Good morning, and welcome to Grenergy's first quarter 2024 results presentation. I'm Marta Castro, investor relations of Grenergy. I'm joined today by David Ruiz, our Executive Chairman, Daniel Lozano, Chief of Strategy and Capital Markets Officer, and Rocío Fernández, Head of Sustainability. They are going to take you through our business, financial, and sustainability review. At the end of their presentation, there will be a Q&A session for sell-side analysts. I hand over to our Executive Chairman, David Ruiz. Thank you. Thank you, Marta. As you say, it's my first quarterly presentation as chair instead of CEO. So, I think we will jump to the highlights of the period of the first quarter. Close to 15 GW of pipeline of solar, right? That's, I think, slight growth compared to the previous quarter, right? We are a bit more stable with 11 GWh. That's, we want to insist that whenever we introduce new projects in our pipeline, we really mean it. I think what we will see with the storage is that we'll see that a very high percentage of the projects will be under construction, on the operation very soon. I'm talking about the storage project, so we really want to make sure that when we introduce a new project in investment in hybrid, it's something that we can build in the short medium term. Jump into the key projects advancing, right? Where we currently have 1.7 GW and 1 GWh already in operation and under construction. There will be a slide on Oasis de Atacama, and it's really well on track. You know, it's very transformational project for us, so we want to give as much information as possible. So there will be 2 slides in the presentation with focus on Oasis de Atacama. Successful delivery on asset rotation and financing, that's very important part of our value proposition. It's already been announced in the full year presentation, but now it's reflected in the accounts of the first quarter. I'm talking about the sale of close to 175 MW of solar and PV and wind assets in Peru for $150 million. And well, the deal was completed completely completed in first quarter in 2024. I think we like to remark that the EQT proceeds already at least around 55% of the EUR 0.6 billion, the EUR 600 million target of proceeds that we were targeting for 2023-2026, has already been obtained. So we are really well on track, considering we are reporting first quarter 2024, so we are not even halfway. I think it's very important to remark that EUR 175 million have been obtained, have been secured for the construction of 300 MW of solar PV assets in Spain. Moving to financial results, EBITDA up 63%. This is driven by the asset rotation we earlier mentioned. Net income up 27% to EUR 6 million. I think we have a healthy balance sheet, despite the continued CapEx efforts and we'll also consider the share buyback carried out. The total leverage stood at 4.7 times, and the corporate level at 2.3. The share buyback terminated, and so far we have invested EUR 36 million, and we have purchased back 4.3% of the share capital. Moving... Well, sorry, I forgot to mention about our sustainability highlights. I think in terms of our highlights, and Rocío will give you plenty more details. I'm very glad to mention that 100% of the objectives committed for the first quarter have been accomplished. I additionally would like to remark specifically the publication of the TCFD. Rocío will give you more details, the report detailing how Grenergy manages the climate risk and opportunities. And there's been a great effort on this field. And finally, just we would like to remark an example of our commitment, we've created a positive environmental impact in the communities where we operate. We will give you some interesting details about the most ambitious reforestation plan we've ever done. 255 hectares of native forest in the PV plant of Gran Teno, in Chile. We were lucky we could explain this to the president of Chile in the inauguration of the plant one month ago, and it's been one of the most ambitious reforestation projects this year in Chile. Yeah, so it's, we're very proud of this effort. Moving to the platform overview, just, well, very, very quickly, 15.6. This case, we are including all the pipeline plus the plants in operation, and 11 GWh, right? I think assets in operation and under construction, 1.7 GW of solar and 1 GW in BESS. I think this KPI is getting more and more important, right? I think it's something great that we can already show that we have 1 GWh of BESS under construction, right? As part of Oasis de Atacama. These figures already exclude the wind and solar assets in Peru, that were sold in first quarter in 2024. And I think, we like to remark that the three platforms are well-balanced, right? It's true that we're executing a lot more now in Chile and in Spain, but we are working very hard in the new markets that will be extremely important for us as early as second semester of 2025 and of 2026, 2027. So everything remains on track. You know, we like to give all the information, country by country, region by region, and whether it's solar and BESS. I think, our solar PV keeps growing. Again, we like to insist, we want to create quality product, a quality pipeline, to make sure that wherever we invest our money in development is, we're talking about projects we can actually build one day, and we can remain having very high success ratio as we have done in the last 15 years, right? Well, 16 years already. Pipeline growth in Mexico and Peru. Keep an eye in Mexico. I think we'll get good news from this market in the future. Everything is indicating that it will be an important market. Again, nothing has been done in the last 5 years. It has—We have this nearshoring effect with the U.S. There's a very high demand of energy, so I think it will be a very, very interesting market to look at. And you know, there are elections in a matter of two weeks' time, and no matter who wins, both candidates have shown a great interest in developing renewables faster. Well, our first developments in Romania, stable evolution compared to last term in BESS, but I think we will show some increases in the next few quarters, right? Chile, of course, remains our largest platform for hybrid projects, supported by Oasis de Atacama. We are analyzing all markets, and we are working very hard to replicate this scheme, this success we are having with Oasis de Atacama in other geographies, right? Moving to this slide, I think it's quite interesting. It's, there's been a lot of noise about the low merchant prices in Spain in the first quarter, right? I believe we have a lot less exposure than other players, well, considering very high percentage of our IPP production is out of Spain, and also considering we have a very high percentage of our production contracted, right? Still, this was driven by a very initial wet, windy conditions, right? I think it's something we'd like to remark. That said, we have a very defensive business model. I think we have predictable earnings. We give visibility, and I think our strategy of contracting most of our energy production, that at one point seemed three years ago, that you know, some players were not contracting such a high percentage. We were contracting minimum 75%. And I think this is the right strategy and it's paying off now. Merchant revenues were only 8% of our energy revenues in first quarter, and we expect them to be maximum between 10%-15% during 2024. Let's keep in mind, we have... We are delivering around 1 TWh per year right now, but we have PPAs signed for at least 3.3 TWh, so from 2026. So that gives you the size of our IPP division is gonna be 3-4 times bigger than it is now, with a higher price capture, thanks to the PPAs we are signing with BESS. So it's a completely different scenario as early as the beginning of 2026. We have contracted EUR 3.3 billion of revenues over 15 years, and well, that's including the PPA signed for already most of the phases of Oasis de Atacama. Moving to Oasis de Atacama, we had a very busy start of the year in terms of news. Well, we signed the PPA for phase 4 with an investment-grade global utility. We also, in January, announced that the first supply agreement for phases 1 and 2 had been signed with BYD. We believe is the right partner for this project, for these phases. We are now working on the new phases, and it could be with the BYD or some other leader in BESS systems. We expect the next months to be very busy as well. The PPA for phase five is in advanced negotiations, right? Hopefully, before the end of September, it will be completed, right? Maybe earlier, but, you know, it takes a very long time to secure a PPA and negotiate the contracts, right? But we are really well on track. The project finance for the first two phases is expected to be closed very soon. It will be a very important milestone for the company. It's by far the largest PPA we've ever signed. We are bringing five international banks. It's in a syndicate, and it will be a very important milestone for us, and I think for Chile as well, that is very. It's gonna be a very unique project with a very unique finance, right? You know, considering this is a very important project for us, in this slide, we want to give even more information in detail. This is what we have, how we are advancing in Oasis de Atacama. We provide more color on the next milestones that will be achieved in the next months. As I was saying, we are expecting even at the end of June, July, to finalize the closing of all the first two phases, right, for Quillagua. We are, when we say FAT, these are the Factory Acceptance Tests. I mean, all the batteries for phases one and two are already under production. The first inspections will take place at the end of July. The first shipments will take place during September, right? So hopefully we'll get the batteries in place at the end of October, November, right? The PPA, what we are mentioning here, that could get closed in September for phase five. Again, hopefully earlier, right, but we have summer in the middle. But hopefully we can announce this PPA as well, so all Oasis de Atacama will be contracted. Our focus in Peru, in the deals we've completed in the first quarter, it's very good deal for us. We announced them in late January. We sold a plant of solar plant of new construction plant, 97 MW Matarani project to Yinson, which is a utility from Malaysia, right? For $19 million. And also, we agreed to rotate the sale of 77 MW of wind assets to ENGIE for $60 million, right? All proceeds will amount to $150 million, and we are talking about an increased valuation of 1.3x enterprise value invested capital. In as I was mentioning in the highlights, we have already rotated 643 MW, with EQT proceeds of EUR 340 million. I'm talking 2023 and first quarter 2024, and that already represents 55% of our, our targets for the period 2023 and 2026. So we are really on track. Well, that's it on my side. I think I hand over to, to Daniel. Thank you. Thank you, David. Let's move on to the financial review, which begins in slide number 10. We experienced a 4% decrease in total output. This decline was primarily due to the disposal of our Peruvian wind assets, specifically Duna Huambos. Contracted volumes in the first quarter 2024 increased by 14%. This volume accounted for 194,000 GWh and represented 77% of our total electricity production. However, our realized prices saw a 4% increase. This positive trend can be attributed to favorable PPA prices during the specified period and illustrated our defensive profile, particularly in the challenging market environment we had in Q1 2024. Additionally, on the right side, you will find a summary of the main financial KPIs that we will look into later. If you take a look at slide 11, you'll notice that, in the first quarter of 2024, total revenue reached EUR 110 million, a 15% increase, and EBITDA rose to EUR 23.3 million, a remarkable 63% increase. A breakdown by division: development and construction division. Duna Huambos Wind project and the Matarani Solar PV project, both, as already mentioned, located in Peru, were the driving forces behind this division. Together, they generated nearly EUR 70 million in revenue. Energy division, even though we had those disposals, the energy division revenue remained relatively stable. Higher realized prices helped offset the impact of lower output. Finally, in this quarter, the retail supply business we have in Chile achieved positive EBITDA once again, with EUR 0.3 million. We anticipate that this trend will continue throughout the rest of the year. Turning our attention to slide 12, we observed that in the first quarter of 2024, total CapEx reached EUR 73.8 million, aligned with the figure from the previous year. However, it is important to note that this amount will accelerate in the coming quarters due to the construction of the Oasis de Atacama project. A significant portion of the CapEx was allocated to the construction of various projects. Specifically, 66% of the investment occurred in Spain, while the remaining 34% was in Latin America. Not only, this figure includes CapEx related to rotated projects such as Matarani in Peru and Tabernas and José Cabrera in Spain. An additional EUR 13.5 million was dedicated to development initiatives, and the cost per megawatt has reached an all-time low. Panels, as you may know, are now priced at just EUR 0.10 per watt. This, including the interconnection line, the current CapEx stands at approximately EUR 0.4 million per megawatt. This reduction is attributed to the expansion of global industry capacity and increased polysilicon production. Despite higher interest rates, the impact is more than offset by CapEx deflation and the good PPAs we are closing. As a result, IRR remains stable and attractive at double-digit levels. Moving on to slide 13, which provides insight into the cash flow for the period. So a key message is that, well, there was a working capital outflow of EUR 17.5 million. CapEx has primarily been self-funded through asset rotation and, of course, project financing. As David said, we have already terminated our share buyback program, totaling EUR 36 million, equivalent to 4.3% of company shares. Well, as we close this period, our cash position stands at EUR 164 million. Not only the net proceeds from asset rotation in Peru positively impacted our treasury balance, contributing nearly EUR 116 million. Now, if you can look at slide 14, our net debt increased to EUR 635 million, primarily due to CapEx investment. However, despite this increase, our total leverage ratio remains stable at similar level compared to previous year, at 5.7. The disposal of Peruvian assets had a favorable effect on our corporate leverage. Notably, both projects were free from non-recourse debt, which contributed to improving our corporate leverage position. Also, bear in mind that our recent news regarding the closing of the financing for Tabernas and José Cabrera implies shifting corporate debt into non-recourse debt for the total CapEx already incurred. This has contributed to further improve our core corporate leverage ratio. Taking both factors into account, our total corporate leverage ratio stand at 2.3x. As announced during our Capital Markets Day, held in November, our investment plan for 2023 to 2026 will be self-funded. We are achieving this through our asset rotation strategy, which, as David said, is already 55% completed. Thank you. That is all from my side. I'm going to hand you over to Rocío, who is going to explain the main sustainability actions. Thank you, Daniel. Good morning, everyone. I invite you all to follow the details of the progress in ESG matters during the first quarter of 2024. I am pleased to announce that the two goals committed for this period were successfully accomplished. Firstly, a climate change risks and opportunities report according to the TCFD recommendations was approved and published. Secondly, the sustainability report 2023, verified by a third party for the second consecutive year, was also approved and published. Now, moving to the next slide, let me give you further details about the TCFD report. This document was elaborated to properly disclose the climate change risks and opportunities in order to show our stakeholders how Grenergy addressed and mitigates them through a powerful governance structure and strategy, together with effective metrics and targets. Grenergy evaluates and mitigates climate physical risks in accordance with the most conservative climate scenario, resulting amongst the most impactful ones, as you can see in the right side high, on the right height, thermal stress, temperature variability, and floodings. Apart from those physical risks, Grenergy also manages and mitigates transition risks with a significant impact and a high probability of occurrence, such as technology, market, resilience, and product risks. Finally, in the next slide, I would like to share with you an environmental initiative that took place in the Gran Teno plant in Chile, proving once again our strong commitment to the environmental and social positive impacts. In the picture, you can see our local teams participating in the reforestation of more than 250 hectares of native forest with local species, using an innovative technology with high efficiency rates and with no need for irrigation water, just rainwater. We are really proud of this initiative, and we hopefully repeat this again in another plants. So that's all from my side. Thank you very much for your attention. Thank you very much, Rocío. We are now moving to the Q&A session. If you have any question, please send a message to the administrator, myself, through the chat available. Just let us know that you want to ask a question. You don't have to write it down. Please limit to one question per analyst. We will give you a minute and start once you receive the first messages. We will now begin the Q&A session with Fernando from RBC. Fernando, I think you already can. Hi, can you hear me? Yes, I think. Yes. Okay. Thank you very much for taking my questions. I have, sorry, two. The first one is about Atacama projects. So, there you are maintaining your CapEx for batteries and solar. But since then, since you announced this CapEx, battery packs, they fell significantly, and other costs as well, no? So let me ask you there, if you see any upside there in terms of returns? And as a follow-up of these questions, taking into account potentially, if you see lower CapEx, what will you be... What will be the strategic decision of the company? Just to have less CapEx, or to move to additional projects and doing the same CapEx that you announced in your COD in November? The second question is on a follow-up about the divestment of Ayora. Thank you. David, can you hear us? Oh, you cannot hear us. Okay. Sorry, Fernando. David has not been able to listen to your question. I I had a problem with my- Okay. Sorry. Shall I repeat, or? No, it's okay. If you were answering, Daniel, go ahead. No, no, no. If you can repeat, Fernando, maybe it's better. Yes, sure. So my first question it was about CapEx of batteries and solar that you maintained the same figures that months ago. And taking into account that battery packs they fell significantly recently, and same thing, module cost. So, I mean, my question there is, you see any upside in terms of returns based on these declining potential CapEx? And then what will you, what will it be, the your strategic decisions if you get to do the projects the same projects with lower CapEx? You will move to additional projects, or you just will reduce your net debt, no? And then a follow-up question about Ayora, no. How is the process of divestment of Ayora at the moment? Thank you. ... Okay, thank you. Thank you. And I'm sorry about the problem. I was not listening to you at all. About the question about lower CapEx, it's we like to maintain the figures we gave in our capital markets day, which took place 5 months ago only, right? So but it's true that the trend is downwards, and that might be an opportunity, as you say, either to reduce debt and get a higher profitability of... I'm talking about the projects that we still have not committed, right? Because the purchase of phase one was already completely secure in January. But still, for the rest of phases, we have different choices. We could reduce the size of CapEx and debt and increase profitability of the projects, or we could increase the size of everything with remaining the same CapEx, but installing more batteries. So will be a larger project with the higher profitability. That's considering that we have the debt committed from 5 banks, I think up to $200 million for 4 ACs. It also could be an opportunity for the company. We are analyzing both opportunities, and I think in our next update, we will give some color, right, on this. Yeah. About Ayora, well, is long story. It's been, you know, it's under construction. We still believe mechanical completion, we could be accomplished the end of this year. As you know, the government extended the interconnection and gave more flexibility. Initially, our projects, most projects in Spain, were supposed to get connected in June, I think it was June, July 2025. Now, these dates have been extended. That may be some good news for others, but for us, we're really on track. But, you know, we are kind of reorganizing the interconnection date with the rest of partners in the nodes. But anyway, this park, as you know, it's we are considering a build to sell. And also we are having very advanced negotiations for quite a while already, and we still believe that this deal will be announced before the end of the year, maybe, maybe earlier, right? I think considering we have a fantastic PPA, right, with Amazon, we don't expect that the capture prices will be lower, considering we have a very high percentage co-contracted. So I think the figures will be slightly similar to the last deal we announced. So that's for Ayora. But anyway, whenever we have some news, we will let you know. Thank you, Fernando. The next question is from Paul, from company. Yes. Hi, good morning. Thanks for taking my question. Just one for David. In the past month, you have sold a large stake in the company, and you have stepped down from your CEO role. Can you explain the reasons for these two moves and whether you are looking to further reduce your involvement with the company? Yeah, well, thank you for the question. No, the first move, it's well, we, as you know, have very high percentage of my wealth in the company, right? Maybe more than 80%. So I need to divest in other activities I do have. So from time to time, I think it's the second time I do it, but anyway, it- I didn't sell, I think I sold less than 2 point... Less than 3%. I think it was 1, 2.8, 2.9%, to an investor that was already in the company, right? And I think it's a natural move, considering that with a share buyback program, I am also going up again to a very similar percentage, right? So I will be. You know, I went down to 51%. Now, I'm very close to 54% after this share buyback period, so I will be in the same position, right? It's just a financial move, and I don't expect to do any more deals, at least this year, for sure. And the other move, it's something we had planned for a very long time. I think it's something that makes all sense in terms of corporate governance. In terms of operational, right, I think dividing the roles of CEO and chair and chairman, right, it's executive chairman, and we are very glad to have Pablo with us now, that he was already in the company for a while, and he will be more in charge of the operational divisions, right? Development, construction, operation of the plants. I will be more in charge of corporate strategic decisions. Well, that's the way we've organized, and I think it's a good move for the company, considering the company is growing, and we are already more than 500, and we have to handle many markets. So, I think it's great—it's gonna be a great help for me and great news for the company to divide the roles. Yeah. ... moving on, the next question is from Jorge, from JB Capital. Hi, good morning, everyone. Thank you for taking my question. Is it possible to give us an update on the selling process of the last asset of the Valkyrie program in Spain? So this would be the first one, and the second one, do you-- given your experience that you're gaining in Chile, has your perspective about batteries in Spain changed? Or do you still continue to believe that any type of capacity payment or CFD or whatever is required for batteries to be profitable, either standalone or hybridizing existing assets? Thank you. Thank you very much. Thank you. Thank you, Jorge. I think your first question was kind of answered in the previous, right? You're talking about Ayora. We have more assets in Spain, but they're not included, they were not included in Valkyrie. So far, our last part of Valkyrie... I mean, so far, just to summarize, we were-- it was close to 1 GW. We ended up, then one of the initial alternatives was, you know, farming down 49% of all the platform, of all the gigawatt. But finally, we ended up keeping 200 Escuderos plant, right? And that's a very strong candidate for our first hybrid project. That will be to your second question, right? Then we farmed down 100% of Belinchón to Solarpack, to EQT. We farmed down 300, that is still under construction and finance to Allianz, right? Tabernas, José Cabrera. And then to finalize Valkyrie, we still have Ayora, and the initial decision has been to farm down that plant as well, right? And that, that's the whole picture of Valkyrie, right? About replicating Oasis de Atacama in, or this scheme in other countries, it's something that is gonna happen for sure, right? And we are working very hard analyzing... You know, the good thing about BESS storage, everything is happening so fast, right? I mean, look, look our pipeline of 11 GW, 1 GW already under construction. 3, the rest of Oasis de Atacama will be under construction very soon. So 40% of the 11, you know, it's already under construction. It will be under construction very soon. And things are moving very fast, right? Why is it happening first in places like Chile, Australia, and some parts of the U.S. first? Well, because there's regulation, because there is the gap between day and night prices, and, well, maybe other factors, right? But we are very sure that we can eventually replicate this in other, especially other sunny regions like Spain and Texas. And we analyze in the markets very well. They have very high potential for introduction of BESS. But, you know, it takes time. Yeah, in Spain, we are missing obviously some inputs and, but everybody thinks that that's gonna happen, right? So we are missing the regulation for capacity payments, and we are also kind of educating the large off-takers, you know, like the hyperscalers, like Amazon and, you know, Microsoft. Look at the announcement that Amazon made in Aragon yesterday, the day before yesterday. It's unbelievable. They're gonna need energy, and they're not gonna need energy, they're gonna need energy 24/7, right? So that's also a fantastic opportunity for BESS, combined with other use cases. We are really missing in Spain the regulation, right? And it's something that hopefully before the end of the year, right, will be in place. Once we have the regulation, we have the demand, we have the regulation, we have the gap, so all pieces will... Everything will work. I think maybe if not in 2025, in 2026 for sure, there will be a boom of storage in Spain, both in standalone and hybrid hybridization. We're very sure about that. Maybe in Texas earlier. The next question is from Eduardo from Renta 4. Hello, I think you hear me now? Yes. Okay. Hi, David and team, thank you for taking my question. I had two questions, but one has already been answered. I wanted to do a follow-up on Jorge's question about Ayora. Knowing that you have secured the financing to build Tabernas and José Cabrera, what is the strategy for the construction of Ayora? Are there any plans to secure a bridge financing until the asset is sold, or are you going to— are you going full EQT? Thank you. Yeah, thank you, Eduardo, for your question. It's which is very relevant. You know, we normally have several tracks, right? For one of the things that we are discussing with the potential buyer in Ayora, that is. It's whether it will be a ready-to-build deal, which is what we or whether it will be a COD deal. If it's a ready-to-build deal, something that we have done, it means that normally we transfer the shares, we get a very high percentage of the price, and then we remain as an EPC contractor. That's what we've done for, just giving an example, in Matarani, Peru, right? Mm-hmm. The other strategy is what we've done with Allianz, and, well, okay, we raised the finance. We- Mm-hmm. This is what we've done now with MUFG, Santander, and Natixis for Tabernas and José Cabrera, and then we transfer the plan after COD, right? That, that's another, the other option. We have both options open now. In fact, the same banks that have financed, Tabernas, José Cabrera, are more than ready. It's, it's all included in, in the term mandate. In the same mandate, they can go and finance Ayora, for sure, right? And that is the same PPA, same project, same sponsor, everything the same. Mm-hmm. But that would only happen if it's a COD deal, right? If it's a ready-to-build deal, it doesn't make any sense. We might always ask for a bridge, as you say. Normally, bridges are a corporate facilities. They are faster, they're faster to close, but it's corporate, it's a corporate loan after all, right? Mm-hmm. So it's also a possibility we can—we are contemplating, right? But again, I think we'll give color in the next presentation. In September, we will know whether we go one way or the other, and a very natural way will be, okay, just going, moving the deal to COD and then using the same project finance facilities we've used for José Cabrera and Tabernas. Mm-hmm. Okay, thank you. No worries. Now, one more question from Fernando García, from RBC. Yeah, thank you for this additional question. So, taking into account the increase in electricity demand in the U.S., how are you ranking your projects there, and the possibility of moving forward to construction phase in any of your projects in the U.S. versus other geographies? Thank you. Thank you, Fernando. We expect that the U.S.... I mean, and that's why we decided to, for the first time, to purchase an existing developer, right, an existing platform, instead of starting from scratch, as we've done in other geographies in the U.S. So we wanted to accelerate things. That happened two years ago, slightly even more than two years, right? There is always a learning curve. We want to make sure we make no mistakes, especially in a country, sorry, in a market like the U.S., which is, you know, the figures are huge. It should be our largest market, of course, our largest country, two, three years from now, right? But we want to make sure of the timing, and we want to go step by step, right? I think, in any case, we might start with the construction. You know, we want to develop construction capabilities. I think we are building a great team in the U.S. I think we're close to 30 people already. We are developing a very good pipeline. There are great opportunities. You know, like everywhere else, the huge driver now is data, you know, is the convergence of data and power, right? That's creating an unbelievable new source of demand, right? We all were expecting tailwinds like electric vehicle, hydrogen. Okay, that's gonna happen, but in the very, very short term, right, in short and medium term, the very high demand of new PPAs is coming from AI and data centers, and it's really coming from these companies, right? Like, as we have mentioned, that are the big drivers and the big, you know... So that's happening in the U.S., it's happening in Europe as well, and we are following that trend. And many of the new PPAs that we will announce will be definitely to fit this need, the needs of this new demand. I think the U.S. will play a very important role. There are elections less than six months from now, I think it's the first week of November. We also like to wait and see, right? Because some, if you know, the big question now, if what happens if Trump wins? Well, nobody really knows. We all believe that even the IRA, the IRA, the whole concept about the IRA and is very Republican, is really helping building local industry, I think, quite successfully, right? It's really helping many reddish states like Texas, like the Southeast. And I don't think there could be minor changes, but of course, we would love to have more visibility on whether there are any changes to the IRA before we commit ourselves to PPAs that might, where there might be an impact of this change of the IRA. So very interesting market. Things are moving very fast, and I think we are getting ready to escalate at a very good speed whenever we consider is the right time. ... Okay, we have two more questions, one of them from Eduardo from Santander. Please, Eduardo. Hi, good morning, and thank you for taking my question. Yes, it's for David. If I am not wrong, you said that with Ayora, you will end the Valkyrie project. In that case, what happens with Clara Campoamor? Do you expect to sell this asset? And also, if you could give us a bit of update of what is the status in terms of development and in terms of permits for Clara Campoamor. Okay, thank you. Okay, you're Eduardo, right? No, Eduardo. You're Eduardo. All right. Okay. I think Clara Campoamor, you know, it's been contracted, right? It's... We now know the big news, part of, I think, if I'm not wrong, I think we have obtained the environmental permit for 250-something. Correct me if I'm wrong, Daniel, but I think it got reduced. Remember, initially it was more than 400, right? I think now the difference is that we're gonna have a lot more time for this project, right? I think we have a great PPA. That PPA also has given us more time because it's with LyondellBasell, it's not the Amazon PPA. I think we can start even at the end of 2026. So, we can take a little bit more time. There are also potential of adding storage to that project, right? And create, like, a different animal. And we are working on it, right? But I'm not saying we are relaxed. We are never relaxed about that projects, but not really. You know, initially, we were thinking, "Okay, this project needs to be connected mid-2026." Now, we're gonna have, I think, until 2028. It doesn't mean we connect that plan in 2028, but we have a lot more time. We are working in different strategies, and even with the offtaker, like, because it might be the first project we can announce, like, a hybrid PPA in Spain. So you know, we're working different alternatives, right? The last question is from Anis, from ODDO. Yes, thank you, sir. Good morning. Hi, David and all the team. Thank you for taking my question. As my first question has been already answered, I have a question on cash flow. So could you please detail the calculation of the EUR 50 million of divestments and the cash flow statement? Because I thought that the Peruvian projects had a lower level of debt, so I was expecting higher contribution to cash flow from those sales. Okay. How are you? Thank you. I think, Daniel, do I leave you this one? Yes, well, we will need to check a number. The EBITDA contribution from Duna Huambos project has not been really important. The main one has been coming from Matarani Solar PV asset, both for selling the asset, of course, also the construction. And you are right, the Peruvian wind asset was with finance with the corporate debt. So, but as it just didn't have a lot of EBITDA contribution, the net effect and net debt has not, and cash flow has not been really important, but the EQT. And then the Matarani asset had an EBITDA contribution of around EUR 20 million. There was some earn-out, and that project, as we had also started the construction, and there was some CapEx previously, previously invested, there has been more, cash flow contribution, apart from the margin generation. However, there will be more, some, more, pending, revenue coming from this Matarani asset as the project is being built. If you have more debt, we will have to check it with the finance team, and I'll, I'll let you know. Okay, so, thank you. Thank you, Daniel. Okay. So I- Thank you. I have another question, if I may, but- Sure. Yeah, it's on European elections. As we spoke about the U.S., there is elections also in Europe, soon, in June. So how do you see these elections, knowing that the former five-year term was supportive to renewables? Do you fear changes at the European level on the energy transition trend? Thank you. Well, it's the big year of elections, right? This is next, I think two weeks from now, it's in Mexico. We were mentioning earlier on, right? November in the U.S., was announced in the U.K., I think for July. So it's the elections all around. I believe that... You know, what we see, and we are a bit concerned about Europe, right? I think, in terms that, you know, things are moving way faster in the U.S., and, I mean, well, in Chile for sure, right? That's, you know, and it, it's also a matter of biggest constraints. We have all been mentioning, it's permitting. You know, you cannot be waiting, like, 5-6 years for to develop a PV plant, like in Spain or Italy in many cases, right? I think that's one thing. Over-regulation is another thing. In many areas like storage, we are missing regulation. Other areas, we have an over-regulated market. So I really believe that Europe has to do something, and we are happy with the way things are evolving in some markets. I would mention Germany. I think Germany, we are happy the way. We are a bit surprised that we were expecting longer development terms, and it's getting simplified. But Spain, Italy remains very challenging. They're even very, very challenging markets. Whether at the European level, something like IRA can be done in Europe, okay, we'll see. We'll see. But, I don't know. It's—I think it's quite challenging, right? Whether it has a real effect in our industry, what happens in the European elections, I think has more to do with, still with, country by country. Okay. Having no more questions, we conclude the first quarter 2024 Grenergy results presentation. Hope we have covered all your inquiries. If anything, don't hesitate to reach out, we will be glad to get back to you. Thank you very much for your time and availability, and see you next time. Thank you. Thank you very much. Bye. Bye. Thank you. Bye.