Welcome everyone to Innergex's Investor Day. I'm Colleen Giroux-Schmidt, Vice President of Corporate Relations here at Innergex, and I'll be your host for this morning. Before we begin, I'd like to go over the flow for the presentation. I'll be joined in a moment by our President and CEO, Michel Letellier, to provide an overview of our industry and global energy trends, an update on our key markets and on our portfolio of prospective projects. After this discussion, Jean Trudel, Chief Financial Officer, will provide an update on our financials. Then Pascale Tremblay, our Chief Asset Officer, will share an update on the optimization of our operations. We will then talk about ESG, what it means for us, the challenges we face, and how we contribute. We will conclude the day with a Q&A session. During the Q&A period, we'll be joined by Guillaume Jumel, Vice President and Managing Director, France, David Little, Vice President and Managing Director, USA, and Jaime Pino, Vice President and Managing Director, Chile. You will have the opportunity to ask your questions in the chat, and we will direct them to our presenters. At the end of the session, Michel will conclude the Investor Day before everyone can disconnect from the platform. It's now my pleasure to welcome our President and CEO, Michel Letellier. Good morning, Michel. Good morning, Colleen. How are you? I'm doing great, thank you. How are you? A little bit nervous, but let's start the show. Well, here we get an opportunity. Yeah. To share some of our excitement about Innergex and our story with our audience this morning. Since we talked last year, which was our first go at this, TV style Investor Day, a lot of big things have happened in the world. Yes. We've seen a lot of movement in the geopolitical context in Europe that's had ramifications across the globe. Wondering if you can share some perspectives this morning on how that energy situation in Europe is impacting the transition to renewable energy that was already underway. Well, first of all, our thoughts are going to towards the citizens that have a big challenge this winter coming. I think that this crisis is putting the emphasis on renewable energy characteristic. We can say that renewable energy can bring security, sustainability, and stability in price, as an example. I think this moment in time in history will prove to be perhaps the turning point where the world will go towards more renewable energy in a way to create local job also. When we're talking about security, it's obvious that if you produce your own electricity with your own natural resources, you don't depend on a third party. I think this is very important. Sustainability, meaning that by producing renewable energy, you're not producing CO2 and all other pollutant that fossil fuel emits. Stability in price, we've seen it. When you build these things and you fix your interest rate, then you can have stability on pricing for a very long term. Matter of fact, you know, hydro, small hydro, wind can now fix long-term PPA for 25, 30, 35 years with very little inflation attached to it. I think this is a great segue towards the future, making sure that renewable energy will be part of the strategy for the government in the future. I think that also this crisis, especially in Europe, will start putting the infrastructure for the future distribution of green hydrogen. You know, they're talking about putting natural gas infrastructure in place, always thinking that eventually, perhaps hydrogen will take that place. Green hydrogen for us, of course. I think also that government are realizing that policy that are in place have to be evolved. It's all good to consult the population to build a transmission line or renewable energy, but one has to think about the greater good of the community and not only listening to some people that wouldn't like to have a line, a transmission or even a solar plant or a wind farm. I'm not saying that we don't have to have rules, but I mean in some cases it was extreme, and I think that government are starting to realize that and perhaps bring some new policy to have those project being fast-tracked to some degree into being in construction eventually. Just like we at Innergex are always balancing people, planet, prosperity, governments and energy planners need to look at balancing the future needs and climate scenarios in addition to local interests as that industry. Well said. Thank you, Colleen. Oh, my pleasure. I'm gonna probe there just- Yeah. A little bit further, Michel, on something we talk about a lot with the transition in heating. Wonder if you could share some perspectives there because it is such a big game changer in terms of? Yeah. Energy demand and what we'll see in terms of future opportunities for renewable electricity. You're right, and we'll talk about it a little bit later on, but it's an internal joke about heat pump. I think that it translates what electricity can do for having more efficiency in the system. Burning fuel to produce heat is efficient at most at 70%, while you have industrial heat pump or even commercial heat pump that gives you a three-for-one, one unit of electricity gives you three unit of heat or cold. I think that this is a good example where introducing electricity in the mix of heating home and cooling home with heat pump, and it's a little bit of an internal joke, but I think that this it marks the point that the electricity can be more efficient. Our industry and consumption of energy can be more efficient. Yeah. Certainly. We see an abundance of opportunity ahead in terms of the needs for new renewable energy being built quickly to meet this demand. Another of the key markets we watch and big things that have changed since we talked last year is the United States, and we were bullishly optimistic when we were here last year. Yes About the forthcoming legislative package from the U.S. government. They got there. It was quite a roller coaster to follow it this past year. In the last month, the Inflation Reduction Act was passed and signed into law by President Biden. A couple key highlights. It's a 700-plus page bill. I'm not gonna go into too many specifics this morning, so we can all breathe a sigh of relief. You know, there's a $370 billion package in the act towards renewable energy and the clean energy transition. Some of the trades we work with have estimated that that will expand into $1.2 trillion of investment in the United States. It brings a degree of predictability to the sector with 10-year plus PTC and ITC extension for full value credits for wind, solar, storage, and hydrogen. There's a new clean hydrogen production tax credit and a standalone storage ITC and some additional support to transmission build-out that will layer on top of what was in the Infrastructure Act. We were excited and busy before, but hoping this morning you can share some perspectives on what the passage of the IRA means to our portfolio and growth perspectives in the U.S. Well, as you mentioned, I think that one of the key issue here is the long-term view of this package. I think that, from the history, if we go back, this is probably the longest view and stability that the U.S. will see in terms of PTC and ITC. Just to remind our folks is that the PTC with inflation, usually it's fully inflated also for 10 years, so it's a contribution of close to $30 per megawatt hour. That's a lot of money. And that's going to make renewable energy more competitive. That's a great thing. I think that it helps reintroduce and move towards a transition to help corporate America and utility to acquire electricity from long-term PPA from renewable source, wind, solar, and eventually small hydro also in the state, but it's mainly wind and solar, the big winner out of the U.S. I think that this is a tremendous opportunity for the corporation and also the utility to transit toward more and more renewable energy in their mix. I think also it's going to create the ability to have local job. This package is providing a bonus of 10% of both ITC and PTC if you have local co-content. I think this is a great segue towards sustainability as well. You know, if people understand that some jobs are being created while building renewable energy and not only the construction part, but also the manufacturing and value added through the construction of those facility. I think that this is an opportunity also to have community being involved. There's a bonus, and they're paid for local community that are involved. You know that we have been working with the local community and First Nations, so I think that we might find a niche in those to take advantage of these bonus for ITC and PTC. All in all, I think that we've been active in the U.S. The renewable energy has been very active. I think with this package, it's going to create even more activities towards having more and more renewable energy. There's also the green hydrogen, as you mentioned. There's a $3 per kilogram subsidies for 10 years with inflation. That's going to help also, because we know that green hydrogen is more expensive these days, but by having more and more volume, we hope that the technology will improve, and this is very important at the beginning to support the new technology. All in all, very excited about that package. Like you said, it took a long time, but at the end of the day, we're happy with what we have now. Awesome. Lots of opportunities for Innergex to lean in on our strengths and business model and hopefully be able to find success right across the- Definitely. You'll hear we'll talk about a little bit more our opportunity in the U.S., and David will be available at the end of the day to answer some of the question. We're definitely having a moment in history. I think that the U.S. will see a lot of activities going forward. Awesome. We're gonna segue here from the Inflation Reduction Act to inflation. You know, in addition to the instability in the world right now coming from the geopolitical situation and coming out of the peak of the pandemic and its implications on global supply chains and how we all live, there's a lot of volatility, as we know, right now in the financial sector. I'm hoping this morning you can share a bit of perspective on what this means for Innergex and how we're sitting in this stormy times. Sure. I mean, the team has been busy in the last 18 months or so to react from this big inflation and also all the delay in the delivery chain. We think that our industry, as an example, is stuck with or is more vulnerable when you had signed a PPA without much inflation during the development period. This is where it did hurt. We got caught in some of our project like that. The industry has got caught also. It's not an Innergex problem. It's an industry-wide problem. A lot of discussion have been around this. Force measure has been used. At the end of the day, most of the utilities have agreed to sit down and renegotiate the terms and conditions of the existing PPA. That's a little bit of a release on that pressure. Of course, right now, any project that we're developing, we're definitely putting these new inputs, new costs, and new inflation clauses going forward. It's not a big problem for the future. It was an issue last year when it started to go pretty fast against us. Like I said, we react by sitting down with our off-taker and negotiating some release on those PPA terms. Going forward, I think, like I said, we have now been exposed to this inflation. I think our industry was a little bit too comfortable with the past history around inflation around 2%. I think the whole world got used to that, right? Yeah. I think that this is behind us. We have dealt with that situation. We're trying to solve it right now. Going forward, I think it's a good opportunity. Operation-wise, I mean, our fleet is composed of a lot of PPA that has flow-through on inflation. Actually, inflation is good for our existing PPA as a whole, so it's creating a little bit more cash flow per share when we have a little bit more inflation over the 2% mark that we had put in our forecast. All in all, I think we're behind the worst for us. I think also that inflation is good in the sense that everything that we has already as a portfolio takes value with inflation. Everything that is operating today is more valuable than it was last year. We had a speed bump in the road. We're okay. Yeah. on the path forward. Yeah. Yeah. Yeah. Excellent. I'm not gonna let you escape. Mm-hmm. without a discussion, a wee bit on interest rates as well, which It's true. Of course, interest rate is a big concern. We've been also kind of accustomed to a very stable interest rate from the last 10 year or so. Seeing the interest rate going up is a little bit of a surprise for many people. For us, we have been always very prudent. We've been securing project finance and fixing rates, usually on the terms of the PPA that we have. We have over 90% of our debt is fixed. We don't have a lot of exposure to short-term interest rate, roughly 10%, so it's not a big deal. It's a concern. We have to plan ahead for it, but it's not a big concern for our operation. Excellent. Whoo!. We've touched on this a little bit this morning, but the energy transition is clearly ramping up globally, from commitments across the board to hitting net zero that we're seeing both from governments and at the state level, and then right down through to corporations making their own net zero commitments. You know, we've talked about transitions from the heating system and other key energy consumptive. Mm-hmm. Parts of our energy ecosystem moving to electricity. The world we're heading into now is no longer just about decarbonizing an electricity grid. It's about decarbonizing a global energy system, and it's a much bigger pie to play in. This morning we're hoping to have you share some perspectives on what the key trends are that we're seeing in that, and what is the magnitude and the scale of this opportunity we have ahead of us? It's big. It's really big because, as you're mentioning, if we think the increased renewable energy going forward, we always look at the electricity being linked to GDP. You know, 1%-3% increase per year. This has changed completely. If we look at the total pie of the energy business or consumption, then suddenly the electricity is only representing. Depends where, right? Mm-hmm. In Quebec, it's probably 35%-40%, but in some other cases, it's only 30%. Suddenly you're looking at doubling, potentially, the electricity consumption in certain market. If we're serious about being zero emission by 2050, it means that you have to replace all that energy with electricity or green hydrogen, but green hydrogen need electricity in order to get produced. It's a market of a much bigger scale. We think just as an example, you know, we think that just in Quebec, they're talking about into this election campaign of putting 50% more capacity in the next 15-20 years on Hydro-Québec portfolio. That's a lot. Even Hydro-Québec is already quite green in producing its electricity. It means that we will have a lot of opportunity to grow. I think that the government also will help. I think that we need a lot of infrastructure to be built, a lot of transmission line, so government will have to help the local utility to build up the transmission line. When you look at the corporation, they have to decarbonize. Decarbonizing their total process is pretty complicated for some. Switching from fossil fuel electricity component towards green electricity is pretty easy for them. Mm-hmm. They need us in order to provide the green energy, but it doesn't change anything in their processes. That's the first thing that they are looking for, is to sign green electricity PPA. We're seeing a lot of corporations wanting to have this. Also on a turning point, we're going to talk about ESG, but the financial community is also very keen on lending and investing money in green infrastructure. I think that this time, we were optimistic last year, but with the crisis in Europe in energy and with more and more people focusing on the decarbonization of the planet or the industry, I think that green energy has never had such a runway so positive going forward. The analogy we were using last night was, you know, we've lived the prequel. Mm-hmm. Now this is the main event. Yeah. It's showtime. Showtime for us. All right, big, massive opportunity ahead of us, as we just talked about. What are we gonna do? Well, I mean, we can't do anything. I mean, we Innergex cannot be the only company producing renewable energy. We have a lot of interested parties in different markets. We'll talk about our market. If you look at that slide here. Yeah, thanks. We have our plan to 2025 is to grow. Basically, all our structure is to get a little bit over CAD 1 of cash flow per share. How do we get there is a matter of staggering some construction and some development and eventually some M&A. If you look at what we had in 2020, we had over 3,000 MW. We want to have roughly 600, 6,000 megawatt, but we're getting close to that target, right? If you look at what we have closed in the last year and a half, we have more than 894 megawatt of our project already done, in the sense that it's either an acquisition, it's either under construction and in operation. Then the other block of 661 megawatt is something that we're developing and building. Boswell Springs is a good example. That's 330 megawatt of wind. Palomino, 200 megawatt in Ohio, and we have also other project in the development and construction pipeline, being also Hawaii is a big part of that development as well. All that is basically, I wouldn't say done because we have still. It's in the oven baking. Yeah. It's in the oven baking. Yet we have about 1,000 megawatts to go. We have three years to do this. We'll do a mix of the M&A. You've seen what we have done in the M&A. They're specific. It helps to create a little bit more cash accretion during the development period of the other projects. Jean is going to talk about this a little bit more, but we will have a mix between M&A and development project. Just to give you an example, we have talked about the Wautoma project in Washington. That's 400 megawatts of solar. We have Mile High in Colorado, that's 150 megawatts. It will be ready for bidding processes in the future. We have development in France, both wind and solar. I think that going forward, we'll be able to achieve this 6,000-megawatt mark. I wouldn't say easily, but we're on the right path to get there. It never fails to amaze me. I remember when we hit 1,000 and it was pretty exciting. It's just the ongoing growth has been really phenomenal to watch and be part of. Well, I think that, like you were saying, if you look at the map here, it's only a fraction of the projects that we have. We split our prospective projects with advanced, mid-stage, and early stage, so that investors can follow our advancement in those prospects. Because obviously, when you look at the early stage or even the really beginning of a project, obviously, we have to look at many in order to have the one that we think are the best to put forward in the different market. Just to give you that this is very dynamic, we're always looking for new projects, and as we have this project being part of the prospective projects, then it has to advance from early, mid, and advanced. Our way of putting this, when we get to advanced stage, usually is that we have a very good idea and likelihood that this project will end up being built is pretty high. Mid-stage is interesting, and you see that we have done a big jump in the mid-stage last year. It's mainly Canada. We've been developing project in Québec. In Québec, RFPs are being deployed at a very fast pace, so we have to keep up, and we have the team in place. We just hired a new VP for Canada that's going to also help focusing more on Canada. I think that these opportunity, as you can see, we'll talk a little bit more about the different market, but they are very well spread. That is important because we have people on the ground in many markets. I think this is a great advantage for us to have those exposure to different market. It's going to give us some flexibility and more client also. Diversification is important. We're developing hydro, wind, and solar in this market, and eventually also we're getting active with storage, with batteries also in this market. It's really, really true to our goal of staying diversified across technologies and across jurisdictions. That's- Even right from the development stage. That's the strategy. We wanna be spread and, well, not spread thin. I think we have built the team in the different area, and that's why we'll talk about how we are managing the resources to, you know, to focus and deliver on the strategy. Yeah, no, it's quite a world. Maybe just focus now in on some of those key markets. Sure what the key movers are. Yeah. I won't go too much in the United States, France and Chile because I'll let our head of market talk about it. That's your teaser for getting your questions ready for those markets for the Q&A. We've talked about United States is a big market. It's probably the biggest market that we're talking. We've been talking about this package that has been put together. PTC, ITC and also ITC for storage by itself is important also. I think that anything in every one of those markets, if you want to have more and more renewable energy, you either have peaker and gas or you have storage. I like storage. Mm-hmm. I think that the peakers and gas will have to stay there for a while just to help the transition, but I think as batteries and flow batteries and other means to store the electricity are evolving and developing, I think that we will not have the need for peakers in the future. A good mix for the beginning is giving us more and more opportunity to get in. We need more transmission lines, and this is true for Canada, United States, France and other places. I think government will have to put more focus. In United States, in the package, there's a lot of money to help build new transmission lines, so that's a good thing. Canada perhaps is the newcomers. I mean, we've been in Canada for a long time. Canada has been quiet in the last four or five years, but now it's waking up, and it's starting with Québec. We have been alluding to the election campaign right now, but both parties that are leading are talking about massive investment in renewable energy. It's a little bit like we said, you know, if we look at the energy pie and you want to get rid of the fossil fuel in that mix, it means that you will have to double, if not more, the installed capacity of electricity. In some cases, you'll have to double the electricity component, and in some cases, you'll have to move also and shut down the coal. You'll have to shut down the natural gas. I think that electricity, renewable energy will have a lot of space to grow, and Québec is definitely a very active place. A really good signpost for every other jurisdiction because here is a place that has its decarbonized grid. Yeah. In our old way of thinking, you know, a couple of years ago, we'd say, "Oh, check, Québec is done. Yeah. now that we're really on the mission of decarbonizing the full energy system and seeing the magnitude of what Quebec needs to add and the pace it's moving, every other jurisdiction around the world needs to go. It's- Okay, we gotta get going. Sure. Just as an example, Quebec represent, you know, just the transportation represent about 38% of the energy pie. If you wanna move that part, of course, a battery will play. For heavy transportation, I think that hydrogen will also have to play a role. That's why also we like to think about how green hydrogen. We have selected a 5-MW electrolyzer, and we think that the first place where we're going to deploy this is for the electrification indirectly because you would use green hydrogen for heavy transportation. This is probably the first place we will end up doing this. I think that the federal government in Canada is putting a lot of money in supporting the blue hydrogen and the capture of CO2, but I think that they will also have to equalize their contribution around Canada. I think that the east province will see also some federal help. They're talking about the east. Atlantic transition Yeah. Thank you. Book in French. I think that this is also an opportunity. We have some good projects in New Brunswick as well in the east of Québec that can be fitted into this new investment. I think that BC, well, you're from BC, and I know that you have your own opinion on it, but I think that BC once they will have wake up from this sleepy period regarding siting and closing their eyes on their eventual opportunity, we'll say that I think that BC will wake up and be an interesting market down the road as well. That's only half of it. Yes. Well, France, everybody understand that France is having an issue right now. We've talked about the crisis in Europe. France is particularly vulnerable this time because of the nuclear fleet has an issue of corrosion in some of their plant. Between 40% and 50% of their capacity is reduced because of this issue. We've seen what an interesting twist that we basically didn't expect this summer with the heat wave and the low energy, not the low energy, but the low hydrology in France. Some nuclear had to be slowed down because the water was too warm. That's one thing that, you know, we didn't talk about global warming, and suddenly it hits, and you have to reduce your component. It really, really hits home the point that the need to build and think about resilience in the face of the climate emergency is so acute. Yeah. Building out a renewable energy system, and what Innergex is a part of, is a key part to de-risking the future. Ab- For citizens right across the globe. Absolutely. Chile, I think that Jaime will talk about it, but we said that Chile is on the verge also of shutting down its coal. That represents roughly 30% of its capacity, so this is a great opportunity. I think that prices have improved a lot in Chile. Remember that when we entered, the prices were depressed a little bit. We were very bullish on the fact that prices would pick up, and it did. I think that Chile is a great opportunity for us to sign long-term PPA also. We have a not a policy, but a strategy to have a diverse portfolio in Chile. I guess to do all that, we need people. Uh- People to work, people to support. Can you speak a little bit about how Innergex is tackling this and how we're set up to be able to seize the opportunities right across this portfolio? Sure. The slide is having a little bit of an issue, but I guess that our biggest asset is our people. We have about 500 employees these days. I think that they are dedicated to produce renewable energy. We're very happy with the fact that we have now structured with head of market. We have four market, U.S., Chile, France, and Canada. We just hired a VP for Canada. I think that this is a good segment because each of these market are important at a different stage. We have around these head all the full integrated services to develop. We're a developer. We like also to design, to build our facility and to operate our facility. You'll hear Pascale talk about this, but I'm very, very proud of the team that we have. This is our best asset. Even if we have some challenges these days, we know that labor is an issue. We've been able to have some good people coming in at Innergex. Of course, we have to be careful and take care of our people, but I think that we have been attracting a lot of great talents, and it's just the beginning. It's certainly an exciting place to work, and I'm always staggered every day. Yeah. By the depth and breadth of experience and creative thinking and innovation that the team has, so. That's really inspiring for me, too. Excellent. One of the things we talked a wee bit, we're taking a little bit of a pivot here, but ESG and its impact in driving more focus on making decarbonized choices right across the board. It's a very live topic right now, one I know you've been. We talked about it a bit last year at Investor Day, and it's one you think about a lot. Yeah. The world seems to be catching up now and looking at this. Hoping this morning for you to share a few perspectives on ESG and how to make it better and better able to follow through with the true intention about making sure that we're investing in things that are solutions. Yes. Of course, for me, ESG rating has been a little bit of motivation, I would say, to be polite. I'm no longer the only one claiming that ESG rating has to be fixed. Greenwashing has been in the press a lot, and I have one message to investor. You know, when you're looking at the ESG fund, please ask question. You know, look at whose company are listed in these funds. I think that is very important. Big Oil have been able to take advantage of these rating to be part of these fund. Good for them, but I don't think it's the way to go. I think that the rating will have to get more involved in the E, and I'm not saying that S and G is not important. As you know, for us, it's very important. Has to be part of the equation. It doesn't make any sense to have a lot of these big oil being part of these ESG only on the basis that they are saying that they are going to reduce their fossil use and CO2 emission in the future. I think that the E is very important. Company like us, unfortunately, sometimes don't rate well because we're not committing to reduce something that we're not emitting. That doesn't make any sense. I don't wanna do a tantrum on this. People, very serious people are now seeing this, and are trying to fix it. I'm very happy to see that I'm not the only one now claiming that this system has to be improved. Again, for investor, please take a look at those ESG fund, whose company are embedded in those fund, and ask the question, challenge your investor's rep, so that these fund will eventually be straightened out to do the right thing. Yeah, 'cause I think a lot of people, and I put myself in this bucket, it's been a learning for me, think you're doing the right thing, wanna put your money where your values are, wanna contribute towards the solution to the issue of our time. Yeah. which is climate emergency. If you don't dig into the details, you may be indirectly funding a bunch of things that you don't actually believe in, so. That's it. Greenwashing is something to watch. You know, I think it's the right thing. I think that at the base, it's a good thing to have some capital being funneled towards the right thing. It's just that the system, the rating system has to be improved. The challenge of our time is emission reduction, and so if we're not hitting that. Yeah. The rest is. ESG is very important, but now they're talking about sustainability also. Sustainability includes a little bit more the global warming effect of all this. Yes. Yeah. A lot of ground. Michel, it's been great having this conversation again this year with you. Michel will be back with us to- Yeah. To provide some concluding remarks. For the moment, we're going to invite now our Chief Financial Officer, Jean Trudel, who will present a financial update on how all these initiatives that we're undertaking will translate into projected financial performance that's aligned within our strategic plan. Good morning Jean?. Good morning, Colleen and thank you. Good morning, everyone. It's a real pleasure to be with you today, and thanks for attending this very important day for Innergex. As Colleen mentioned, I'm gonna try and update what Michel and Colleen talked about on a few numbers. Before diving into our strategic update, I would like to take a few minutes to recap some of Innergex's financial achievements since our last Investor Day. Morning. Before I guess I mentioned before diving into our strategic plan update, I would like to take a few minutes to recap some of Innergex's key financial achievements since our September Investor Day last year. Essentially, in terms of M&A in the last 12 months, we closed on two significant transactions in Chile and therefore becoming the largest independent power producer in Chile. That's one of the largest independent power producer in Chile. We also materialized our first Hydro-Québec alliance transaction through the acquisition of the Curtis Palmer Hydroelectric facility in New York. In terms of our assets, we contracted three French wind farms, Port-Saint, Antoine and Valotte, at much higher average pricing rates. We also opportunistically terminated the Longueval power purchase agreements to benefit from high energy prices in Europe. Lastly, in terms of our assets, we divested from two wind farms located in Texas, the Shannon and Flattop wind farms, to reduce our exposure to the power hedge structure in the ERCOT market in Texas. In terms of capital, we successfully raised $460 million through bought deal and concurrent private placement with Hydro-Québec. We also completed and that's a very important financing that we did in recent memory. It was one of the largest financing in LatAm. It's an $800 million green bond that is investment grade and actually supports and refinance all our Chilean portfolio on a non-recourse basis. Finally, we also upsized our revolving credit facility to CAD 950 million, which will help in, you know, financing our growth activities. The next slide here that you see is really to give you the strategic plan financing update, with starting with a top-line evolution. Before I further elaborate on this, I'd like to highlight the fact that the metrics in 2020 have been normalized across all of today's presentation to exclude Shannon and Flattop from the results since we've divested from these assets, as mentioned earlier. Furthermore, the assumptions in our plan were updated obviously to account for some of the main drivers that have changed. Amongst them are obviously to reflect all the acquisitions that we've done and the asset that we've put in commissioning, and also the maturity of our green field portfolio that has improved. We've also changed or adapted the forecast to reflect the impact of higher than anticipated inflation on revenues, but also on our CapEx program. We've also considered the impact of the rising interest rates on our activities. Lastly, we also adjusted the target share price downward to reflect the analyst average one-year target estimate. Additionally, what we did this year in the presentation is to bridge our key financial metrics with the recognized IFRS measures. These updated assumption impact our forecast, of course, but we kept the same ultimate goal, and Michel mentioned it earlier. Our ultimate goal is to reach a free cash flow per share target of CAD 1.01 by 2025 on a run rate basis. I will cover in the coming slides what is required from us to bridge the gap between now and the run rate 2025. I'll start with revenues. Here, the main graph that you see in front of you, and the next graphs will look very similar. At the end of the day, we had in 2020, CAD 740 million dollars of revenues, and we intend to see this number grow to CAD 1.5 billion as a run rate in 2025. That's the revenue proportionate. In terms of revenue, IFRS revenues, it's CAD 613 million all the way up to CAD 1.3 billion. The good thing that we see on this slide, and it's demonstrated in two ways, I guess, it's color-coded, but also you can see at the top right, the pie chart mentioning that the CAD 705 million incremental revenue that we need to achieve over the strategic plan, 54% of that has been already achieved with the improvement in our base business, but also the acquisitions that we did, the Mountain Air, Salvador asset in Chile, Curtis Palmer Hydro, Licán, the Aela portfolio in Chile, San Andrés, and also the commissioning of Hillcrest, the solar asset in Ohio, Griffin Trail, the wind farm in Texas, EON2 in France, and as well as the Tonnerre battery system in France. Already CAD 386 million of additional revenue is already closed. If you add to this all the construction and development activities that we have today, and as Colleen mentioned, is baking in the oven, we have an additional CAD 110 million that will add to these revenues. Therefore, which means that to go, we have to add an additional CAD 209 million of revenues to meet our objective. The way we will achieve that is through target M&A and by further developing our early-stage greenfield assets that we have and that Michel Letellier talked about a bit earlier. Now I will talk about the adjusted EBITDA proportionate. Similarly, same way of representing graphically, we have an adjusted EBITDA proportionate of CAD 547 million in 2022, again, excluding Shannon and Flattop, which will grow essentially doubling to CAD 1.1 billion as a run rate 2025. In terms of adjusted EBITDA, in the same fashion as before, CAD 280 million is already baked in, it's done. It's the base business improvement and the acquisitions and commissionings that I mentioned earlier. The construction and development activities represent an additional CAD 135 million of improvement to EBITDA proportionate. What's remaining to be done is CAD 142 million over the next three years, again, through target M&A and early-stage greenfield. You can see that 26% of our plan is to go really, like, to achieve our objective. Now, in terms of, cash flows, which is probably, what is of the most interest, it's a bit of a busy slide, 'cause we're reconciling actually the cash flows from operations, the IFRS measure, with the free cash flow that we present in our financial statements as a key figure, key metric. The cash flows from operations should grow from CAD 231 million to CAD 599 million as a run rate in 2025. Out of this, we will invest into prospective projects. We've invested CAD 17 million annually back in 2020, and we plan to invest CAD 42 million in prospective development in, 2025. This is like 2.5 times more development capacity that will help us grow in the future post-2025 as well. When you look at the graph, you see that the free cash flow or actually the adjusted free cash flow in 2020 was CAD 107 million, 90 million free cash flow plus 17 million prospective expense. We'll grow this number to 2025 on a run rate basis to CAD 278 million. We'll have the 42 million prospective development expense budget, and it will result in free cash flows of CAD 236 million, which will hit exactly the target that we have, that we've set last year, the CAD 1.01 per share of free cash flow, which also equates to 70% payout ratio. Again, on this slide, you can see and appreciate that the base business improvement, the acquisitions and the commissionings done recently have improved the free cash flow by CAD 91 million. The projects that we have already in construction and development will add a further CAD 41 million, and CAD 39 million is left to be accomplished in order to meet our 2025 target. Twenty-three percent of the CAD 171 million target needs to be accomplished. What's important to note here on this slide, on the right-hand side, is the CAD 270 million of adjusted free cash flow that we will generate in 2025. Out of that, I mentioned already, like, we have a budgeted amount devoted to development activities and growth of CAD 42 million, which represents about 15%. We will also actually have CAD 72 million of retained cash on an annual basis and recurring. This could be used even to supplement our effort to develop further the business, or it could be used to rebalance the balance sheet in some cases or potentially to increase the dividend down the road. The dividend, as it's set today at CAD 0.72, is expected to remain at CAD 0.72 a share for the foreseeable future. It represents, in this slide, like in 2025 run rate, an amount of CAD 164 million distributed to our shareholders. Now on the next slide, just the payout ratio evolution. We're coming from a very high payout ratio of 135% in 2020. At that moment, we had set ourselves the goal to decrease this materially. To become, to have more flexibility and to be in a much safer place. Since then, I guess I am very pleased to see that we were successful in bringing down the payout ratio to 96% on a twelve-month trailing 2022. As of Q2, like, we've demonstrated that number to you. The adjusted payout ratio was 82%. The adjusted payout ratio is just taking out the prospective project expense. We aim at achieving even better, like, better results and dropping that payout ratio to 70% from 96% in 2025 as a run rate. The payout ratio adjusted to take out prospective project would be roughly 60%. This improvement is important. It actually helps us to give more flexibility to the corporation, more ability to actually grow further the business and to achieve our goals. All this needs to be done, and even if we are, as I demonstrated, a lot of it is under controllable development activities that exist already, but we will still rely on M&A to bridge some of that gap. That's the reason why we have an in-house team actually dedicated to M&A today. This team at Innergex can also benefit from the support or the collaboration of the very experienced M&A team at Hydro-Québec in many cases. I'd like to stress also that our M&A approach is very disciplined today and focuses primarily on cash-accretive assets across all technologies. Furthermore, our M&A approach remains aligned with our corporate strategy, of course, which is to grow our existing core markets and maintain a very well-diversified asset base. M&A is also an important tool for us to balance the existing cash flow streams and add assets to new development portfolio. We will also continue to undertake opportunistic divestitures of assets to manage our risk exposures and to recirculate cash flows for deployment into new investments. Now in terms of M&A activities, this slide looks very familiar to you from last year, it hasn't really changed. The existence of an increasing number of renewable energy facilities across all our target markets result in many opportunities available to Innergex. We continue to screen many potential assets every year. It's between 80 and 100 assets every year that we find that are coming our way, so that equates to almost two per week. Our objective is to screen these assets, you know, highlight the best ones strategically for us, and in some cases for us and Hydro-Québec, and then to due diligence. We have the capacity to due diligence many of these opportunities. We typically due diligence about 20-25 assets or opportunities per year with the aim at closing two - three M&A assets per year. That represents in our plan, what we forecast is about 400 MW would come from M&A over the next three years, which we feel is quite achievable considering how we executed in the last two or three years. We obviously anticipate that these acquisitions could be materialized as well with Hydro-Québec, especially in North America, in continuity with what we've done at Curtis Palmer, or actually on a standalone basis, as we did, for example, in Chile with the Aela and San Andrés acquisition. Now, in order to do all this, we need a good funding plan. Here on this slide, you can see on the right-hand side, we will need $3.5 billion of CapEx, actually, or investment to accomplish our program. $2.6 billion out of the $3.5 billion really is gonna come from the typical project debt financings at the asset level and the tax equity investments that tax equity investors will bring on these assets, if obviously, for the assets that are located in the United States. It's about 75% of the program, and CAD 900 million will come from other sources. The pie chart in the center of the slide demonstrates to you where it's gonna come from. About 88% of the CAD 900 million will come from non-controlling interest, mainly it's the participation of Hydro-Québec on some of our M&A opportunities. The corporate debt, at 14%, will be used to finance our activities, always keeping in mind that we have to maintain the investment-grade rating, so the funds from operations to debt will be at or above 23% to always keep that in mind. That's how we size actually the corporate debt usage. The retained cash, we are now under 100% payout ratio, so we have some retained cash over the next coming years that will also help to fund the CAD 900 million-CAD 1.1 billion. The rest will be financed with equity-like financings. It could take the form of convertible debt. It could take the form of structured preferred share instruments or as well as common share issuance, of course. Now in terms of our capacity, we're very confident on our ability to execute our funding plan based on the very strong credit capacity or credit profile, credit credentials that we have. We have very highly predictable cash flows, and it has very limited overall exposure to interest rate and refinancing risk. You can see on this slide that 91% of our debt is actually fixed and therefore not exposed to rising interest rates. We have about 3% only that is due over the next couple years. We have 78% non-recourse, so ring-fence, and actually, non-recourse and always structured to be investment grade rated. An important factor also in our business is that we actually repay our debt to the tune of CAD 183 million per year, and this amount of scheduled debt payment is included as part of our payout ratio. It's a very stringent payout ratio that incorporates the amortization of our debt. The next two figures are important because we have an average debt duration of 14.6 years, and an average PPA life, remaining PPA life of 13.7 years. Our PPA life is one of the longest-term actually in the industry. It demonstrates to you here that we amortize pretty much almost entirely all our debt over the first term of our power purchase agreement life, which is very strict because we all know that our asset life goes way beyond our PPA remaining life. That's a very important factor, and again, it's embedded in our payout ratio. It's a, we're measuring ourselves with a true cash flow-based payout ratio based on the asset life or asset. I think there's a lot of opportunity here to refinance over the years and create opportunities for us in that sense. We also have today CAD 310 million of liquidity or available credit facility to support our construction and our development activities in the short term. It's important to mention, and Michel has mentioned it a little bit with Colleen earlier, we are aiming at diversifying our asset base through our geographies, our target geographies, but also through technology. When we incorporate in our forecast all the assets that we have under development and construction and the target objective to meet the free cash flow per share of CAD 1.01, this is the end result picture that you would typically see in as a run rate in 2025. You can appreciate that wind will play a large role in our business development and solar as well. We're trying to keep the hydro portion important in our mix. We're trying to focus heavily on these opportunities when they come, but there's less opportunity in hydro than wind and solar at the moment. The IRA and the focus that we have in the United States is demonstrated here. The United States will take a big part of our future, and it's demonstrated here with a large percentage of 38% in that geography in 2025 run rate. The good thing, I think, by this graph is also to demonstrate that with the assets we have in development and construction and what we're looking at in terms of future M&A and opportunities in development, the contractedness of our portfolio will remain elevated above 90% on a run rate basis in 2025. The key figures, I guess, are important guideline and are summarized here on this slide. Basically, we're aiming at doubling what we had in 2020. We're more than halfway through this already. The main important point on this figure, in my sense, is the free cash flow per share. We had CAD 0.51 a share in 2020. We're aiming at increasing this by CAD 0.50 to CAD 1.01. We're already, again, more than halfway through this, so it's going very well. The CAGRs that you see here are, in our view, achievable. We think that with the execution track record that we demonstrated recently and the heavy reliance on the existing controllable development activities, it's achievable. At the bottom of this slide, we aim at always keeping a funds from operations to debt ratio of 23% or higher, which is a determinant to remain investment-grade rated. In conclusion, I guess I'd like to leave you with four key takeaways. Innergex has demonstrated very strong financial execution over the last year and actually more than one year. We've raised capital when we needed to very successfully. We optimized our revenue line, and we're not done with this. We continue to optimize our operations and revenue line, and you'll hear Pascale later on to talk about this. We have a very strong financing structure in place. We mitigated our power hedge exposures that were detrimental to us in the past, and we actually did bring the payout ratio significantly down to a more sustainable level, thanks to well-executed M&A opportunities and transactions. We also provide a very high visibility on 2025. Our growth target, I think, can be attained and bridged. Furthermore, our growth will be funded through a diversified and achievable financing plan, and we will limit as much as possible the potential dilution to shareholders. Finally, today, it's important to reinstate that we have a strong commitment to maintain our investment-grade rating for the future. All these facts should give investors enough reasons to buy and hold Innergex as part of a diversified and ESG-driven portfolio. Thank you for your attention, and of course, I remain available during the Q&A session later on alongside my colleagues. Thank you very much. Thank you, Jean, for this overview of how well Innergex is positioned to achieve its growth strategy over the coming years. We'll now follow with an operations update presented by Pascale Tremblay, our Chief Asset Officer, who joined Innergex just a year ago. Pascale recently took over the construction and procurement responsibilities in addition to overseeing our operations. She's going to provide more information on our projects under construction, as well as on our ability to optimize the performance of our assets and operations. Good morning Pascale?. Thank you, Colleen. Good morning. Hello everyone. As you can see, Jean presented and Michel before with Colleen, we have ambitious growth objectives. I'm pleased to have the opportunity to present to you the hard work that was done by both our construction and operations teams over the last few years, which led to many projects that were commissioned and under construction. Since I joined Innergex a year ago, I have to say, I discover a strong company, which is led and operated by highly talented and dedicated people who are striving every day to make a difference and deliver the greatest project, the highest performance, and contribute to Innergex growth. We're all in to create a better world with renewable energy, and it shows in everything that we do engage in. Last week, we inaugurated our first standalone battery project in France. A unique site that demonstrates Innergex ability to innovate and to be at the forefront of new technologies that will decarbonate our planet. Tonnerre is a 9 MW, 1-hour capacity energy storage using EVLO batteries, a subsidiary of Hydro-Québec. It is located on our 50.9 Yonne 1 and 2 wind projects in France, and its application will mainly be for frequency regulation as well as capacity. The facility was commissioned in the course of the summer after many months of hard work and collaboration with our supplier, and we're really proud to have completed the first battery project for Innergex. Another great project that is currently about to be commissioned is the Innavik Hydro Project in Innavik. This hydro facility perfectly illustrates our three P philosophy, where the electricity to be produced is about to replace the diesel consumption of the whole Innavik village. This in itself is a major win for our planet, as this will eliminate more than 700,000 tons of greenhouse gas emission. This project is developed with the Pituvik Landholding Corporation in a 50-50 partnership. That means we will share prosperity. At the same time, this corporation is all about reinvesting in the community, which means it supports our dedication to balancing the planet, the prosperity, and the people. We expect to commission that project in Q1 of 2022, and the progress made this past summer was significant with the fact that we almost completed the main dam construction as well as the diversion and the spillway structure, the powerhouse, the mechanical installation, as well as the electrical installation. We're really confident that all of those will be completed by the end of December 2022, after which testing will begin shortly. The complementary project of converting the house heating installation to electricity instead of diesel should also be completed at the same time. We're really proud of this project that will make a huge difference for this small off-grid community. Our second battery project is currently under construction as we speak in Chile, near to our Salvador solar facility. This is a 50 MW with five-hour capacity energy storage that will be providing capacity as well as energy arbitrage from the solar facility. This project will be among the largest battery energy storage in Chile, where Innergex is positioned as one of the largest independent renewable energy producers. This project will be featuring batteries from Mitsubishi Power Americas, and the payment would be based on capacity as well as energy deliveries. The hard work as well as the precast foundation were began this summer, and the substation expansion will be completed in October. Electrical work as well as equipment delivery and installation will begin next month, and we expect to have commissioning in Q2 2023. Innergex reacted very quickly to the opportunity to bring into development and then into construction this project. In fact, we were reached out by many power producer that asked us how we have managed to do this in such a short turnaround time. Finally, our last project under construction as we speak is our Boswell Springs 330 MW wind project located in Wyoming, USA. We have just signed a few weeks ago a 30-year power purchase agreement with PacifiCorp, which is a first for us with this company, which is owned by Berkshire Hathaway. The construction will take place over a period of two years because in wintertime, due to the winter conditions that are quite severe. This project also includes the construction of a 32-mile transmission line. We have acquired the early-stage development rights next to another wind project, which is called Wind Dancer, earlier this year, and in fact, this could provide future synergy for our Boswell Springs facility. This 330-megawatt site will be the second-largest wind facility for Innergex, and the first in Wyoming. In addition to developing our own portfolio, we also pursue growth through acquisition, and these lead to achieving material synergy that makes these projects even more compelling. As an example today, I wanted to share with you the significant synergies that we achieve through some of the latest acquisitions we have done in Chile. We achieved the Energía Llaima acquisition in 2018 with two facilities of Mampil and Peuchén, two run-of-the-river hydro facilities, and the Licán acquisition, which is one facility, in 2021. The strategy was to reduce the expense and the headcount through integrating the operations at our main office in Chile, reduce the operating cost by a corporate strategy as well as a remote operation center, and take advantage of the fact that the three facilities have a similar layout. We did all of that and effectively managed to reduce our total headcount by 76% when we take into consideration our direct employees and our contractors. All facilities are now serviced by a team of 14 employees that are dedicated to maintenance. Our Keko and Licán facilities also share the same control and operation equipment, which is helping from a synergy perspective. The remote operation center is established in Los Ángeles, and right now operates 9 of our 10 facilities, which has allowed us for total operating cost reduction of close to 50%. These achievements require a lot of work and collaboration from all of our teams in Chile and also demonstrate their commitment to ensuring Innergex growth and success. I wanna thank them for their hard work. Innergex also has a strong team that is dedicated to safely and expertly operating its assets across Canada, United States, France, and Chile. I must say here that the highest standards in terms of health and safety are of utmost importance for Innergex, and that is why we deploy all necessary resources and efforts to ensure that employees' working behaviors and environments are safe. In total, we do operate 84 renewable facilities. Over the course of the last 12 months, I had the opportunity to visit more than 50% of them, and this has convinced me even more of the true benefits of diversification. Similar to the widely known financial strategies, geographic and technological diversification offers a natural range of activities that help reduce the impact of the volatile resource as well as the global environmental factors. More precisely, our assets in Quebec represent 22% of our total portfolio in terms of installed capacity. Ontario represents 2%. British Columbia represents 23%. For a total for Canada of 47%. While from a U.S. perspective, we have reached 30% spread across Texas, Michigan, Ohio, Idaho, and Indiana. If we look at France and Chile, we're talking respectively about 8% and 15% of our installed capacity. Our portfolio of 40 hydro assets account for 30% of our installed capacity. When we look at our wind projects, we're talking about a count of 35 that accounts for 55% of our installed capacity. The solar is growing. We currently have eight sites accounting for 15%. From a battery perspective, we don't measure it the same way in terms of megawatt. With one entered in service, another in construction and many more to follow, this would be a key segment for us for growth in the future. What's also interesting about our portfolio is the fact that we have a great mix of self-operated, as well as O&M contracted contracts. The self-operation allows us to understand the requirements and maximize to each assets to its fullest potential, and at the same time, give us some levers when we do negotiate with our supplier. While the contracted facilities allow us to get some compensation for lower performance than expected or higher component failure rate, on the other hand, it can remove some of the control when it comes to the timeline for repairs or also for fees that can escalate on an annual basis. There's no perfect option, but I think an optimal mix of both bring benefits to our portfolio as a whole. The fact that we are a hybrid model also with all the depth and experience of self-operating, gives us the possibility at some point in time to internalize. We're really confident that a mixed approach allow us to mitigate all potential risks and derive the best benefit of the two approaches. The same can be said about the sales agreement that we see on the right portion of the slide. About 91% of our expected capacity generation comes from power purchase agreements or some PPAs with either large-scale utilities, such as EDF, BC Hydro, Hydro-Québec, Geco, Yeso, or the DISCOs that Jean was presenting earlier, or wealthy corporations such as Amazon and Shell. These predictable contracts give us a clear overview of what will be the potential revenue and benefits we can derive from our facility over a long period of time. At the same time, like Michel was presenting, each of our power purchase agreement includes a clause from an inflation perspective, which prevents us from having and suffer large margin erosion. However, renewals on the PPAs can be challenging, and the requirements on deliveries can be more stringent. We're also very pleased to have a portion of our portfolio which is in the merchant market. It allow us to benefit from the short-term interesting price ranges we can get. When our sites are coupled with either batteries or reservoir, we can decide when to retain or release the energy produced, so that we take the most advantage of the market dynamics. It provides us with the necessary flexibility to optimize our output. Volatility also means that at some point, we can be selling at lower than expected pricing, but compensated to the fact that at other times we might be selling at higher prices. I think overall, it mostly results in a net positive trading. We must also take into consideration that merchant market can be challenging to predict in the long term. We can have various event and new projects that will change the dynamic, affect the market pricing, as well as the network congestion. I'm exposing all these facts of our operating portfolio to showcase how at Innergex we make every effort to maximize our return, maintain high quality and safety standards, align with our long-term ownership perspective, and we continuously act as an exemplary corporate citizen. Talking about maximizing our return, it is through a combination of claims, liquidated damages, deemed energy, and missed energy mitigating solutions that Innergex is able to materialize the compensations from our missed production. As you can see on this graph, over the last 12 months, we were able to recuperate the equivalent of the long-term average production in Hydro and deliver even more when you look at the wind segment. It means that even if our publicly disclosed production levels are sometimes below our provisions, we can still achieve similar revenues to what was budgeted when we account for, from the contractual and commercial leverages that we have at our disposal. I'm proud to be surrounded by a team of experts who identifies and bring innovative solution to our production challenges. I encourage them to ensure to maintain the highest availability, so our equipment can produce to the highest level possible. Maintenance and updates to our installation are planned and executed when the resource is lower, so we prevent losses and reach the highest production levels. Even if the availability sometimes can suffer from various events, the previously explained compensation from the contractual pools are means to overcome such impediments. The analytical performance team and support to the asset management and operations are continuously looking at the top contributing assets, making sure that we have them run at their best to adequately prioritize initiatives, so we maximize the contribution of each of these assets to our consolidated results. We also devote time to minimize the energy losses by developing and improving the site configuration and the installation, and we do operate our facilities in a way that allows us to benefit from the highest returns by managing electricity delivery at the most profitable times. All of these activities allow us to optimize our returns and meet our long-term average targets. Now that we have covered the development stages with Michel, the construction and the acquisition activities at the beginning of this section, as well as the operations phases, I thought I would complete a full life cycle by now covering the assets' end of life. We do proactively assess the different options and the opportunity for each of our assets which are near their end of life. We evaluate the possibilities to keep them running longer or as alternative to repower or dismantle. In our approach, we're mindful of the different options that lie in front of us, and repowering is one of them. We can have new, newer technology that will provide larger output capacity. In turn, that will lead to higher energy production level. On the other hand, we need to look because it can require significant capital reinvestment. Other factors must also be considered, such as the current and expected uncertainty and the downward pressure over future energy prices that can come from more efficient technologies, taxpayer considerations, or also more assertive utilities resource planning. Our global context and the fact that Innergex care about the ESG, the environmental, social, and governance, are driving us to contemplate beyond the financial modeling, and it includes factors such as sustainable development, waste management, disposal of assets that are still productive, carbon footprint, hosting collectivities, local development, manufacturing processes, as well as the re-permitting efforts, just to cite a few. With all these consideration in mind, we do analyze the opportunities, and we'll make sure to consult with our stakeholder before making any decision. The strategy to be adopted will certainly be different from one asset to the other, as they evolve in a different context and a different environment. What remains for sure is that we will be ready to address the future of our asset well before their useful life. In conclusion, Innergex has a strong team of experts that supports its construction activities, that identify and materialize synergies and make the most out of each asset in operations. Not only we are a strong developer and acquirer, but we are able to support our development projects through construction and operations phases. We are a proud developer, acquirer, and a long-term efficient operator of renewable energy facilities that will continue to lead the way and contribute to the decarbonization and the energy transition in a sustainable fashion. Thank you. Thank you, Pascale. It's now my pleasure to share with you an update on our ESG initiatives. At Innergex, as we've mentioned, ESG standards play an important part in the everyday aspects of our activities, in addition to being very aligned with the foundations of our company. Our environmental, social, and governance performance and initiatives, excuse me, have significantly matured over the last six years, and we are very proud of the company-wide efforts and improved results that continue to reflect Innergex's vision and values. We remain committed to improving our ESG performance, and we'll continue to grow our activities in accordance with our sustainable business model that balances people, our planet, and prosperity. Our team is our difference. They bring unbridled passion, dedication, and skill set to achieve our goals. We offer individuals the opportunity to make a positive impact and help shape the world of tomorrow in a safe, inclusive, rewarding, and dynamic environment. We put a lot of focus on engaging with our employees and have been able to attract and retain a workforce that is leading our future growth. In fact, getting feedback from our team members is critically important in order for us to provide them with the resources they need to succeed while improving our internal processes. In 2021, 89% of our employees participated in our engagement survey with an 82% engagement rate, which is 3% above the energy sector norm. Both our level of participation and engagement rate performed above the industry and were superior to our 2019 results. Last year, we launched our first diversity and inclusion policy and action plan, which aims to help Innergex thrive in a competitive industry by formalizing our commitment to adhere to best industry practices, create a diverse and inclusive workplace, and develop a corporate culture that not only treats everyone equally, but also seeks and values input from everyone. Good ideas don't always come from the same places. An update to our health and safety policy highlighted how the health and wellbeing of our employees plays in our day-to-day activities. While we acknowledge the positive aspects remote work plays on employee work-life balance and have offered the flexibility to reconcile work, personal, and family obligations through our telework policy. This year, we are proud to have launched our employee electric vehicle incentive program, which provides a financial boost to employees who want to make the switch to an electric vehicle. We've also added many new line-item metrics to our HR disclosures and look forward to launching a new corporate employee volunteer program that's in line with the UN's International Volunteer Day on December fifth. Building long-lasting relationships with the communities in which we conduct operations has been a feature and a core foundation of Innergex's development strategy since our inception in 1990. One of our corporate values, Get Involved, drives our commitment to be a good neighbor and a responsible corporate citizen by supporting the causes and efforts that have a broader impact on the communities where we work. Our sponsorships and donations have and will continue to have a meaningful impact in communities. In 2021, Innergex supported 224 organizations across the jurisdictions in which we operate, which represented an over CAD 3 million contribution. We are proud of our track record and are always looking for opportunities to further our impact to help build resilient communities. We also launched a matching donation program for our employees to help not only encourage their community involvement, but to help make the most of their participation. In alignment with the Truth and Reconciliation Commission's Call to Action 92, we also firmly believe in the positive outcomes that arise from sharing economic benefits and creating job opportunities through renewable energy projects. We value tremendously our agreements and partnerships with 31 indigenous communities on renewable energy projects from coast to coast in Canada, and we strongly believe that this collaboration is a model for the successful build-out of additional renewable energy projects. This year, we will be adding the UN Declaration on the Rights of Indigenous Peoples to the human rights principles we support in our Safeguard and Promotion of Human Rights policy. We are proud of our track record of supporting grassroots community groups that make a difference in people's lives, and we're always looking for opportunities to further build our impact to help communities. Innergex works hard every day to generate the solutions to address the climate change by increasing our share of renewable energy to help in the transition to a clean economy. By focusing solely on generating energy from renewable sources, Innergex has positioned itself as a leader in the fight against climate change and a more just society. In 2021, we began the year with the launch of a new internal sustainability committee made up of experts from a range of business units at Innergex, who meet monthly to discuss and plan on how to make improvements to Innergex's ESG performance, lower our carbon footprint, and guide internal sustainability initiatives. We also submitted our first response to the Carbon Disclosure Project, a highly acknowledged standard for corporate environmental reporting, while also incorporating a Sustainability Accounting Standards Board standards into our reporting framework and updated our sustainable development policy. Our sustainability initiatives, reporting, and performance are not only aligned to the UN Sustainable Development Goals, the Sustainability Accounting Standards Board, or SASB, the Carbon Disclosure Project, CDP, and by the end of this year, to the Task Force on Climate-related Financial Disclosures, or TCFD. In 2021, we launched an internal awareness campaign at our facilities to mitigate, reduce, or eliminate releases of damaging halocarbons and other high-emission gases that has since resulted in zero incidents recorded. This year, our focus has been squarely on developing our first TCFD-aligned climate assessment report, which will be published later this year. I'll be discussing this in further detail on a subsequent slide. Each director on our board brings a unique skill set and extensive experience that ensures the responsible growth of the corporation. They set the highest standards by which every member of Innergex is expected to conduct ourselves in all business matters and ensures the best interest of shareholders, employees, partners, and other stakeholders are forefront and aligned with our mission of building a better world through renewable energy. Our board of directors believes in the importance of open and constructive dialogue with shareholders. Last year, Innergex individually met with over 100 existing and potential institutional investors, attended eight investment conferences, and held their first investor day, which many of you probably attended. In 2021, many of our policies were updated to meet or exceed industry standards, including our whistleblowing and board diversity policies. We also added an ethical behavior section to our yearly code of conduct training for all employees, and importantly, became a signatory in the Solar Industry Forced Labor Prevention Pledge to ensure our solar supply chain is free of forced labor, while raising awareness within the industry on this important issue. This year, we have renewed our commitment to our employees with several policy updates, including the workplace environment free of harassment, violence, and bullying and human rights policies. We are also in the final stages of developing a new supplier code of conduct before the end of this year. External rating agencies conduct yearly or biennial assessments of certain listed corporations to generate an ESG scorecard that they sell to fund managers, investors, lenders, and other financial entities. It is also used to provide guidance to corporations on where they're lacking in their ESG performance and disclosures. Because each has their own methodology and scoring system, results can vary widely from one to the other, and this is by no means an exhaustive list of agencies. In fact, there are hundreds of them worldwide. Innergex advocates for a single system that is more streamlined, and as Michel mentioned earlier, puts more of a focus on the E of ESG as a means to achieve net zero and climate change targets. In 2022, we were extremely proud to have been listed in the second spot on the Corporate Knights best 50 corporate citizens. In fact, we were the highest listed publicly traded company on the list, as Hydro-Québec was the first. The award recognizes a corporate entity that employs a more humane form of capitalism, placing people and planet ahead of profits to make business a force for good. Our overall ratings are improving year-over-year, and we use these tools to help us identify gaps in our reporting cycles where possible. As we all know, climate change presents not only environmental risks but financial risks to the global economy. Financial markets and investors have been clamoring for clear, comprehensive, and reliable information on the impacts of climate change on a business, including the risks and opportunities presented by rising temperatures, climate-related policy, and emerging technologies, to name a few. In 2021, Innergex committed to conducting our first climate assessment in line with the recommendations laid out in the Task Force on Climate-related Financial Disclosures, established in 2015 by the Financial Stability Board. Some jurisdictions have already begun to make these disclosures mandatory in financial reporting, like the United Kingdom has starting in 2025, and this will likely lead to other jurisdictions enacting similar legislation soon. Our journey at Innergex began in November of 2021 and continued to be developed through the first half of 2022. The executive team started the process with a deep dive into the climate change risks and opportunities that Innergex could potentially face based on three different carbon scenarios. This was followed by three information gathering workshops for each of the regions in which Innergex operates, North America, France, and Chile. As a pure-play renewable energy company, Innergex is uniquely positioned to make a significant contribution to the transition to a clean economy, and we stand ready to ensure that an efficient, just, and clean future awaits us all. This work will ensure that Innergex is at the forefront of climate strategy and disclosure expertise in the energy sector. That concludes our update on our ESG activities. Before we move into the Q&A period, I'd like to invite Michel Letellier back with me here for some closing remarks before we get to the question period. Michel, we've covered a lot of ground here this morning, all the way from the great wide world that we operate within, down to how we're performing and how we're doing business to make sure we continue to perform and can seize the moment. Wondering if this morning you could provide us with some closing remarks and what the key takeaways are for our audience today. Well, thank you, Colleen, and thank you for hosting all this and talking through the ESG performance. Well done. In conclusion, guys, if we go at the key takeaways, I think we've learned that energy is going up. The price of energy is going up, so renewable energy will also follow, and it's a good thing. Well, good thing, depends who's paying. But from the perspective of Innergex, we're happy to see that renewable energy start to have a premium attached to it. Climate policy is not only towards the government. I think we've learned that corporation is also very keen in changing their perspective. They want to have less and less carbon footprint in their processes. One of the first thing they can do is to buy green energy from the grid, and we are there to provide it. That makes more demand for project. We've talked about now the pie of the energy. We're not only looking at the electricity market. I think that going to zero emission by 2050, we're looking now at the total pie of the energy consumption. Transportation, electrification of the transportation, decarbonizing the industry is going to demand more and more electricity and green electricity. This is for us a great segment. It's going to need also some new lines, some storage. We're looking at storage. Eventually, green hydrogen will play a big role. That's why we're interested. We're starting to look into green hydrogen. I think that more and more renewable energy portion of the portfolio will definitely need more and more storage. This is important for us. We have shown that we have now invested in batteries. Batteries to mitigate very quick reaction to the grid. Batteries to mitigate the fact that solar is produced during the day, and we need the electricity during the evening and during the night. We are getting there. We are part of that journey towards more and more renewable energy embedded in the portfolio of the production of electricity. All that is towards getting a better return. You know, at Innergex, we have those three P. We have the planet, the people, and the prosperity. Prosperity, we'd like to share it with our community, but we need also to have a decent return for our shareholders. It's, you've seen what Jean has shown you. I think, the slide and the explanation that he did is showing you that we're confident, we're focused in creating more cash flow per share. I think that, the plan that we have unfold lately is showing that we're improving. I think that the target of CAD 1 per share is achievable. We're getting close and closer to that goal. We have not moved that goal just yet. We're getting very confident that we may eventually achieve it and not go even more. I think that the plan is achievable. We've shown that we have a lot of greenfield project initiative. We have the ability also to make some acquisition that makes a lot of sense. As Pascale has showed you, some acquisition are creating some synergy also in our operation. Now, if we move to the value creation that we can do, Pascale has shown you that we are a full-scale developer. We have more than 500 employees, and they are dedicated to build a better world renewable energy. This is our mission. People are coming to Innergex to do that. They're motivated by the fact that we're 100% renewable energy company, and we want to do this for the next generation. We are fully integrated as a developer. We know how to build and develop this project. We can follow the construction. We can also split contracts, so making sure that we have the full value of contractor in our project. We've been operating our facility, and as Pascal has shown you, it's a 50/50 part. I like this scenario. In some cases where we don't have a concentration of project or they're small or diversified in terms of a supplier, it may make sense to have a third party providing a good service. But knowing that we have the ability to do it ourselves, I think we're in a better position to negotiate good terms and conditions with these people. As Pascale has shown, we have the tools to impose on them liquidated damages if they're not doing the right thing. All in all, acquisition is part of the mix. It's not the only goal, but I think it's a good tool to help our cash-on-cash improvement during the time that we're developing projects. All in all, I'm very, very positive about our goal. I think that we will be able to achieve it, and I'm looking forward exceeding it, but I don't wanna put too much pressure, right, on our team. Give us a snapshot, Michel. Yeah. Where could we be going? Well, we haven't updated this slide. I think that this slide is only mathematical. We have used our goal of installed capacity over 5,500 megawatts. We had a very conservative growth, and it shows you that well, easily we can get to 2030 with 10,000 megawatts. I think our people will be able to do a little bit better than that, maybe a lot better than that. As you've seen, the market is there. There's a lot of opportunity. I think that growing the megawatts is important, but growing the cash flow per share is paramount. I think we want to create value for our shareholders. It's important to grow the company, but we have to have a focus on creating value also for our shareholder. It's part of the mix. Having a growth per share of 10%, I think, is achievable. I think, like I said, we can surpass that. It's just mathematical. We went from CAD 0.01 in 2025, and we had up a 10% growth to 2030, and we end up with CAD 1.60. Like I said, the opportunity is there. I think that as we are getting more flexible also in our cash flow, retained cash flow to reinvest in our project, this might be improved also. It's a big focus. I think that today you have seen the team, the depth of the team. Of course, we have a lot more people around. We just had an opportunity to share this presentation with some of the chief. You have the ability to ask questions regarding the development of our different market. Take the chance to ask a few questions to our head of market. They're here to answer your question. I thank you for the attention, and we'll get to the first question right away. Awesome. Thank you so much. Thank you. As Michel said, we're going to move into our question period now. You can write your questions through the chat available on your screen. Please direct your questions to the co-host called Innergex Q&A. All questions submitted will be received by our production team and will be given to myself to be answered by one of the executives on the panel. We'll try to answer as many questions as we can in the time we have, and if we don't have time to catch all of them, we will follow up in email. I'll read the questions as they come through the messaging. As we mentioned at the beginning, we're gonna be joined now by Guillaume Jumel, Vice President and Managing Director of France, David Little, Vice President and Managing Director, USA, and Jaime Pino, Vice President and Managing Director, Chile, who will be available to answer your questions in addition to Michel, Pascale, Jean, and myself. Our first question this morning is on the Chilean market. What is your view on the spot price evolution in Chile? Jaime? Morning, Colleen. Hello, everyone. Well, this is a very good question. As you may know, in all the countries, the prices are very high, and Chile is no exception. Indeed, if you compare the year-to-date prices, spot prices of 2022 to the 2020 year, we are today having a price that is 2.6 times the price that we had in 2020. This is more than two times the price. The main factor of those prices are first, some droughts that we have in the country in the last years that reduced the capacity of the hydro. Fortunately, this year, the hydro is very good. The second one, the most important one, is the high prices of fossil fuels that increase the prices of our base loads. You have to notice it's important to highlight that. Today in Chile, the presence of fossil fuel is an important part of the market, as Michel said. Just an example, last week was 41% between LNG and also coal. The third factor is the accelerated process of the coal plant decommissioning. The government has a target of decommission or shut down all the plants by 2040, but now the companies are accelerating this plan to 2030. The fourth factor is the failure of some thermal plants. This is very important because we depend on the fossil plants, these failures, especially in coal, reduce the energy capacity. Today, it's more or less between 2,000 megawatts and 3,000 megawatts, which is important for our metrics. The last one is some projects that are delayed in the supply due to problems from the supply chain, as you know. This is the main factor that has shown the higher prices in energy. What is happening, what we predict for the next, the next year is something similar. Maybe a lower level price, but it's still high, driven by the high fuel prices. The decommissioning is an accelerated decommissioning plan. Actually, the new minister of energy pushed in order to have the target, a formal target for 2030. The other one is some restrictions for the transmission at the north. At the end of the day, we expect high prices in the next two years. Maybe then it will be more stabilized. Something important is that the prices will be in very different levels between the day and the night. We expect high difference between the day and the night as Juan explained. It will be a good chance for storage as our project in Salvador like this, and also for the reservoir that has the capacity to regulate water and take advantage of peak and off-hour as we take over or decline in our markets. Awesome. Thank you so much, Jaime. Our next question, we're gonna flip to the United States. What does the passage of the Inflation Reduction Act in the U.S. mean for your return expectations for U.S. projects, and did it change your assumptions and growth forecast through to 2025? Michel? Well, I think that as we said, there's a lot of great opportunity in the United States. I'll let David explain and maybe I'll complement David's comment. David is the head of the U.S. Go ahead David, please. Thank you, Michel. The IRA is a big game changer in the United States market. Everybody knows the United States is a huge market. I think the IRA is gonna bring us the long-term stability that we've all been looking for many years. With that stability, it's also gonna bring more competition. That's the question, as you've mentioned. I think that with the long-term viewpoint that we take with our project development and now, I think we have about 50 people on the ground in the United States now. You know, with folks really focused in the markets, we're gonna be able to be very selective in how we do our development. We're gonna be able to take the time and thoughtfulness that requires to do development and be very selective in the projects that we do move ahead. As Michel also mentioned earlier, and Pascale as well, we do have near-term development opportunities, certainly with our Wautoma project in Washington State and Mile High in Colorado. We did acquire an asset through our Basel development, actually a project that will have economies of scale or could have economies of scale if possible. In addition to that, our markets, we have several people, whether it's Pacific Northwest, the West, the Mountain West, as we call it. We're more focused on new developments in Nevada and in Arizona and in Utah and other places in California, of course, with battery storage. Now we have a battery storage team specifically focused on that. I think we're going to be able to, I guess, come back to the question, to really be more selective in our development opportunities, to hold our returns. Good. All right. Our next question moves to talking about the demand for renewables being strong, but the labor composition is evolving in the coming years to a less experienced workforce. Does that add challenges to project execution? Are you building less risk in, and how does it impact your ability to deliver to 2025? Well, I think that th is labor shortage is not only for renewable energy. Of course, we are growing so and growing pretty fast. It's true that we will need more skilled workers. We're thinking about that, and it is a challenge. I think that we have the ability with our more experienced players to make sure that we can introduce younger players in our team so that we have a mix of new coming or newcomers with our more seasoned veteran that have a little bit of gray hair or no more hairs. I think that it's a good mix. We act a little bit as a family, as a team, but it's true that this is going to be a challenge for everybody. I think that we know we have some programs to help making the new introduction to the team. I think that our industry is inspirational to the new generation. I think that the new generation likes renewable energy, and they are dedicated to that and passionate about it. I'm confident that we'll find the right person to do this. It's true that it's going to be a challenge. Just join the Innergex team and get an opportunity to work with a great group of people. Yeah. Learn and grow, and build a better world with renewable energy. Definitely. Why not come and join us? What are your latest thoughts on demand from corporate buyers in Europe? How does the potential price cap proposed by the EU affect these negotiations? Well, that's very interesting. That's a curve that we just received lately. We're already reacting. I'll let Guillaume, you know, he's in the middle of that crisis, and he's very active and proactive, and he has some very cool ideas. Go ahead, Guillaume. Well, thanks, Michel. Hello, everyone. Yeah, just to give a little bit of context to the audience. The EU has expressed, I think last week, its willingness to cap the price for renewable and nuclear at EUR 180 per megawatt hour, which is, all in all, a pretty good price. But that is still below the current market price that we are experiencing right now. I think, as of yesterday, market prices for 2023 were above EUR 500 per megawatt hour in France. That's still significantly below the market prices. It's true that we see a lot of corporate demand for electricity, not only for the upcoming winters, but also on the longer term. I think our strategy in this context would be to extend the duration of the PPA the typical three - four years, but extend the duration of our PPA to 8-10 years or even more, so that the CAD 180 that would act as a cap would look very attractive actually as pricing. If we have to remind that a few years ago, CAD 180 was way above our expectations. If we're able to secure longer-term PPA slightly below the cap, that will still be a good play for us. Thank you, Guillaume. I think this is the idea is to maybe take advantage of the price that we're seeing is way over the 180 and to basically take a corporate PPA and basically have them commit for a longer period of time at the lower price, but then taking into consideration the next couple of years, prices are going to be very high. I think it's a good strategy, and we have incoming calls that are engaging us as we speak. Pretty good. Great. The next question is, with the strong progress on improving your free cash flow per share and lowering your payout ratio, how does that influence how you prioritize greenfield development versus M&A in the next couple of years? Well, it's a good question. Jean has alluded that we need less M&A, but M&A is a good tool. I think that when it makes sense, when it's accretive, we'll act on it. I think we rely a little bit less on M&A in order to improve our cash on cash. Jean maybe you can add on this. I mean, we have actually right now at Innergex a team of dedicated professionals, so we will keep looking at it. The market is always very hot. Actually, there's a lot of transactions happening, so we have to look at it. We'll be obviously very selective, perhaps more selective than we could be, you know, the capacity that we have to grow organically. I think it's still gonna be a large part of what we can do to achieve further accretion on free cash flow per share. We always said that, well, not the opportunity, but we're giving back a lot in terms of dividend. This is a way for us to mitigate the fact that we're giving dividend while we wanna develop. One way to keep being accretive in terms of cash flow per share is making sure that we have some good target M&A. Great. Our next question is, can you discuss the current focus for co-investments with Hydro-Québec? Can you also provide us with updates on recent initiatives undertaken with Hydro-Québec? Well, I think that with Hydro-Québec, we have been successful in one transaction. Jean has given you a little bit of the amount of transaction that we're looking into a year. Everything that is in North America, we have the ability to co-invest with Hydro-Québec, so we're working with them. Some are more interesting for Hydro-Québec than others. We're joining force on most of the initiative that we're seeing in North America. That doesn't mean that we cannot do our own or Hydro-Québec, for some reason, can do his own depending on the need. We're working very well together. It's been a little bit more than two years now that we have this commitment. I must say that Hydro-Québec is focusing more and more in the Northeast and even more in Québec. You heard me talking about the actual campaign for the election campaign. A lot of the leaders are talking about almost doubling the size of Hydro-Québec in the next 20 years or so. There's opportunity also in Québec to be partnered with Hydro-Québec. This is something that we are looking as well in greenfield development in Québec. I think that we have learned to work together. Two years is long, but not that long in terms of a long-term strategy. I think that we can say that with Hydro-Québec, it's a little bit of a continuity. Great. All right, our next question: What returns can you achieve in the competitive U.S. market for acquisitions, and what risks are you taking to achieve these returns? Well, it's. We always said it. I mean, risk return, more risky a project is, theoretically, we should get a little bit more return. The problem is that establishing the risk is also in the United States a lot on the residual value of a project or the tail. The price of electricity in 10, 15 years from now is not easy to forecast. This is a big part of the total return of a project. Also, in some cases, in the United States, one has to be very careful on the basis risk, and this is also an issue when you're looking at the how do you deliver the electricity in some market. We all know the infamous Texas market, which basis risk is a big issue. In other places in the States, one has to be careful as well. David, do you want to add on those? Thanks, Michel. I would elaborate a little bit. I think one of the things to remember is that at Innergex, we are very diversified, both geographically and technology-wise. Even in the United States market, that diversification reaches into the different markets that we're working in. For example, in many of the Western markets, in the WECC, as we call it, there we're still dealing with or contracting with very high-grade investor-owned utilities and also corporate customers as well. There are other markets that we're in PJM and ERCOT, where there is more merchant exposure. As we develop our projects, even with the long runway that the IRA is going to give us, it's gonna give us that ability to really look at many different markets and be able to balance our exposures between the different, whether it's contracted or not contracted, some merchant exposure, or certainly just contracting like we just executed, as we talked about earlier, 330 MW contract with PacifiCorp Boswell Springs. There's not a better investment-grade counterparty that we could have. It really is a mix, Michel, sorry to ramble a little bit here, but it really is a mix that we have of strong investment-grade counterparties and others. I guess the defining risk is. I would say it depends on each corporation. At Innergex, we rather look at our project being a little bit more conservative on the price of electricity going forward. I think that in many cases, we could theoretically look at a project and be happy with a certain return depending on the assumption that we're putting in. I think the assumption is very, very important. I said it so many times, with a spreadsheet, you can make great return on a project, but in actuality one has to be very careful. Excellent. Our next question is, can the team expand on its view of acquiring platforms with both operating assets and portfolios of late-stage development assets? Well, it's always an interesting view. We've done that in the past. You know, we acquired Cloudworks way back then in BC. That's a little bit of how we developed BC. We did acquire Alterra. We acquired also Energía Llaima in Chile, which was not a big platform, but it was a platform. We're not against it. In some cases, it can be a very good strategy to enter into a new market. It's just that good platforms with a lot of pipeline are expensive, and one has to be very careful when we look at it. Like I said, we have three experiences in our recent history. We have learned from these processes, and sometimes it's also a little bit of a challenge of keeping the people in. Sometimes when you have these platform, and they're private, when you buy the platform, you're making the leader pretty rich, and are they still aligned with the strategy of the corporation? We're mindful. I mean, we're always looking. We could be opportunistic, but we have learned also from those processes that we have to be careful. Jean, do you want to add up on that one? I think you sum it well. I think, you're right. It's hard sometimes to retain the executive level talent, but it's a good way also in these days to acquire new talent and actually beef up our team in some areas. Strategically, small portfolios with a team of very capable developers could be a nice addition to our mix. We're always very careful about the impact on payout ratio, 'cause if there's an area of projects under development, it means that it would take up a large part of our prospective project expense budget. I think as we grow and as we have more available free cash flow, it's certainly like an angle that we have in mind and we can explore. We do see opportunities like this coming up our way as part of the M&A activities that we look into. We need to find the appropriate one that would fit our strategic goals and would be of a size that actually fits our, you know, our capacity, our financial capacity. Fair to say that's where our 30-plus years of experience comes into play, too, is that we know what we need, we know what works, we know what doesn't work, and so we're able to be very selective and make sure we're picking- Absolutely. The right project for the right team. Absolutely. It's like looking for the right wine. You don't want the same wine. There's lots out there, right? I'm big with my analogies, so I apologize on inflicting them all on you this morning. Our next question. Are there any other markets Innergex would look to enter or begin establishing a position in with development projects? We basically had said in the last few years that we're pretty busy in our market. You've seen the opportunities that we have in France, Canada, in United States. We are in Chile. We said that Peru was also a potential target. We've studied Peru quite a bit in the past. We're not against eventually looking into Europe if we see some opportunity. Right now, we're so busy in our own market that it's difficult to think that we would reach out into another. We think that the actual market that we're focusing are very good. They have all kinds of good prospect for the growth. We're not in the mood to expand, you know, aggressively. Who knows? If there's an opportunity that comes to us, we might look at it, but we're very happy with the market where we are. Great. Our next question: Could you provide some more color on the potential to recycle assets? Which assets could fall into this category? And would this offset the potential equity-like funding you would need? Of course. Some of our peers are taking that strategy. We haven't been super active on that aspect, but remember that we have recycled the asset on the geothermal asset that we had in Iceland. That was not considered core, so we divested of that investment. I think that if we're looking seriously at diversifying our portfolio, building size is important, synergy is important. Selling a portion of an asset is always been out there. We've done that when we were acquiring some facility with some pension fund money. Not against it completely, but it's not our core business. We like to develop, we like to operate, we like to create synergy, especially when we also do some early stage development with community. We like to be the long-term owner of asset. If an asset becomes a little bit less of a core or if we have too much exposure into a certain market, yes, a recycling of asset can be seen. Jean, any comment on this? I mean, well said, Michel. I think we answered it well. I think I would say maybe just to add, maybe so in some cases, smaller assets that sometimes require a lot of time from the management could be also an avenue to dispose of, but it won't necessarily make a big part of a recycling plan to have a lot of money to reinvest necessarily. I would just add that piece. Sure. Okay. Okay. Our next question is: Are you considering minority stake sales for new growth only? What about partial or core monetization of existing assets? I think I covered. So there- Yeah, I think we covered it. Sometimes you're taking advantage of a financial institution in Europe. Sometimes, Guillaume, you've seen a lot of transactions in that sense. There's a lot of long-term patient money in Europe that might be interested also in some of those assets. Yeah, I mean, opportunistically, but it's not a core strategy for us to recycle our assets all the time. Great. Our next question: Would you see the mix of outsourced maintenance versus self-operated staying at 50/50 in the future? Also, can you leverage on your Hydro-Québec partnership for O&M in Québec? That's a good point. I wouldn't go too much on that in Québec. As everybody knows, Hydro-Québec is a union shop, and there's some of that aspect that one has to be careful. Of course, we could take advantage sometimes of our ability to operate smaller asset that Hydro-Québec doesn't necessarily have the structure to do this. The 50/50 self-operating facility is interesting, but like I said, sometimes it depends on the proposal of the manufacturer. Sometimes when you have a good contract and the market is, or the dynamic of negotiation with that supplier is good, we can have value. I think that, as Pascale said, and I'll let Pascale elaborate a little bit on it, I think that we have this luxury of being able to do it ourselves, and if we let a third party do it's because we see an added value. Well said, Michel. You know, when we're signing up the technical support agreement or the fleet support agreement with a given OEM, depending on the contract that we're able to negotiate, it can be beneficial for us to have them 10 years, 15 years, 20 years. Depending on how we're monitoring their key performance indicators over time, we can decide at the end of this term or even before, if there is a breach in the contractual obligations, then to take it back, you know? The good thing is that we have the knowledge, we have the depth, we have the experience, and we're long efficient operators. It will depend. 50/50 today can be different depending on the acquisitions we're gonna do, the development we're gonna bring into construction and operation. We'll see, but this is something we're monitoring very closely in order to remain competitive and sustainable over the long run. There's one technology that we like to operate is hydro. Mm-hmm. It's not because I love hydro, it's because For the money part. This is also true. solar to some degree, when we can and especially on big, there's some tax equity sometimes. Mm-hmm. Constraint that don't necessarily let us operate right away. As we grow, I think that solar, we don't see a lot of value of giving that on the third party, except perhaps on small project that are not easily reachable for us. Wind is probably where sometimes you can create value by giving a third party, well, giving the operation to the supplier, especially if it's new, it's a new technology. Mm-hmm. Hydro and solar, most likely a bigger portion of that will be self-operated. Great. Our next question: could you tell us more about the repowering potential of your existing asset base? Oh, that's a good question in the sense that, Quebec is becoming a very active file on this. As you know, the first wave of project that we have built in Quebec, starting with Baie-des-Sables, that's a 110 MW facility, is coming due in 2026. We have already started talking to Hydro-Québec on the strategy to extend. I think that as Pascale said, repowering is a big thing in the U.S., because of the tax equity. Personally, I think it's not necessarily a good use of PTC in terms of sustainability investment. It may make sense financially, but I think that as we are going to be more focused on sustainable investment, dismantling a perfectly good wind farm that still has some fairly good use future years in its ability to produce electricity, I find it sad to dismantle existing wind farm that are still fairly efficient. I'm not talking about the old one with these, you know, the cross towers and being 500 kilowatts, stuff like that, but 1.5, 2 megawatt type of machine that are fairly efficient, I find it sad. In Quebec, we're looking in potentially being able to extend this. As Pascale said, there's CapEx also associated to it. Depending on the financial and our ability also, our strategy would be potentially to have a long-term agreement with the offtaker, where we have a transition period where you could let live the existing facility and have a transition between the new generation and the old one, where they can coexist for a while. You would minimize the loss of electricity that you produce, and you take the most extended life of these machines. On the reporting of EHD, we are going to look at the scope three, the scope three is part of this. I mean, we're going to build facility, but while we're building it, we're creating CO2. We're using concrete, we're using steel. If these things are amortized over 30-35 years, it makes sense, right? I mean, there's some study that are showing that a wind farm is getting positive depending where they're displacing electricity after five-six years. It's even better if you keep it 30 or 35 years. I understand that sometimes the technology is bringing a lot more efficiency to a site. It's a little bit of a mix, but I think at Innergex, we'll be leaning towards trying to extend the life our asset a little bit. fair to say, we know from our conversation earlier, the demand for the product is going to be there well- Yeah. into the future, and the resource will be there. Sure. It's just to figure out how to best harness it. That's it. Pascale, any thought? I would say with the mindset that we have from a predictive maintenance, making sure that we're taking care of our assets, when it comes to hydro, the life expectancy of a hydro facility can be forever. On the wind farm side of the house, if the tower is good, if the foundation is good also, and doing the proper lubrications and inspections and all of that, I think we have the right base in order to make sure that we can extend our assets, if it is the way we wanna go from an economical standpoint, and making sure that we stay in line with always being an exemplary corporate citizen from a sustainability. Okay. Our next question is, could you give us an idea of the power prices you could see in the upcoming years in the markets where you have some spot exposure? That's a good point. Well, I guess that Canada can also be, but we don't have that much exposure in Canada. I'll let Guillaume first to talk about France, followed by David in the States and Jaime for Chile. Well, thanks, Michel. That's a tough question. But if we look at the fundamentals of the market as it is right now, you alluded to that earlier, Michel. The nuclear unavailability is massive right now. And nuclear still represents 70% of the electricity production in France. You know, the availability rate dropped to 50%, so it's as if 35% of the electricity production capacity was out of the system right now. This is due to long-term issues, corrosion issues, but also aging issues. The most of the reactors will need to be refurbished for in order to extend their useful life. So the unavailability is here to last. Not probably to the same extent, but it will last at least four or five years still. In this context, I don't see how price could go back to where they were two years ago during the crisis, around 40, 50 EUR per MWh. Even on the medium term, I think we're gonna witness still very high market prices where it's difficult to know, but you know, 80, 100, that's an option, I think. Well said. David, and it's unfair for David because the U.S. is so different. It's a huge market, so it can vary so much. Markets within markets for sure. On a macro level, Michel, certainly we have coal plant closures, which will continue to affect the market. We also have very strong demand, not just from state RPS requirements, from more corporations that continue to enter the market, to come in. Even on a market basis, for example, in the PJM market, which many of you are familiar with, we're seeing a real backlog in being able to get connected to the system, with a changeover from serial to a cluster process. There's a lot of projects that are being delayed, and the market continues to grow from the demand side. I would see a continued positive upward pressure on power prices. Yeah, and again, depending on the market, certainly in a number of the markets that we are working in. Thank you, David. Jaime, Chile. Yes. As I said before, we expect high prices as Guillaume said, probably less than the prices that you have seen in Europe, but still high, over 65 to 6,500. Driven by, as I mentioned, because the decommissioning plan for coal plants is accelerated, not only by the government, but also by the big generators that has those plants. To replace those plants, we need a lot of energy, renewable energy. It's not easy today because the supply chain problems. We expect at least the next three years high prices and then level ups in the medium term. Again, we think that the prices will be not at the level that we saw during the pandemic. Yeah. Thank you, Jaime. I think in general, if we talk about Canada has less exposure, but to some degree, it's been influenced also by the market around Canada. I think that the cost of building renewable energy has gone up lately, supply chain issues and what have you. I think that the price that we've seen in the last 2, 3, 4 years prior to the energy crisis were very, very low. I believe that we have gone to another place now for the future. Probably like we were saying, the next couple of years will be probably intense in terms of pressure for pricing. It will eventually go back to a more sustainable pricing. Mind you that we don't need $150. Guillaume said, we don't mind getting $180 dollars, but we never dreamt of having that much money. Same with Chile at $150 sometimes this last summer. We need a decent pricing so that these project can be embedded with local community, and we can make a decent return as well. I think that on the long run, it depends on the market, but something between $50 and $70 dollars per megawatt-hour makes sense for most of our technology. Great. It was a great answer, and we're gonna get to have some fun here because we have a small technical glitch. Oh. Both Misters Little and Pino get to repeat their answers. Oh. David, if you could- Hold on a second. Oh. Oh. There we go. We're pivoting real time here. Technology solved the problem. You're off the hook. Jaime, we're likely to come back to you in a moment here, to close our question period with the last question this morning, which is: In Chile, what balance do you want to achieve between merchant and contracted assets? I'll let Jaime complete this, but I think that Jaime will give you a little bit more of a flavor of what is the corporate demand right now and even existing utility and players that have been perhaps a little bit optimistic in signing PPAs and getting into commitment towards delivering that energy that somehow somewhere is missing now. There's pressure, there's opportunity for us to sign. I said it many times when we entered the Chilean market. I'm not so sure it's working. Yeah, it's working. Okay. I think that we saw that the market pricing was very weak. We were believing at a sustainable level around $50-ish. The market is getting there. We will have, at some point in time, with the team in Chile and the rest of the team, take a decision on how much contract because tomorrow we can be 100% contracted. There's the demand is there. It's just that the timing, I guess. Yes. Pino you were saying that we think that today we have a good balance of contracted energy with the export market. Today we are close to 65%-67%, which is the ratio that we think there is good for the Chilean market into the ratio of export market. Moreover, we think that maybe we can increase with another business that we have, which is the solar thermal. Solar thermal is not in the energy grid, but it is a new market that is today. We have a plant, which is the only one in Chile, more than 10 years, that we deliver the energy to the mining sector and the metal. From those projects are PPA, they call it PPA. We have different alternatives to increase our contracted capacity. Well, I mean, we have the RFP. Next year, maybe we will have 7,000 GW of RFP PPA for long-term. We also have a portfolio, as Michel said, of more or less 2,500 GWh. For long-term PPA, we are talking about 10-12 years of PPA. Our teams are dedicated. There's a lot of things in Chile, but what we are doing here is to balance with our portfolio, which is now very diversified, not only in technology but also in geographic locations, which is the best contracted ratio. Today, 65%, maybe could be high or maybe could be low, but we think that this is the range. Mm-hmm. Awesome. Thank you very much, everyone. That, that's the end of our question period this morning. We'll hand it back to Michel to conclude on behalf of all of us from the Innergex team. Well, thank you very much, everybody. Thank you for the team and you've seen people here around the table, but there's a lot of people that help us created these slides and support the development of Innergex. I thank all our employees for their dedication. Thank you for your support, the shareholders. We need you, we need a great support. We need a good price of the stock to grow. At Innergex, we wanna be part of the solution for the next generation. We wanna be 100% renewable energy. We wanna bring also some storage solution. You've seen that we have a great path forward, and we can make and share the prosperity with the community and with our shareholders. Thank you very much for your time. We really appreciate your support. Thank you.