Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Innergex Renewable Energy 2024 Q4 and Year-End Results Conference Call and Webcast. [Foreign Language]. At this time, all participants on the phone and internet are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session for analysts and institutional investors. An instruction will be provided at that time for you to queue up for questions. If anyone has any difficulties hearing the conference, please press star followed by zero for operators' assistance at any time. I would like to remind everyone that this conference call is being recorded. I will now turn the conference over to Naji Baydoun, Director of Investor Relations. Please go ahead. Hello everyone, and thank you for joining us today. I'd like to specify that this conference will be held in English. Members of the media are invited to ask their questions by phone after this call. A presentation supporting today's discussion is available as we speak on the homepage of our website at www.innergex.com. This call contains forward-looking statements within the meaning of applicable securities laws. Although the corporation believes that the expectations and assumptions on which forward-looking statements are based are reasonable under the current circumstances, listeners are cautioned not to rely unduly on these forward-looking statements, as no assurance can be given that it will prove to be correct. Forward-looking information contained herein is made at the date of this call, and the corporation does not undertake any obligation to update or revise any forward-looking information, whether as a result of events or circumstances occurring after the date hereof, unless so required by law. During this call, we will refer to financial measures that are not recognized according to international financial reporting standards. Please refer to the non-IFRS measures section of the MD&A for more information. On today's call, we will discuss highlights for the quarter and the year, provide an update on our growth and corporate initiatives, review our Q4 2024 and full year 2024 financial results, and discuss our 2025 guidance and outlook. Our speakers will be Michel Letellier, President and Chief Executive Officer, and Jean Trudel, Chief Financial Officer. I will now turn the conference over to Monsieur Letellier. Thank you so much, Naji, and good morning, everybody. Very happy to be here with you and reporting on our objective of last year. Glad to report that we have met all our objectives and actually exceed some of them. The team have worked really hard, starting with financial results, strong results. We basically hit the EBITDA target. We achieved CAD 761 million of EBITDA, and we exceeded our upper end of our guidance on Free Cash Flow per share at CAD 1.06. So it's very strong. Results show the resiliency of our portfolio and also the great operation team that maintained the assets' availability over 96% of the time. So we cannot control the weather, but we can certainly control the availability of our equipment, and our operation team did a great job on that aspect. Following on, our construction team has done great work. We have delivered Boswell on time. Very, very happy to have 330 MW of wind in Wyoming under a long-term PPA contract of 30 years to be now in full operation. We are very happy on this. And also, Hale Kuawehi is still on track to be in operation in the first quarter of 2025. Construction is advancing as we have planned, and very happy to have now this great project, Boswell being in operation. The development team has been very busy this year. Great, great results. Super happy, especially at the end of the year. We secured three projects in BC. Again, 30 years PPA indexed with CPI, take or pay. The type of PPA we love. We are very happy to have come back in BC. RFP, the opportunity there has been waiting for a long time. Remember that last time we participated in BC was in 2010, 14 years ago. Super happy to come back with a big win on this opportunity. We also won 360 GWh of PPA in Chile earlier on this year. And we also had 1.3 GW of prospective addition to the portfolio. Super positive. I think that it shows our resilience and our ability in our own market to be successful as well. The financing team has done a lot of work as well. Completed $450 million of project finance. That provides us a lot more flexibility in our balance sheet. And also, Jean is going to talk about it. We are going to meet the KPI for Fitch rating. So super constructive this year. We also sold down $250 million worth of investment in Texas. As you know, we have been able to get rid of the Power Hedge project PPA contract in Texas. So very, very happy on this outcome as well. If we switched on the other slide, I think this is a very good testament on our ability to win on our market in Canada. We always said that we wanted to maintain and expand our market shares in our core market in Canada. This slide, I'm very, very proud, shows that we've been number one in winning RFP in Canada in the last couple of years out of all the players here. So very, very happy on our ability. But thanks to our, I would say, business focus on being a partner with First Nations, you know that this is enabling us to be able and being a preferred partner with First Nations. We've been doing this for a long time. All our team are committed to be a good long-term partner for our partners in First Nations. I'd like to take the opportunity to take them to give us the opportunity to be a great partner. And this has shown in this result. All these projects are in partnership with either First Nation or community. Very, very happy to have their support and being able to focus on future development as well. But I think that it's time now to take a bit of time to look at this slide and to congratulate ourselves on this big win in the last couple of years. Shows that we are a big leader in Canada and we intend to defend our market share in our core market there. Next slide. We're showing also that in numbers, starting in the year 2023 with 4,200 MW in operation, we have, including Boswell, 370 MW in operation this year, adding 9% of the total output. So very happy to see that. We also have been super busy, like we said, in securing long-term PPA, and we love to have those PPA again. Those are long-term take or pay, inflated PPA, the type that we love. We had a lot of them in our pipeline of advanced project, now standing to bring 6,200 MW by the end of 2030, 2031, and still working on it. I think that this translates into showing that next year we have 240 MW under construction this year. The biggest or the earliest project that we'll be seeing the COD will be Hale Kuawehi, as we mentioned. We intend to put that project in service by the end of this quarter. We have also a few more projects to be online by the end of 2026, including the Mesgi'g Ugju's'n number two project in Québec. So, very strong focus on executing on those. And we just mentioned that we're adding also on project with existing PPA to have to the growth on the portfolio. These are adding 1,337 MW of growth, visible growth with certainty in having long-term PPA with these projects. So that gives us 6,200 MW of potential project by the end of 2030, 2031. That can be accelerated a little bit with some BC projects that potentially have the opportunity to be in service a little bit earlier. We'll talk about that later on. But super happy to show that we're growing with good quality of long-term PPA in our portfolio. That being said, I think that in order to be successful in our growth initiative, we have also to be building on our ability and optionality on our prospective projects. You heard us explaining a lot about the ability and the importance to have early-stage development projects. Mid-stage means that obviously we're advancing these portfolio, and advance that means that they're really and are very close to obtain potential PPA, so this 10,000 MW of prospective project are the future, and it's providing us, I would say, opportunities to bid RFP. We're very selective also in our focus. Again, you're seeing that we have more than two-thirds of our opportunity in Canada. We see a lot of opportunity in Canada, both in, well, I guess in all our market that we're focusing, Québec, Ontario, BC, Saskatchewan, Manitoba are amongst the leader in potential PPA that we can win. We are seeing a lot of opportunity in Ontario. Ontario has an active RFP, so we're focusing on this, obviously, for 2025 and getting prepared also to build a diversified portfolio in order to be flexible in answering future RFPs. We'll talk about the future of 2025 priorities a little bit later on, but I'll let Jean Trudel explain and give you a little bit of more detail on our financial results. Here you go, Jean. All right. Thank you, Michel, and good morning, everyone. It's a real pleasure to discuss our results as we ended the year on a very strong note. So I'll start with production. Production in the quarter was 97% of LTA, above the 94% achieved in Q4 2023. Generation in Q4 was primarily driven by below-average wind regimes in France and Chile, lower water flows at our hydro sites outside of BC, and lower irradiance and curtailment impacts in our Chilean solar portfolio. These elements were partly offset by above-average generation at our BC hydro facilities and strong contributions from our US wind portfolio, including pre-commissioning production at Boswell Springs. Production for the full year was at 93% of LTA in 2024, compared to 90% in the prior year. Overall, each of our hydro, wind, and solar portfolios recorded higher production year- over- year with various pockets of strength and weakness across specific regions. Our team has worked diligently to ensure optimal asset performance, as evidenced by the 96% overall availability we achieved in 2024, above our target of 95%. We remain focused on efficiently running our operation to ensure maximum availability and thus optimize what we can control. Finally, we're very pleased with the performance of our hydro portfolio in 2024, particularly in BC, where our hydro assets achieved 104% of LTA. This clearly shows that the low generation experienced in 2023 was an anomaly, and we are happy that we can demonstrate the full revenue-generating capacity of these assets. We reported Adjusted EBITDA Proportionate of CAD 210 million in Q4 2024 and CAD 761 million for the full year, approximately 13% and 3% higher year -over- year, respectively. Our Q4 results benefited from the strong performance of our hydro portfolio, especially in BC, as well as the recognition of PTCs generation generated from prior years in the U.S. following a change in recoverability estimates. However, even when adjusting for this one-time element that amounted to approximately CAD 16 million, our results would still be above expectations. Importantly, our results also benefited from the commissioning of Boswell Springs. If you recall, this project was not part of our guidance for the year, and we are proud of our construction team's diligent work, which allowed us to finish the project in 2024 and begin to benefit from it sooner than expected. This demonstrates our strong execution capabilities, which allows us to deliver value for shareholders. Free Cash Flow was CAD 49.2 million and approximately CAD 214 million in Q4 and for the full year, respectively. This equates to $0.24 for Q4 2024 and $1.06 per share for the full Free Cash Flow per share for the year was similar to the 2023 results, with lower gains realized on strategic transactions offset by improved production, new asset commissioning, lower maintenance CapEx, and the previously noted one-time element in our Q4 results. In 2024, we delivered results that were above the midpoint of our EBITDA guidance and above the high end of the range Free Cash Flow per share. Even when adjusting for the gain realized on strategic transaction, Free Cash Flow per share in 2024 would have been $0.87, exceeding our guidance. We are pleased to have generated strong financial results to our shareholders in 2024, demonstrating our ability to deliver on our objectives despite weather-related production shortfalls. Now, as of the end of Q4, the total debt amounted to approximately $6.6 billion. During the quarter, we continued to invest in our advanced development and under construction projects and completed approximately CAD 450 million of financings to strengthen our balance sheet. Our liquidity has improved and now stands at over CAD 700 million, supporting all our near-term investments and financing needs. Following the commissioning of Boswell Springs, our remaining years to PPA maturity has increased to 13 years from 11.6 previously. Meanwhile, our remaining years to debt maturity stands at around 11 years following the recent refinancing. This is now below our remaining PPA maturity and well below the remaining useful life of our assets. Overall, we continue to prioritize a self-amortizing debt structure and remain comfortable with our leverage profile, which is approximately 90% non-recourse. In 2024, we executed on several financings to strengthen our financial flexibility. This included a CAD 250 million sell-down of our Texas portfolio and approximately CAD 450 million of financing initiatives, of which 44% were related to our hydro portfolio, a unique advantage that we continue to benefit from. The portfolio management activities completed in 2024 allowed us to effectively manage our cost of capital and remain committed to maintaining an investment-grade balance sheet. Overall, we expect our portfolio to continue providing us with recontracting and refinancing optionality, and we expect to execute on these opportunities in the coming years. By further optimizing our capital structure and leverage our high-quality fleet, we expect to remain self-funded and create further value for our shareholders. Now, looking out to 2025, we are once again providing guidance for Adjusted EBITDA proportionate and Free Cash Flow per share. For the full year, we expect Adjusted EBITDA proportionate to be in the range of CAD 825 million-CAD 875 million. This represents a $100 million increase compared to our 2024 guidance, or approximately 13% growth compared to 2024 guidance. We also Free Cash Flow per share before prospective expenses to be in the range of $0.75-$0.95 per share, which represents a 10% year-over-year increase at the midpoint compared to our 2024 guidance. Key assumptions behind our 2025 guidance include production expectations in line with our LTAs and asset availability of approximately 95%. The year-over-year growth we expect to deliver in 2024 and 2025 is primarily driven by the commission of Boswell Springs, as well as contributions from our recently completed battery energy storage project in Chile and the upcoming addition of Hale Kuawehi. Overall, we are happy with our team's work to deliver significant growth for shareholders this year. Looking ahead, we remain focused on maintaining a disciplined approach to capital allocation. We continue to see significant opportunities to deploy capital at attractive risk-adjusted returns in our core markets, and our diversification strategy and risk management approach helps mitigate any jurisdictional risks that we may see in certain regions. So we thank you for your confidence, and we maintain our commitment to creating shareholder value in a sustainable way. I now turn it back to Michel for an update on our 2025 corporate priorities and for closing remarks. Thank you, Jean. And again, very happy to have also the ability to give you those guidelines for 2025. As you just heard from Jean, they're strong. I think the assumption that we're using are conservative in some ways. So very, very positive on our ability to be able to deliver those guidance. So in order to also enhance our future growth and development and efficiencies in the company, we want to make sure that construction in 2025 will be successful and will be on time and on budget. As we just spoke a little bit earlier, we have 240 MW of projects that are under construction. We think that Palomino, 200 MW in Ohio, in the United States, should also start construction in the next few months. We have finally now in our position the commitment to interconnection. So super happy. I think that this will enable us to probably be in service by mid-year 2027 on that project. Still looking into finalizing an offtake in this project. We have multiple prospects to finalize. We now have the ability to be able to commit now that we have the interconnection certainty. So super happy on this. Development, as you heard me, we want to focus a lot on our ability to sign long-term PPA. Again, that's what we like. We have the opportunity in Canada. We know for sure that Ontario will come up with an RFP. We think that the final date will be somewhere in late September or early October to submit. So we're getting ready there. There's some rumor that BC Hydro might also come up at the end of the year with an RFP for 2025. We are still waiting also for the confirmation of future RFP in Québec. There's rumor about Manitoba also coming up with an RFP and New Brunswick, so there's plenty of opportunity in Canada. We intend to focus there. You know that we have, I think, a good advantage in Canada. We're having a lot of people on the ground securing great opportunity for these future RFP. Our intention is to have a lot of opportunity in a sense in our portfolio. We want to be selective also. We told you that we want to have between 400 and 500 MW of new wind in 2025. We can sustain this with our self-funding, I guess, strategy, so we have a lot of opportunity. We want to be selective. We have opportunities in all our markets. We'll be focusing on Canada, but we have great opportunity in France, in the U.S., and in Chile. I think that through all these opportunities, we'll be selective. The idea is to create value for our shareholders. We want to make sure that these PPA, that these RFP will be bid in a return in mind and making sure that we will be creating value for our shareholders. Of course, we need to finance these construction activities, and the project team has shown its ability in 2024 to be active on that side. We have a few opportunities also to potentially recycle some of our hydro assets. We'll be looking and being opportunistic in these opportunities to make sure that we keep our balance sheet being flexible. If we go to the last slide, just in key takeaways, you hear me talking a lot about our opportunity in growth. I think there's a lot of noise in the United States regarding renewable energy. At Innerge x, we believe that on the long run, the United States will see some growth in renewable energy. I think the basic strong support for having a lot more electricity being built in the US is there. The customer wants it. So eventually, I think that renewable energy will prevail, will be a great cheap option for the future customer in the United States. In the meantime, we're focusing, of course, on projects that we think are secure and could provide good value in the United States. So we are there for the long term, but we'll be cautious in many ways and make sure that the commitment we're going to get into are secure and make sense for us to create value. But in the meantime, like we said, we have a lot of opportunity in Canada. France is still super active, and Chile has also a lot of RFP coming in the next quarter or so. We think also that the customer wants these electricity, green electrons in many areas. Even the United States, maybe the federal is not so keen these days, but a lot of states need and want to have green energy being built. So we think that with all that demand, we have the ability to pass on good margin in our bid. So this is the main focus on our team. We want to win, but we want to win projects with good return. We also leverage our expertise to navigate in any duties and stuff like that. I think that our business, the base operation business, is not affected by the noise around duties. As you know, we're not exporting in the U.S. We're not importing power in the U.S. So both markets are strong. We have our base business protected. And whatever is happening in the supply chain being affected by duty, we have a lot of flexibility. We have some great team that will look into diversifying our supply, making sure that we are protected, and we have the ability also to discuss the currency exchange in those contracts. So I think that our team are focused. We are aware, and we have the ability to minimize any impact on our business. On this, we would open the question period. Thank you, ladies and gentlemen. If you have a question, please press the star followed by the one on your touch-tone phone. You will hear a tone acknowledging your request. Your questions will be polled in the order they are received. Please lift your handset if you are using a speakerphone before pressing any keys, and your first questions come from Nick Boychuk from Cormark. Please go ahead. Thanks. Good morning, guys. Hey, Nick. Can we spend a second on the organic growth trajectory and how you're thinking about the risks geopolitically, but also with resource allocation, people, capital? It seems that the opportunity you have in Canada is phenomenal magnitude, 560 MW in BC versus 13 MW in France. How are you thinking about allocating capital and time between these markets? And would it not make more sense to really just retrench in Canada and focus on all of those opportunities there? We said that France is, I guess, that the team in France has their focus. They're getting super independent. We have a great team in France that can do their own development. And as long as they're creating value for us, that's their goal. And they're delivering it. As you are aware, we have a new partner with Crédit Agricole Assurances in France. They have their own objective, and they're fulfilling it. So we're super happy with the team in France. That doesn't mean that we're not focusing on Canada. We have now hired even more people in Canada. We're focusing. This is our own market. We have the way, I think, we have shown our ability to win in Canada. But again, thanks to our First Nation partner and local community partner. You know that we've built over these long-term relationships for the last 20 years, and this is not going to change. I think that we have this culture of sharing and being a great partner. And this is going to be, obviously, a big, big, big portion of our focus in the next couple of years. But I agree with you. We have great opportunity in Canada. But that doesn't mean that we cannot have some success in other markets. We all hear about the noise in the U.S. But again, this is one of the biggest markets out there. I think that the fundamental for renewable energy is there. And we'll be prudent as always. But I think it would be silly not to put the seeds in the ground to eventually collect great projects in the future in the States. Maybe just to add that, Nick, we've added just in the quarter alone, 16 prospective projects to our pipeline, so 1,900 MW. 10 out of these 16 are in Canada. We are certainly not missing a beat in Canada to just make sure we capture the opportunities as they appear. Okay. That's good. And it makes sense. But if we're thinking of the expertise that you have, and Michel, you mentioned the phenomenal relationships you have with First Nations partners, is it fair to assume that the returns on the capital deployed in Canada would exceed what you'd be seeing in France, the U.S., or Chile? I think that France has a very niche market. It depends. But I think that with risk-reward, I think that France is a good recipe. Chile is always a little bit more risky than the rest of our market. It's South America. So we expect to have a small premium on our investment in Chile. The U.S., I guess, it's a wide, wide market. There's pockets of projects where you can do great returns. There's more competition, but we have to be selective. But again, I think that Canada, risk-reward, I tend to agree. This is a great proposal for us. Okay. Thanks. And then last for me, just on the balance sheet, can you comment quickly on the corporate lending facility you have? The limit that you're comfortable taking that up to, I believe the limit's CAD 950 million, but you've got the convertible debenture that's coming due this spring. How comfortable are you taking that higher? Yeah, so basically, what we did in the fall really allowed us a lot of flexibility today. So when we look at, and you saw maybe in what we published, we actually repaid the sub-debt that we had at the corporate level, the CAD 150 million sub-debt. And when we look at the June maturity for the converts, obviously, actually, it's not necessarily a good idea to reissue converts even if the market is available. But we have this flexibility to actually repay the converts with the RCF, with the revolving credit facility, and to actually time our outlook on this further down the road. So I think we're in a great position right now. With this flexibility, it allows us to not only continue our development of projects under development, projects under construction, but also allow us that flexibility for these shorter maturities that we see in our balance sheet. Okay. Understood. Thank you, gentlemen. Your next question comes from Nelson Ng from RBC Capital Markets. Please go ahead. Thank you. And congrats on a pretty good year. So the first question relates to the five projects under construction. Roughly, what's the total CapEx you expect for those five projects? It ranges. But obviously, we need to finalize all the, I guess, the contract negotiation. But it varies from anywhere from CAD 3 to CAD 3.5, CAD 3.6 million per megawatt. Yeah. All depends here and there. But if you use anywhere between CAD 3 and CAD 3.6, CAD 3.8, you're in the range. For the wind asset? Yeah, for the wind asset. Yes. Okay. Got it. And then the next question just relates to U.S. tariffs. And I think you have MU Wind that will start construction pretty soon, or MU2 Wind. Yep. So are the turbines manufactured in Canada or the U.S.? Do you have to move? Do you have to buy a lot of equipment from the U.S.? And then the other thing is, with the weak Canadian dollar, are a lot of items priced in U.S. dollars from a CapEx perspective? Yeah. Well, for assets that are built and have long-term revenue in US dollars, that by itself is a hedge in itself. And remember, Palomino, we had bought all the panels. They are already in the States. We have some discussion with the finalization of the balance of plant supplier to have the racking and some of the inverters might come from Europe. So we're finalizing the impact. But the team has come up with something around maybe $10 million of potential duty impact. Remember that we have not signed the PPA just yet. So all these things are happening to everybody. So we think that there's an opportunity to flow through this small increase. Again, I think that comparing to the magnitude of the project and the advancement of our supply strategy on Palomino, we're very well protected. For q uestion number two, the supplier is not anything coming from the US. There's some potential supply in Canada itself and from Asia. So far, we don't see any impact on duty with the duty that we know for the time being. And we also have hedged early on, 50% of the exchange rate. So whenever we have to pay in the next quarters, I'm sorry, are already protected with the exchange rate during the summertime. So I think we've been prudent in our approach. And we feel that we're not exposed that much in those two projects. Great. Thanks, Michel. And then just one more question. In terms of your target for 2025, you mentioned that you're also looking to, did you say, so last year, you mentioned that you would bid over 500 MW and win over 400 MW. And obviously, you've achieved that. For 2025, is your target to also bid over 500 MW and? Oh, yeah. We'll have more than 500 MW to bid. The idea is to win around 400. But we'll have more than that to bid. Got it. Okay. I'll get back in the queue. Thank you. Your next question comes from Rupert Merer from National Bank. Please go ahead. Hi, yeah. Good morning. Hey, Lou. First question. I'd like to follow up on Palomino. So you've put a lot of thought to tariffs and potential changes to tax credits. So you've highlighted that you've invested in panels already. How much have you invested in those panels? And is the assumption then also that you have a safe harbor on tax credits? They're all already in a warehouse, Rupert. And we have an agreement with First Solar to have a proportional payment over the next quarter. So all that is, they're already in a warehouse in the United States. And we also have safe harbor, the ITC with the. The transformer. The transformer, and we have the confirmation that we will have the community added as well. Yeah, and in our books, the amount project under development, Palomino, is amounting to about CAD 19 million to date, well, as of December 31st. That includes the value of all of the equipment you've invested in so far? Yes. Well, some first payments were done. Yeah. First initial payment. And like I said, we have an agreement with First Solar. They have been delivering these panels in a warehouse in the United States. Okay. Great. Then secondly, so the share price, I mean, arguably lowest we've seen for Innergex. You've talked about being able to self-finance with sell-downs in the future if you need to. But I'm just wondering, you can talk us through some of the other strategic plans you may have to deal with the low share price. And are you looking to allocate more capital for share buybacks, perhaps, or look to do more sell-downs maybe for share buybacks or other investments? How has the share price impacted your thinking? The share buyback affecting my thinking is, well, we're not happy with it, of course. We certainly have some tools to buy back, and we've done it in the past. We have to balance the need for future projects and creating long-term value with the opportunity for us also to buy back the shares. So that's part of our toolbox, Rupert. We may, if possible, accelerate those buybacks. But we have to be careful on our balance sheet and our ability also to fund the project. But you're right. There's also a possibility of selling down some of our position in different projects to give us more flexibility opportunities. How do you view your cost of capital today versus some of your competitors, maybe some of your private equity competitors? You've been very successful in RFPs so far. But do you feel the need to generate higher returns than some of your competitors going forward if this location remains? The important thing is good return, Rupert. We can certainly buy volume, but that doesn't create a lot of value for our shareholders. So we think with our team and our great opportunity to position ourselves in great location, location means good resource, constructability, and ability to interconnect. I think that this is also part of the strategy to win. Cost of capital is one ingredient. I think the quality of the development and the quality of the site provide also a lot of competitiveness on specific sites to create value and create good return. But yes, we feel that we have to create more return. Total cost of capital in the industry has gone up. And obviously, we think that hopefully the industry will be disciplined. I mean, we cannot control our competitor, but we can certainly control our bids and making sure that we are disciplined in our approach. Great. I'll leave it there. Thank you. Thank you, Rupert. Your next question comes from Robert Hope from Scotiabank. Please go ahead. Good morning, everyone. Maybe a first question on the 2025 EBITDA guidance. I appreciate you highlighting some of the buckets that will drive it higher, including new projects as well as higher generation. But can you maybe add a little bit more color of kind of how much the lower generation to LTA did weigh on 2024 results, as well as kind of the incremental contribution for Boswell to get you to the guidance range? And I guess finally, the upper end at 875, what percentage of LTA would that assume? The range assumes LTA at 100%. The major bucket, the major driver is obviously the Boswell commissioning. That in itself, I think we guided you in the past, it's about $70 million USD of EBITDA. Let's call it $100 million. That in itself helps us to guide you, guide the street to a range that is $100 million more of EBITDA. Obviously, in 2024, there's a mix of events that occurred. The lower generation was compensated by, as we mentioned, the recognition of PTCs. Also the Boswell, obviously, the Boswell actually produced pre-commissioning revenues at a lower rate than the PPA rate. It also did produce PTCs. And the reason why it affects the Free Cash Flow per share is that these PTCs are transferred and not part of the investment from the tax equity partner that we just announced a couple of days ago. So that is actually going through revenues generation, obviously, when the PTCs are generated, and to EBITDA and also to Free Cash Flow. Because it doesn't go against this investment from the tax equity, right, as it would as a scheduled payment, if you want. So it had an impact on our Free Cash Flow generation. So that helps us actually beat the guidance. But even without that, we would beat the guidance anyway. So I think we control cost as well. We allocate capital a lot better and better, right? You see that we have a DevEx line that improves, but we are trying to be as good as possible in allocating the capital to the best development project, the most probable ones. And so that also helps. And we contained our G&A. You can see that even through an inflationary period over the last couple of years, we really contained our G&A and our operating costs, OPEX, and maintenance CAPEX. So that also helped drive better results in the year. And we'll continue to be very cost-conscious and disciplined. And also, Jean, we take 2025 production in line to take some assumption on curtailment as well. So that is built in our guidance for 2025. That's right. All right. Appreciate that. And then maybe just taking a look at your development portfolio of over 10 gigs, 23% of this is in the U.S. You seem pretty confident that Palomino will move forward here. And when you take a look at the rest of your U.S. development pipeline, can you help us understand how much do you think is the medium term as well as kind of the breakdown between solar and wind? There's another big achievement in 2024 that we haven't spoken, but Wautoma, which is in Washington State, it's a 400 MW solar that has just been confirmed with the state. All the permits in Wautoma, even the potential referral to federal, has been cleared for that project. We have also put ourselves in the queue for interconnection. So Wautoma could be ready for any RFP in the northwest area for utilities. So this is something that we're working in. We think that this is a potential good project that could be brought for participating in RFP in the United States. We also have bid some batteries. I think that a lot of utilities are looking for batteries. So we have secured and we're active in proposing projects for batteries. When we're building our portfolio in wind, like I said, we've heard a lot of negative comment on the wind from the administration. But again, I think that if you look at the price of wind in the United States, it's compelling. There's places where you have usage factor in the 45% to 46%. So I think that customer would be ill-advised not to consider the wind in the future. But obviously, we're going to be prudent in developing the wind in the United States. But again, our guidance for you guys is saying that we need 400-500 MW of projects overall our markets. And we've been telling you that we'll be disciplined. So we don't need to be big winner in the United States in the next few years because we have other opportunities. But I think that in the long run, it's a good investment to be present in the United States and position ourselves. And perhaps some players might walk away from the US and provide the opportunity for us to secure good projects and access to the grid over time. So for me, of course, we're going to focus more on where we think we can control and be more competitive. But I would not discount the United States in the long run. Thank you. Your next question comes from Mark Jarvi from CIBC. Please go ahead. Hi, everyone. Obviously, things are building a lot of momentum here in Canada, and you're obviously positive still in the US market. Can you refresh us again on what you think are realistic opportunities in terms of development objectives? I think last year around this time, you said 1.5 GW by 2030. You're getting pretty close to that. So how do you think about that number now? How do you think about what else you want to add in terms of your ability to continue to do that on a self-funding basis? Like I said, we're focusing on 400-500. But the most important thing is creating value and making sure that we can create cash flow growth per share. If we are too successful in creating maybe a funding, I would say, opportunity, we have other potential recycling that we have in our ability. We've shown over the years that we have a great team of M&A that can also put at work to sell down assets, to refinance assets. So I'm not so concerned about just volume. I think, again, we have opportunity to secure great projects with good return. And this is usually a good problem to have when you have to find capital at the end of the day. There's a lot of private equity that are looking for good projects to invest in. We're focusing on creating good opportunities, answering RFP where we think we can create value. I don't think we can have enough of good long-term PPA with inflation built in them and take or pay. We've heard a lot about data center and all that stuff. The quality of the PPA in Canada with the main utility are really hard to beat. I mean, their take or pay with inflation, this is kind of hard to beat. If we can be successful in securing those with good local partners, also I think that having the ability to be partnered with local communities ensures long-term social licensing in your project as well. So where would you say you'd stand now in terms of where you are in terms of the size of development, in terms of what you can self-fund today? And then how close are you then to potentially having to ramp up minority sell downs or asset sales to cover off incremental growth from here on forward? We said that we can self-fund about 400 MW, and that's what we aim. Obviously, if we add up a lot of projects in 2028, 2029, which is unlikely, I think that the opportunity will be more in 2030, 2031, 2032. So further we go in the future, greater is our ability to self-fund as well. And also, as we put projects in, we're creating more cash flow per share, and our ability to raise corporate-level debt is increased as well. So the whole idea of self-funding includes also our ability to raise a little bit more debt. Then another question just for me. Just Curtis Palmer, as you near the end of that contract, what's the expectations there? Is the view to maximize the PPA price, or would you be looking to try to lock in a long-term contract, 10, 20 years, and put some debt on that as a source of non-dilutive funding? Sort of what's the sort of optimization path for Curtis Palmer? This is something that we're working on. You're right on. I mean, if we can secure the long-term PPA with attractive pricing and that ability to project finance, that would be a great opportunity to recycle some of our equity. I think that we're seeing a stronger pricing in the latest quarters. The idea that offshore wind is not necessarily going to be, I guess, a sure thing in the Northeast these days, that to some degree is increasing the pressure on the price in the Northeast. Even if you want to bring new gas in that area, we all know that it's fairly constrained. So I think that the existing project with good green energy availability improves our potential output for better pricing for long-term commitment from buyers. I'm just curious too if you can comment whether or not you sort of had the same vision between yourselves and your partner, how to go back in terms of how to optimize that asset? And for some reason, if there was a difference of opinions, would that be something you'd consider as a non-core asset to sell off your share of that facility? Always. We've all said to some people that know me, I'm not willing to sell hydro. Obviously, we like to have hydro in our portfolio, but at the end of the day, if it makes sense financially and it creates value for our shareholders and gives more flexibility, we would consider it. But maybe it's important to say that so far we have a good alignment with Hydro-Québec on the management of this asset and on the outlook for the future, recontracting as well and/or financing of this asset. Understood. All right. Thanks for the time, everyone. Great update. Thank you. Thanks. Ladies and gentlemen, if there are any additional questions at this time, please press the star followed by the one. As a reminder, if you are using a speakerphone, please lift the handset before pressing any keys. And we have a question from Ben Pham from BMO. Please go ahead. Hello, Ben. Good morning. Hey, good morning. I just wanted to check on some of the self-funding calculations and just how it compared to last year. You're framing it as CAD 300 million CapEx and 150 MW net. And I just wanted to square that language with today's language, which I'm not saying it's new, but maybe just an update. 400 megs, I'm assuming that's a gross number. And do you just have higher Free Cash Flow now with Boswell Springs in that calculus? That's right. It That's right. It is a gross number when we talk about 400. It includes, obviously, the cash flows that are now generated by Boswell. Was that your question, Ben? Yeah. How does the math compare now to last year? Because you mentioned you're generating Free Cash Flow of CAD 75 million. You lever it. That can self-fund CAD 300 million CapEx, which is more like 150 MW. Did some of the assumptions change, or maybe I've missed a bit of the trail there? No, no, not really. I think we're going according to plan. We're putting in service our assets, and the cash flow generated, obviously, is accounted for when we think about our capacity to build a 400 MW growth of assets. Obviously, when we plan, we today don't have recycling activities in this, so we could add recycling activities if need be or refinancing of certain assets, as we discussed. So that could add to this capacity. And it depends, right? Every megawatt is not exactly the same. A solar megawatt is not the same cost or CapEx or capital structure as a wind asset, but the approximation is still good, still valid. Okay. Maybe related to that. So I was just looking at your backlog post-2027. Looks like every year there's at least 200 MW of projects each year, which looks pretty good. Are you trying to fill more of that white space there to 400 MW? Is that ultimately the grand plan, like each year 400 megs? And just kind of logistically. Sorry, Ben. I think you cut off a little bit. Could you repeat the question? Oh, yeah. No, absolutely. I'm just looking at your 2027 plus backlog on slide nine. And each year you have at least 200 MW of projects already, maybe not secured, but looks like it's coming in each year. What is your plan then? The grand plan is you're trying to have each year 400 megs and fill that in each year. Is that the plan? Yes. That's probably the minimum. And like I said, that fulfills our ability to self-fund, and then it depends also on how, I guess, aggressive or opportunistic we could be in recycling some of these assets. But even if we answered call today, as you all know, these days, it takes four, five years at least to put in service. There's permitting, but there's also the backlog in interconnection. So even if Hydro-Québec comes this year for an RFP, it'll probably be in 2031, 2032, 2033. We're actually wanting to protect our growth past 2030. There's maybe opportunity here and there to bid 2028, 2029, but most of the project will be now 2031. If we have some good news on BC, you may have heard that BC Hydro is trying with the BC Government to accelerate the interconnection date on the new wind RFPs. And they're working on reducing the burden on permitting and are asking BC Hydro to look into opportunities to accelerate the interconnection work. So if some of those projects come a little bit earlier, that freed up some of the 2031, 2032 slot. So the idea for us is making sure that we're building a long-term portfolio of backlog of good projects with good financial incentive for us to develop them. Yeah. Maybe, Ben, also the other thing. In the meantime, there are opportunities to build battery systems that might be a bit faster. As you saw, so I know it's rather small, but in France, we were able to get our hands on a very nice asset that we've brought to construction very rapidly. That still generates, in our view, appropriate return to shareholders considering the risk profile. It advances or it places some assets in service before that 2029 or 2030, as Michel mentioned. There's ways for us to advance some MW a bit faster. In Chile is a good example, actually, for that matter. Would you characterize the sequence of the MW coming on post-2027? Does it seem like it's almost probably one of the best situations you've seen for a long time on a growth front? Oh, yeah. And again, the news are even better that there's great opportunity. That's why we're saying we don't understand the market. We have those great opportunities and great opportunities with good quality PPA. And we're focusing. We have a lot of opportunities. So that gives us the opportunity to be more selective in making sure that the projects that we win are creating value for everybody. And the supply demand right now is favoring IPPs like Innergex, right? So we've seen this. The demand is there, and the number of bids is much lower as a metric, like bid to awards that we've seen in the past. So we have, I think, an ability to flow through better returns, better PPA pricing. And we've demonstrated it. We've done this. We've bid pricing that was a bit less aggressive and with more return. And we did win and were awarded PPAs like we've rarely seen in the past, right? So I think it's still going to be there for a number of years. Okay. Thank you very much. Thank you. You're welcome. Mr. Baydoun, there are no further questions at this time. You may proceed. Thank you for joining us today and for your interest in Innergex. We look forward to updating you on our progress again next quarter. Thank you. Thank you. Thank you all.