. PAC is coming this year with a very strong RFP, so we have the intention to look into this RFP, and this potential project can do this. Remember also that we have quite a bit of solar in the Northwest ready also to answer future RFPs from PacifiCorp and other utility in that region. The Northwest of the United States will be very active in the next months and years in order to have and secure a supply for renewable energy. As you know, we're very well positioned with more than 1,000 MW of both wind and solar to answer these future RFPs. Also, very happy to report that a battery project has been put forward in advanced stage. This is for Chile. That would be a 50 MW capacity with five hours of storage. The perfect sweet spot for Chile product. Chile has brought a new policy to recognize capacity payment for battery. We intend to take advantage of this fairly new policy to have battery being installed in the north of Chile. I think this is going to be a profitable and very quick to deploy the project. We'll keep you appraised also on the advancement of this in the Q1 call. Of course, in a subsequent event, you all have looked at our acquisition of Aela and our acquisition of San Andrés in Chile. Quite a bit of new capacity being installed in Chile, but the acquisition of Aela, as we said, is very complementary on our strategy, both on our payout ratio. It's going to increase the cash on cash and reduce our payout ratio. I think it's sustainable and it's also going to grow. As you know, as more capacity or energy is sold under the PPA, the profitability of that portfolio will increase. Diversification through technology will help also in location in Chile. The 50 MW San Andrés acquisition, the solar project, is also a good add-on. It's and potentially also a candidate to have battery being installed. We bought these solar, that solar plant at a very deep discount. We think that adding battery to this would make it a very good project with pretty low cost to have electricity being available in the evening. Also it's going to help to put that portfolio in a position to sign long-term PPA. There's RFP coming in Chile. There's what they call the DisCo, but there's also a lot of contract with corporate industry in Chile that are becoming due in terms of their PPA expiration. We'll be looking to have also to answer a lot of those future call for corporate need. Our growth target now, if we're on Page 23, for 2022, we're giving you there our forecast for the year 2022. Just to make sure that everybody understand, this does not include our acquisition of Aela. We will keep you apprised on when we close, which is by being a little bit conservative. We have not closed this transaction. As soon as we close, we'll give you the new update for 2022 guidance. But in general, remember that we have forecast on a 12-month run rate about CAD 85 million of gross revenue and roughly CAD 56 million of EBITDA on a run rate basis. Obviously, you can add those numbers to these target just for your sensitivity analysis. Very proud to show that in terms of production, we're forecasting something around 18% increases. Revenue 16%, operating and general and administrative is 18%, Adjusted EBITDA 15%, and A djusted EBITDA proportionate 14%. Those numbers do not include Aela for the next six months. Pretty proud on this number and of course this is going to help reduce our payout ratio. Note also that Jean-François has mentioned the adjusted numbers for our payout ratio. I think it's important for us to stress that we have a lot of prospective expenses built in our numbers when we give the payout ratio, as well as full amortization of our project. Some of our peers are not using the same metrics to come up with a payout ratio. Just wanna make sure, guys, that you understand that we put everything in terms of amortization and expenses in our calculation of our payout ratio. We might be a little bit conservative compared to some other metrics that The Street is using to make those calculations available for the public. On Page 24, strategic plan target, we have given you those targets at the Investor Day back in September. We're happy to give you this. Well, reaffirm this guidance, and I think that you understand with the advancement on our project development and also with the success of our acquisition, namely Aela, we're advancing very well on those targets. We're very confident that we will be able to meet and perhaps exceed these targets. Stay tuned on our ability to fulfill these. As our projects are being put in development and in construction, they will obviously contribute to meet these targets. I'm very confident that these targets will be met and very upbeat in terms of our ability to continue our development. On this, I would open up the question period. Thank you. Ladies and gentlemen, if you have a question, please press the star followed by the one on your touchtone phone. You'll hear a tone acknowledging your request. Your questions will be pulled in the order they are received. Please ensure you leave the handset if you're using a speakerphone before pressing any keys. One moment please for your first question. Your first question comes from Sean Steuart with TD Securities. Please go ahead. Thank you. Good morning. Good morning. Good morning. A couple of questions. On your 2022 guidance, I know there's a lot of moving parts in that, but you're guiding the EBITDA growth rates that lag revenue growth a little bit, which I suppose can imply some operating margin pressure. Any context you can give us in what's forming those, that guidance for 2022 in terms of the EBITDA growth rates? Again, Sean, what probably differs from you, again, make sure you don't include any impact of the Aela acquisition on it. That is totally. That would be revised and recast at the time of the closing of the transaction. Really the guidance on EBITDA would reflect the full year of Hillcrest, Griffin Trail, Licán, part of a year of San Andrés and Curtis Palmer as well. Well, maybe you're referring also on our margin, but one thing is obvious that we're spending more money in our prospective expenses. We have raised now the budget for 2022 to about CAD 34 million of prospective expenses. That can explain a little bit also the fact that our operating and general administrative are going up versus the revenue. This is an investment. As you know, we have to put that as an expense until they're becoming a development project and we can capitalize these investments. As long as they're prospective and advanced stage, we are putting these investment in terms of expenses in our P&L. That might also play a little bit of role. Again, CAD 34 million of prospective investment has been put in our forecast for 2022. Yeah, that would be a part of it. With respect to your development pipeline, Michel, the implications you suggested were that any capital cost inflation, seemingly you're able to pass it on to buyers given the appetite from corporate partners through PPAs. Can you give us a bit more context on, are you seeing any deceleration in cost pressure for wind and solar? More thoughts on overall returns for these development projects and your ability to pass that cost inflation on to buyers. Well, I guess, Sean, this is a question that everybody has. I've been answering that question I don't know how many times in the last few months. Pressure is there. Obviously, there's an inflation that has been building up into battery, wind and solar tracker, what have you. What we have said to the market is that Hawaii has been hurt in the sense that we had signed these PPA four or five years ago. This is where the industry is weak. While weak, it is exposed when you have a PPA that has been signed, and then it takes time to develop them. What we said is that yes we've been hit in Hawaii on that aspect but we were not the only one. Hawaii has a very strong commitment for renewable energy or being 100% renewable energy by 2045. They need these projects. ENGIE has announced some of their projects to be canceled. Some other developer have been going back to the PUC to challenge the fact that these were not their fault. It's a little bit of a force majeure system, and before retiring this project, they were asking for a review of PPA pricing. To our surprise, we're happy to have seen that the PUC have been open to this idea. We have potentially an opportunity to sit down with PUC and HECO and the utility over there to renegotiate a little bit the initial PPA price. That's a good news for us in Hawaii. Boswell, as you know, we had the opportunity to revise our pricing last year. Since then, one of the preferred supplier had proposed us a pretty hefty increases. We dropped them, and we made another RFP for new supplier of turbine. We were happily, I wouldn't say surprised, but we were happy to see that, with new technology, new deployment of these wind turbine on site, we became able to almost capture all the return. It was a fantastic project. Now it's a great project. We're happy to have Boswell online again in 30 years. The other exposure we had was Palomino. Palomino, we were happy to have an option with our offtaker. We have the option to put them an increased price, and they had a window of six months. They have elected to wait for six months. It's becoming due in April, and in April, we're free to market this project. In the meantime, in Ohio, solar projects have not been built, and the demand is very strong. The inflation has two sides, right? It has a side on the cost for us, but it also has a side on the cost of electricity. We've seen prices increasing all over the place. I think that this moment in time is good for our industry to some degree. Natural gas price has gone up, oil has gone up, and projects have not been built. The ones that are getting built have now the ability to have a price negotiation that's for a change. In the last four or five years, we've been on the smaller piece of the stick. Now, I think the table is a little bit turning in our favor to be able to pass through some real costs in the price of electricity. We are seeing that in France. We're seeing that in U.S., in Chile, in Quebec. I think that for a change, renewable energy is seeing an upbeat on the price of electricity going up. Inflation is a concern, but guys, inflation has two sides. That means also energy is going up, renewable energy is going up. For new project, we'll build whatever new input that we have in terms of supply, and we'll keep our margin. If something, we may be able to have better margin going forward. I'm very upbeat. You heard me in the past being a little bit conservative on price of electricity. That has now changed towards, I think, price of renewable energy are seeing good future in the next few years. That's great detail. Thanks very much, Michel. That's all I have. Thank you. Thank you. Your next question comes from Rupert Merer with National Bank. Please go ahead. Hey, good morning, everyone. Good morning, Rupert. Just following up on Sean's question. If we're looking at inflation, how much inflation are you baking into your operating costs for next year in your guidance? Are you seeing some inflation in your revenues as well? How much of the inflation is coming through indexation on your contracts? Inflation is positive. In our operating facility, inflation is positive. 1% of inflation, we would have to have an upbeat, but it's probably close to $3 million net cash flow for us. Inflation is good in our operation. We have also remembered that the PTC in the U.S. are 100% inflated, right? Any project, Boswell, as an example, benefited from a 7% inflation rate in it last year, or 6.9% inflation built into so Griffin Trail and Foard City. All the PTC have been indexed by 6.9% last year. Inflation for our operating facility, Rupert, just wanna make sure that we reassure our investor we're fully covered. Inflation in our operation is positive for us. Yep. Okay, great. Looking at the increased budget for development expenditures, how much of that is going to be invested in the 730 MW you've highlighted as advanced projects, and how much goes into the earlier stage pipeline? That's a tough one. I don't have all these specific numbers and the split, but theoretically, as a project like I said, when the project becomes in the development, then it's a little bit more of a construction cost because the project is going to be built. That's a good point, right? When we put a project in a development, we are feeling very strongly that these projects will be built and will be put in PUD. So just wanna make sure that you guys, when you see these move from advanced stage to PUD or Project Under Development, it's because we have a very strong case that these projects will be built. I don't have the full split. The way you should see it, Rupert, is first, that CAD 34 million Michel referred to is not including any project under development. Boswell budget and those projects are excluded of that. That covers only for the prospective pipelines. This is by country, I mean, overall, we're increasing the budget for U.S. and France as well. Pretty much our region, maybe beside Canada is probably stable or declining, but overall, I think the majority of the growth of this investment is in the U.S. and France. I think, Rupert and to everybody, this year and the near-term, the year to come are going to be very busy. Quebec has now changed their view on their surplus. Now they need energy. They have called 2 RFPs and it's only the beginning. BC will eventually come up with the numbers because they're wrong in their assumption right now. BC Hydro has not taken into account an aggressive plan from the BC government to meet their target reduction of CO2 emissions, so they'll have to revise their long-term forecast as well. The Northwest in the States are very busy for future RFP. I think that that's why we think it's prudent for us to invest in early-stage project to advance a lot of our prospective project in order to be ready for answering these future call. Remember that these future call will be type of PPA that we like. This is a concern that some of you have mentioned in our exposure to merchant pricing. We all said that we like long-term PPA, we want to have long-term PPA, but we are mindful sometimes that timings to have these long-term PPA are very important. You're seeing what's happening, guys, in the price of electricity in France. You're seeing what's happening also in Chile. We are mindful sometimes of the opportunity and the timing to secure long-term PPA. When the time will be good, we'll secure long-term PPA also for Chile. Great. Thanks. Just one quick follow-up on the SG&A and the inflation. Can you remind us what are your opportunities for streamlining your costs and maybe bringing some operations maintenance in-house? Yes. We've done that with the project, Mesgi'g Ugju's'n project. Remember that, Senvion went bankrupt and, Siemens Gamesa was charging fairly hefty price. We decided to keep that in-house. Anytime we have the opportunity and it seems to be more profitable to do so, we'll do it. In Aela, as an example, we have over there three layers of contract. One is asset management. We have a window of opportunity to buy or cancel this contract. We will do this. When we have a good value from the turbine supplier and it makes sense, we agree. We like to have the long-term supplier to be aligned with us. We don't like the short-term LTSA from, let's say only five years, because we don't think that the turbine supply is aligned with us. If we have 15, 20 years and they're reasonable in pricing, we feel more comfortable because then they're partnered with us on a long-term basis and they have to also meet the availability contract. We're always looking, Rupert, to do these things. They're not huge usually, but sometimes what we like also is that we make sure that at the same cost, we think we have a better view and we think we are managing our asset on a better long-term view. They're not huge in terms of operating savings. All right, great. I'll leave it there. Thank you. Thank you. Thank you. Your next question comes from Andrew Kuske with Credit Suisse. Please go ahead. Thank you. Good morning. Given some of your portfolio activity that you've done recently in Chile, I guess maybe just a perspective on how big could you be in that market? And then as you build out, let's call them regions of influence in certain areas where you've got a concentration of assets, what kind of portfolio benefits do you have for whether contracting longer term PPAs with greater flexibility or just being able to cover off assets should there be deficiencies in production? We like Chile is a little bit different. There is some PPA that are the typical take or pay, but usually they're fixed energy PPA. A fixed energy PPA is tricky. Very difficult to enter these with only one facility unless you subscribe your P99 or, you know, very small portion of your output. We like the fact that when you have different technology you have a diversification in the production during the day, during the season. That's why we like the fact that in Chile by adding Q2 when we change the profile of production, we like and we are stressing that Chile is a market where evenings and early mornings will be very difficult to meet by sun, of course. We think that adding battery and adding hydro facility with some flexibility in moving four or five hours of production during the day is very valuable. That's basically it. I mean, the more diversification you have, the more seriously the corporate offtaker will take your offer. To answer your question, how big can we be? We're 655 MW in Chile. That represent roughly 15% of our total portfolio. As we grow also in U.S., you've seen that we have quite a bit of activities in the U.S. and in Canada eventually. You know, 15%, 20% is something that we feel comfortable. That can move and it can be bumpy depending on the opportunity and depending on how fast we can develop also in Canada and in United States. But of course, we would not end up with 50% of our portfolio in Chile. We wanna be balanced. We said that this is something that applies to the total portfolio as well. We like the diversification of location, diversification of client, diversification of a technology. You know, something potentially up to 20% can be interesting. You see that, we're forecasting to be over 5,000 MW by 2025. Can we be close to 1,000 MW in Chile by that date? Yes, potentially. Okay. That's very helpful. Just maybe taking the Chilean example and thinking about just portfolio concentration in certain areas, you know, obviously in the Northeast, given the legacy position in Quebec, how do you think about the portfolio bulking up in really the broader Northeast and then also in the Pacific Northwest, given some of your asset positions? Well, we like the Northeast because our partner, Hydro-Québec, has a lot of knowledge, expertise and ability also to trade in that area. It's crowded. Northeast is very crowded. We obviously want to develop there. Permitting is not easy in New York. Permitting is not easy in Maine. We are mindful of that. We're putting some effort there, and we would love to be able to be successful and increase our presence there. We're putting more effort also on the greenfield development in Northeast. We were, I guess, better positioned in the Northwest, and we're taking advantage also in You know, when you can secure 25, 30 years PPA in the Northwest, they are as good as in the Northeast, right? Appreciate that. Maybe one final one is, as you build up these regions of concentration to a greater degree, it creates more simplicity of the company. Do you get tempted or at least think about selling off portions of the portfolio to be maybe a bit more asset light? Well, I guess that we all saw what Boralex did this announcement yesterday or this morning. I think this is a great proof that these assets are very valuable. There's always a decision to sell a portion of those to recycle the capital. That's a strategy you could do. We are mindful. We're taking good note of the valuation that has been done. I wanna stress the fact that investors should note also that the underlying assets of our portfolio are very valuable. I think there's a disconnect between the valuation in the stock market versus the asset itself. That will eventually, hopefully, be a little bit of arbitrage over time. We are in the business of being diversified, being a good long-term developer, and create growth and appreciation on our capital for our shareholder. We're mindful that equity is expensive, so that's why what we've done in Chile, if you notice, we have taken the advantage of this acquisition to actually re-leverage our position in Chile and we- Do you hear us? I can, yes. Okay, sorry. Okay. What we've done is that we have taken the opportunity to actually put over $200 million more in US dollars in leverage in Chile. We actively did a recycling of our capital in Chile with keeping our own ownership of these assets and having a cost of capital around 4%. I think that we have been opportunistic in this way. Like I said, very mindful that equity is the most expensive. Once you've sold your project, your asset, they're not yours anymore. I think that for us, building on size and diversification is also an important feature. Not to be pedantic, but it's an important feature to have a good diversification in our portfolio, both in region and technology. Okay. That's great. Thank you very much. Thank you. Thank you. Your next question comes from Naji Baydoun with iA Capital Markets. Please go ahead. Hi, good morning. Just wanted to start off with Chile. I think you have a hydro project or several projects that have moved to the advanced stages of development. Just wondering if you could talk about that and how it impacts your sort of portfolio approach or go-to-market strategy in Chile. Yeah. Frontera has been there for a bit of time. When we did the acquisition of Aela, Frontera was there. Frontera has all their permits, has also an interconnection reserve. What we said to the market is that we wanna have a good PPA for that asset. So it's good. We own it. We have a lot of land. If you remember, Frontera is a run-of-the-river, but we're creating some kind of a lake, and there's a ton of real estate that we have acquired. So there's also a real estate play in Frontera. Don't wanna complicate the answer at all, but timing is important for us. We have another small 3 MW called Cacua. This is only an addition on the existing outflow dam on Duqueco facilities, so that's a very just a small tuck-in. Profitable one, but not a big project. The one that we are now put in mid-stage in our perspective is a project called San Carlos. San Carlos is 150 MW. It's a run-of-river facility, but this one will have ability to have 4-5 hours of storage. More cost-effective, cost to build lower than Frontera, and it's upstream from Frontera. What we like is probably in sequence is to develop San Carlos and then take advantage of the storage capability of San Carlos to make it beneficial for Frontera. We have been happy in the development that we have done in Chile. There's not that many hydro facility or project to be developed in terms of being commercially viable in Chile. Those two are, and we're happy to have them. We'll be prudent. Before starting construction there, we wanna make sure that we have the long-term PPA secure to support this decision of investment. Okay. It's very good detail. Thank you. Just on Palomino, I think the project's been delayed, pushed back a number of quarters now, maybe into 2024. Just wondering if you can talk about, you know, milestones, the PPAs being negotiated. You know, what if you have to go back to market to find another offtaker? I'm just trying to get a sense of the timeline for Palomino. Well, usually, PPA were very complicated 2-3 years ago. Now in Ohio, for that product, this is not our concern. We have plenty of initial discussion and we're very comfortable with the PPA offtaker in Palomino. Palomino, the process in Ohio is fairly long. One thing which was a concern also is that a lot of projects were submitted in the queue for interconnection in the last few years, and that has kind of overwhelmed the utility up there. They are thinking of looking now, instead of adding one project, they wanna take it as a bundle, and that would have complicated the timing for interconnection in Palomino. We were successful in having Palomino being compared, how we say. Grandfathered. Grandfathered for the solar interconnection. We'rWe happy to see this. We're finalizing the interconnection, and it takes a little bit more time in terms of public hearing and development and permitting activities. We're maintaining 2024 for Palomino. Like I said, PPA is not an issue anymore. We have a strong demand for that product for that timing in Ohio. Yes. Thanks. Thanks for that. Just one last question more on, I guess at the portfolio levels, you've kind of shifted the allocations now with the Aela acquisition. Just wondering what are your thoughts going forward on maybe M&A in either in France or in the U.S. to maybe try to rebalance some of the portfolio? W hat's the focus today? It's still kind of cash on cash, lower the payout, or are you looking more to potentially enter new markets or expand more into solar? What's the priority list? The priority? Well, priority is making sure that whenever we're making an acquisition, we are trying to strike the two strategies, diversification and also accretion. To your point, you're implying that Chile is over or oversized for our portfolio. It's 15%. France is around 9%. France acquisition, as you might see, valuation are very, very high. So we're not necessarily ready to deploy the M&A in France. The cost of equity is really low in France. We have the ability to develop our own project and create value there. Perhaps acquisition of a early-stage project can help smaller developer to further development. This is a possibility in France. We've had the opportunity to secure two early-stage project for 40, or around 40 MW, last year. We didn't make a big story of this because it's really early stage, but this type of acquisition in France we can do. As you've seen, we've been active last year in four or five processes in the U.S. We've been successful with Curtis Palmer. We're expecting to see some activities also in M&A in the United States. It's very competitive in the U.S., of course, but we think that when we can find the right product at the right time, we'll be able to be successful in the United States. There's not that many activities for selling assets in Canada. We've seen a few processes being announced. You know, I think that in the States, you've seen the development profile that we have. If we can bring 400 MW-500 MW of new projects every year or so in the United States, I think that this is a great way for us to diversify through our own pipeline of development. I'm happy with Chi le. The 15%-20%, like I said, we think that can be a target that could be good in our diversification. I love to be able to develop faster in France, but France is a long process, smaller projects, but they're profitable. Again, very happy to see that we have our first material contract being signed in France. 30 MW, 20-year contract. Very happy to have that now in France. Thanks, for the details. That's all for me. Thank you. Thank you. Ms. Vachon, there are no further questions at this time. Thank you very much, everybody. Thank you, everybody. Thank you. Ladies and gentlemen, you may now disconnect your lines.