Keep improving on the operation and execution of t he company. We keep executing this process of transformation from being a purely PV company with maybe some wind assets to being primarily a PV and storage company, which is going through a profound transformation through hybridization. Most of our pure standalone plants to PV-based, right? The total platform amounted to 15.6 GW and 25 GWh, right? That's a solar PV platform remained almost flat versus the previous quarter. But the base hybrid increased plus 3.3 GWh, as we will see later in the following slide. As we will explain, we keep increasing our focus in hybrid-based projects, as we have done in Chile with Oasis de Atacama. I believe we are creating plenty of value converting the projects. In operation and the construction, we currently have 2.3 GW of solar and 3.6 GWh of base. It's increasing in 3.3 GW and 1.1 GWh versus the previous quarter. That's mainly due to the incorporation of Gabriela. That's phase four of Oasis de Atacama, which is already under construction, and we are expecting the final close very soon. If we did consider backlog plants, which we are planning to start in the next couple of weeks, we will get very close to the 3-GW PV threshold and close to a record of 7 GWh of base. Regarding the performance of Oasis de Atacama, which is currently our flagship project, we believe the execution is well on track. One-fourth of the batteries for Quillagua for the first phase are already installed, and we expect to connect the remaining in the coming weeks. Most of the batteries are already in the sea. It's also worth mentioning. We will elaborate more on this, that we have signed a new strategic agreement with CATL, the world leader in BESS. We have agreed with them the supply of batteries for phase four of Oasis de Atacama. It's very important to remark that we are just working with the two largest players in BESS, CATL and BYD. They are both blue chips with market caps around $100 billion in the stock exchange. So they're definitely the largest players and blue chips in the universe of BESS. Financing for phase one and two was closed in July 2024 for $345 million. Before the year end, and in the remaining days of the year, we are expecting to close the financing for phase three and four, which is really on track and very advanced. Continuing to our financial highlights, I think Daniel will explain to you in more detail. Revenues amounted to EUR 278 million. That's 21% lower than last year. I think we use, considering that Tabernas and José Cabrera, and Daniel will elaborate more on this, is reflected as inventories. If that deal would be reflected as revenues as well, then the real number, the real figure will be 16% up. And we are expecting a big acceleration of revenues and CapEx in Q4 when we report Q4. EBITDA was EUR 53 million versus EUR 102 million last year. This decline is mainly impacted and explained by the disposal of Belinchón that took place last year in Q2 last year. We didn't have any deal in the last of this size in the last 12 months. So we have only reflected the disposal of our proven assets for around EUR 20 million EBITDA in Q1. We will elaborate more. We are expecting new deals to be concluded even before the year ends, right? Energy EBITDA also declined from EUR 41 million to EUR 30 million, mainly due to the high contribution that we had from Belinchón and Duna Huambos Parks last year. So that's what explains this figure. Again, we are expecting our largest plant today, which is Quillagua, which is the first two phases of Oasis de Atacama as early as Q1 next year. And this will, I think the EBITDA will grow exponentially of EBITDA. CapEx reached EUR 419 million. It has increased significantly, more than 60%. In the third quarter, CapEx amounted to EUR 233 million. That's including the acquisition from Repsol and Ibereólica for an amount of $130 million. To put things in perspective, the CapEx we have achieved so far this year is higher than the CapEx that we had together in 2021 and 2022. That's showing that we are really on track on the execution and is now showing the magnitude of the company we are becoming. I believe CapEx invested would be our main KPI in the years to come. We will, of course, keep looking very closely at the figures of per MW, per MW h, GW, GWh, but connected or rotated. I think our main KPI will be the quality of CapEx that we are investing. When we rotate assets, the revenues we make compared to the invested capital, right? As a result of this increase in CapEx, net debt reached EUR 975 million. The net debt to EBITDA ratio is now quite high. It's 18 times. We're very confident that we will reduce this level in the coming months as we have on the table sizable asset rotation opportunities. And again, several plants will get connected soon, and the EBITDA will grow exponentially, both in build-to-sell and build-and-own. And just to finish this slide, the main ESG highlights that later will be explained in more detail by Rocío are the following. I'm very glad to mention that 100% of the targets committed for the third quarter of the year were successfully accomplished. No need to say and insist that we are top-ranked in ESG ratings in our industry. I believe we're very proud to say that we are the company in the universe in the space of renewable energy with the highest ESG ratings. I'm sure Rocío can give you more detail. Specifically, Morgan Stanley MSCI Index has recognized Grenergy as one of the 15 most sustainable worldwide companies in the utility sector for the third year in a row, which is something we are very proud of. Moving to just reviewing quite quickly the slides, and you know very well, the solar platform again reached 15.6 GW almost of PV. That's almost flat versus previous quarter. BESS capacity reached 25 GWh. That's been growing 3.3 as we continue to upgrade on storage hybridization, right? This increase, it was concentrated in LATAM and the US. But we will see sharp increases in this figure in the coming months since we are looking for opportunities, similar opportunities to Oasis de Atacama. We are really looking to see where the next Oasis de Atacama, next flagship projects would be for us. We believe there are fantastic opportunities for hybridization in the US and in Spain. There will be fantastic opportunities for standalone as well in Europe and in other geographies. I think we will give a lot more visibility in February when we disclose and give visibility on our three-year plan for visibility on 2027. As you can see on the, well, close to 3 GW, as I mentioned earlier on, of 7 GWh between backlog and construction identified opportunities. We are building right now more than 1 GW of solar, 1.3 GW of solar. That's really remarkable. And 3.6 GWh of base. I think there are very few players, if any, which are currently building this amount of base in the world. As you can see on the right-hand side, I think we like to insist we have a very well-balanced portfolio in solar PV in our three main geographies, and regarding storage, well, LATAM stands out thanks to our flagship project, but we are working very hard in the other two regions, the US and Europe, because it's really our future. And we're working very hard in our new portfolio of standalone projects. Again, we'll give visibility very soon. And the industry, we like to insist, is changing at an amazing speed. And we really can't imagine standalone solar projects anymore, maybe except in some geographies like Peru or Colombia, where they have a very strong presence of hydro. Those are the only exceptions. All the other countries, and I think in the medium term, also in Peru and Colombia, all projects will be hybrid to some extent. Slide number five, we see in detail by geography and country our main pipeline at the different stages we just mentioned before. We have an increment of BESS, mainly in the US, in Chile. We are expecting sharp increases in Europe and the US in the coming months in the colocation projects. I believe it's where the company is creating more value, and a very good example is Oasis de Atacama. And on the other hand, it's true that our exposure in the short term is mainly to more major markets for us, like Chile or Spain. But if you look at the stages of advanced development, early stage, and identified opportunities, you can very clearly see that our efforts to diversify our pipeline and achieve in the medium-long term a very well-balanced geographical diversification between the three regions where we are, LATAM, US, and Europe, right? On slide number six, we show now we give a focus on Oasis de Atacama. We are more than happy to elaborate in the Q&A. It's really our big thing now, right? Again, we believe there will be more flagship projects in the next few years coming from other regions, but right now, for us, Oasis de Atacama, it's a very transformational project, and we like to be very transparent, and we like to inform very well of the milestones we are achieving, right? I think if we move to the next slide, well, first, before we jump to the next slide, just to have the overall view, considering we have now incorporated Elena Antofagasta phases six and seven. This is coming from the assets we purchased from Repsol and Ibereólica. Once we incorporate base, we might be talking about a total platform of two GW of solar and very close to 11 GWh of base. I think these figures are quite impressive, and well, we are very advanced in the execution of the first four phases, and we will give very soon visibility on PPAs for the next few phases and new financing mandates and execution, right? Everything is happening at a very good speed, and we are very, very happy with the execution. This slide, we tried to make, and we've been trying to make an effort to explain all the relevant milestones we are achieving. We explained at the beginning of the year that we have closed the procurement of batteries in a very important agreement with BYD. I think it's the largest agreement BYD has ever signed for stationary batteries, right? By far. We signed with them. We believe they're the right partner for phases one and two. Indeed, we increased that agreement for phase three later on in Q3, as we have been informing. We like to show this picture of this vessel because it's the first time that we are renting vessels for ourselves, right? We are doing like a commuting service between China and Chile. Every time this vessel is taking like 140, 150 containers, we are shipping per vessel 0.7 GWh in one single vessel, right? I think it's quite impressive. We will be providing a lot more information on the execution of the plans, right? Concerning CATL, I think we also like to diversify. We are not just working with BYD. We have to work with CATL. We have been having very long conversations for a very long time, conversations with them. And we think they are the perfect partner to diversify our supply of batteries. And we are working with the two leaders, right? Let's keep in mind that between CATL and BYD, they have like a 45% share of the global market of BESS. So we are talking about global leaders. And we really want to make sure we choose the right partners for our flagship projects. Concerning project finance, again, we announced the project finance of the first two phases. We are in a very, very advanced, and I think in the next couple of weeks, even days, we might announce the closing of phases four and phases five, right, with the same banks. If we jump to the next slide, we can give visibility. And we are very proud of what we are achieving here. It's by far the largest renewable energy project in Latin America, at least for sure, right? And we are bringing in eight international banks. If you remember, we have mandate Natixis, Société Générale, BNP from France, Scotia from Canada, SMBC from Japan. For phases one and two, we're very close to achieve financial closing for phases three and phase four. But it's very good news that in the first phase, there's been a syndication process where we are bringing in international leaders like Bank of America, one of the first project finance they do, BBVA, one of the first projects they do in Chile, I mean, BBVA and Bank of China. So we have already eight international lenders involved in the project financing of Oasis de Atacama. And I think it's quite remarkable. So I think that's all on my side. I turn the call to Daniel for the business review. Thank you very much. Thank you, David. Moving on to the financial review, which starts on slide number nine. Total capacity increased to 950 MW with gross addition during the year of close to 500 MW. This includes Matarani solar PV asset built by us, recently connected, Gran Teno, Tamango in Chile, and Elena thanks to the M&A transaction. Regarding production, we experienced a 3% decrease in total output. This decline was primarily due to the disposal of our Peruvian wind asset, Duna Huambos, and our solar PV asset in Spain, Belinchón. However, at constant perimeter, we have experienced slight growth. Load factor was also affected by the disposal of the Peruvian asset that are wind, and they have a higher load factor. Contracted volumes increased by 16% and represented 74% of our total electricity production, so we are really conservative regarding the volume we want to contract. And this is the KPI that is showing that. Realized price decreased to 44 EUR per MW h, but we expect to recover emission prices, both due to gas prices that is affecting emission prices, and as well, now we are introducing emission prices, but at night, much higher with batteries, of course. Additionally, on the right side, you'll find a summary of the main financial KPIs that we will look into later. If you take a look at slide 10, you'll notice that in the nine-month period of 2024, total revenue reached 278 million EUR. Revenues declined by 21% year on year, but it will have increased by 16% if we had considered 129 million EUR of inventories as income from capitalized work. We are recording this as inventories because it is related to the pre-agreed sale of solar plants that are under construction. Regarding energy revenues, they will have grown 3% organically, considering the projects we are connecting. Retail and services grew 27% and 34%, respectively. EBITDA for the nine-month period was EUR 53 million. Let's see breakdown by division. Development and construction division mainly produced by the disposal of the Peruvian asset, EUR 20 million. The badwill of the M&A deal to Repsol and Iberéolica, EUR 18 million. This badwill has been considered because the real asset value in books compared with the transaction cost was higher. Bear in mind that in this deal amounted to $128 million included 77 MW already in operation, and one GW offline to the substation already energized with a ready-to-build portfolio or close to reach one GW of solar PV and 6 GWh of storage. In energy division, there was a decline versus previous year, as I said, because of the disposal of Duna Huambos and Belinchón asset. And finally, retail supply business in Chile and services achieved both together EUR 0.5 million in the first nine months, compared with -EUR 0.8 million in previous year. Turning our attention to slide 11, we see that total CapEx reached EUR 419 million, a higher amount compared to previous year, EUR 260 million, mainly explained by the increasing CapEx of the construction we are having, mainly Oasis de Atacama and the M&A deal we announced last quarter. As you can see in the chart, almost half of the amount invested belonged to the project Oasis de Atacama, which, considering the total amount since the beginning, goes to EUR 272 million. The remaining amount of CapEx is invested mainly in projects in Spain, 20%, and other projects in LATAM, 15%. An additional EUR 35 million was dedicated to development initiatives to build the pipeline we are showing. On the right-hand side, we show the CapEx per MW in solar PV and per MW h in BESS. We continue to see the CapEx deflation trend. It's still ongoing, but we are keeping the same estimates. In slide 12, which provides insight into the cash flow for the period, cash position at the end of September amounted to EUR 67 million versus EUR 121 million last December 2023. CapEx has primarily been self-funded through asset rotation and then the project financing, of course. As you can see in the right part of the chart, EUR 106 million correspond to the pending payment for the M&A deal with Repsol that will be done mainly in 2025, and we are very confident with the current cash position, in addition with expected project financing to close and already signed M&A deals, Tabernas and José Cabrera, and with many undrawn bank financing lines, we have enough cash to self-fund CapEx plan for 2025. Now, on slide 13, our net debt increased to EUR 975 million, primarily due to the CapEx increase I've just explained. As a result, reported leverage ratio of net debt to EBITDA goes to a level of double digits. However, if we consider the asset rotation already agreed of José Cabrera and Tabernas, this ratio is coming down to 3.3 times incorporated. This demonstrates how quickly this ratio can be reduced after an asset rotation. As David said, we are currently working in different possibilities. That's all for my side. Rocío is going to explain the main messages about ESG. Rocío? Yeah. Thank you, Daniel. Good morning, everyone. I invite you all to follow the details of the progress in ESG matters during the third quarter of 2024. I am pleased to announce that the four goals committed for this period were successfully accomplished. Regarding the people dimension of the ESG roadmap, the equality, diversity, and inclusion policy was elaborated and approved by the Board of Directors. Related to the supply chain dimension, an update of the procurement procedure was done and approved by the Board of Directors as well. Now, it's important to mention that this procedure includes an annex with a guidance to evaluate suppliers in terms of ESG before contracting. Speaking about the governance dimension, a gap analysis according to the new sustainability reporting regulation requirements, the CSRD, was carried out, having to consider the new list of KPIs to be reported in the next sustainability report now in February 2025. Lastly, also in terms of governance, an update of the double materiality analysis was done to select the priorities of the company for the coming years in accordance with the new law CSRD. Now, moving to the next slide. Regarding our position in ESG ratings, I would like to emphasize the fact that Grenergy consolidated its leadership position in the most prestigious ESG rating. During the third quarter of 2024, some scores were updated, providing us better results than our peers and also in comparison with the last year. As David mentioned, it's important to highlight that, for example, MSCI recognized Grenergy as one of the 15 most sustainable worldwide companies in the utility sector, and also S&P recognized us as the top 16%. So we are proud of all of that. That's all from my side. Thank you very much for your attention. Okay. 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 using the chat available in the tool, and just let us know that you want to ask a question. You don't have to write it down, okay? So let's wait 30 seconds, and then we will start with the Q&A. Okay. Let's start with the Q&A. So first question comes from CaixaBank. Please, Flora, go ahead. Yes. Hi. Good morning. Thanks for taking my questions. I have two. First, one on asset rotation. You commented on potential deals before year-end. Can you please detail which assets are you negotiating, and also what would be your central scenario for Oasis de Atacama if you would prefer to sell one of the phases or more phases or selling a minority stake in the project? And then secondly, just a detail on the covenants. Can you explain the mechanism? This is assessed on a full-year basis, and whether you expect to stand below the covenant level by year-end. Thank you. Thank you. Thanks very much, Flora. Well, about the assets we currently have under negotiation, I think we will understand we cannot give full details until we sign buying agreements. If you look at us every year, maybe with the exception of last year, where we concluded a pretty large transfer of Belinchón, I think Q2, but we normally tend to concentrate the money at the end of the year. So we currently have several options, right? There are assets that are very clear for rotation that we rotate our, let's say, older 1.0 assets in Peru. We are looking at opportunities for rotation in Colombia, where we have very attractive assets right now. The merchant prices are so high at the moment, so it's a fantastic opportunity for rotation. We have also very small assets right now in Argentina and Mexico. Those are also candidates for rotation. And I think it's very clear that Oasis de Atacama has become a very big project, especially after the incorporation of the assets we purchased from Repsol and Iberéolica. We already had in mind the possibility of transferring an interest of 49%. We are looking at all sorts of opportunities. There is great interest in the market for these assets. I honestly believe these are the best assets in Chilean market right now and very attractive returns. Well, we have plenty of opportunities for asset rotations, and we hope we can get news in the next few weeks, right? So that's basically so far. If you look at Spain, Ayora has always been a candidate for transferring. Now we're executing the plan. We are about to close the bridge financing. Remember, this plan has the same PPA with Amazon as Tabernas and José Cabrera, but due to the extension of deadlines which the government made, finally, it ended up having a delay of three quarters compared to the other projects. We are now executing closing project finance and like every project worldwide, but especially in Spain, we still have Escuderos, we have Ayora, we have Clara Campoamor, and we are looking at opportunities to hybridize these projects, so we really feel that it might be better that we approach any M&A, any rotation will be after the hybridization, right? I think we have a fantastic example in Chile. We had opportunities for rotating Quillagua, but look at the new Quillagua now has three, four times more, four times more EBITDA than the previous Quillagua due to the incorporation of batteries and a second phase. So we are trying to create value from existing assets, and I don't think we will approach a new M&A in Spain in the next few months until this process is concluded, right? That's about opportunities of rotation, which we have many options, as you see. And about the covenant, and maybe Daniel can give you more visibility on this, it's really only affecting, I think, a 50%, EUR 52 million bond. It is now roughly 5% of our total debt, maybe 3% of our total balance. It's not really systemic, right? But anyway, I think Daniel can elaborate more on this. Yes. Well, as David said, and you know, with M&A deals, the leverage ratio will move down sharply. It happened last year just from Belinchón, remember? With that deal, we could move the corporate leverage ratios to 0.2 times. So we're expecting, hopefully, to include those M&A deals and have the covenant fine. However, in case we want to be conservative, we could ask for a waiver to bondholders asking, well, just for this redemption of this covenant for this year, explaining the M&A transaction we have in common. Okay. So next question from Bank of America. Please, Alexandre, go ahead. Morning. Thanks for the question. Hello, David. Quick one. Well, actually, a follow-up on the previous one and another one. I mean, you mentioned hybridization in Spain as potentially being incremental to the value of your development projects. But I think for Spain and actually for many countries in Europe, we're seeing a lot of great congestion in terms of request. How confident are you that you can actually deploy battery relatively fast to rotate those assets over the next few quarters or even a few years? And even beyond that, actually, which would be my second question. I remember you were quite bullish, I think, on Germany a few months back out of the Intersolar Conference. I was myself at a battery conference a few weeks back, and everyone was quoting Germany at the next or most hot market in Europe for batteries as well, like 50% of the audience. So are you still very positive about Germany? Do you feel we're still waiting for regulation in that market specifically and in Spain as well? Or would you be actually looking at accelerating your pipeline in those geographies as we've seen other of your peers starting to deploy BESS at the moment? Thank you. Thank you. Thanks very much for your questions. Well, about congestion, hybridization in Spain, well, sometimes hybridization is the answer to congestion and containment. If you have an existing plant and you convert that plant into, let's say, a different animal that invests in BESS, that's basically what we did in Oasis de Atacama. I think Spain and other sunny places like Texas is the perfect example, maybe the southeast in the U.S. and many other areas. Well, the hybrid plants are booming in Chile and in Australia for a reason, right? They have very good radiation. They have normally a capacity mechanism in place for remuneration of capacity, right? That's not the case yet in Spain, but it will eventually happen. But with the current reduction of CapEx, even with the current markets for trading, for the day-ahead market, the secondary and tertiary markets, I think numbers work pretty well in Spain for hybridization. We are having conversations with, well, in our case, we have an existing 200-MW plant. That's already. The permitting is ready. We even got subsidy from next-generation funds. I don't think it's a game changer, right? It's just an upside. And if there is ever a capacity auction that has been announced many times, we believe that now with the new ministry has just announced that maybe in January or February will take place. But we see this as an upside. I mean, without the capacity mechanism, I think numbers work pretty well in Spain for hybrid plants. And we are already having this conversation with the off-takers, right? Okay, we are delivering you energy during the day, but if we install batteries, there is a chance we move part of these hours at the peak, right? But that's obviously a very different price. And I think this conversation is the same conversation we started with some off-takers in Chile quite successfully two years ago. We are having the same process in Spain. The CapEx of batteries is helping a lot, right? This is Spain. In Spain, we are doing the same exercise for Escuderos. Maybe for Ayora, we are still executing, obviously, a purely solar plant. This is the PPA we have with Amazon. But eventually, there are opportunities for hybridization. From now on, every single project in Spain with PV will be a hybrid project. We're very sure about that, yeah. Going to standalone, and again, we will give a lot of visibility on our standalone strategy in Europe. I think we are building one of the most attractive portfolios of standalone projects in the countries where we are, but mainly UK, Germany, Italy, and Spain. Germany is, in my opinion, I agree, the most attractive market. If you ask me, well, I was last week, well, the week before in Berlin for a few days. I spent more time after Madrid and Santiago de Chile, the third city that I visit more. The third office is Berlin, and that's for a reason, right? We believe there's a fantastic opportunity for BESS. Again, there is a capacity market expected, but even without that market, I think numbers for trading work very well. The approach is different. We believe more in standalone projects in Germany. We're building our portfolio. We are looking at buy-side opportunities also from local developers. If you ask me now where I think that our next Oasis de Atacama will be, today, I will say, yeah, I think there is a fantastic opportunity, even bigger in Germany for standalone projects. That's very clear on my side. I think the hyperscalers are already understanding that they need plenty of storage for the data centers, right? That's very clear, yeah. So that's about hybridization. And yeah, I'm very bullish on Germany. Great. Thank you. Okay. Next question from Berenberg. Henry, please go ahead. Hi there, guys, and thanks for taking my questions. Two, really. One is just on CapEx. Could you please update us on what you expect for CapEx through Q4 and then maybe into 2025? And then just on the longer-dated EBITDA targets that I think you laid out six months ago, are they still in place? And when might you come back to update those? Is that sort of a full-year conversation? Thank you. Oh, thank you. Well, I will introduce, and maybe Daniel can complement my comments, right? But about CapEx, we gave a three-year CapEx guidance, right? Daniel, correct me if I'm wrong, is EUR 2.6 billion from 2023 to 2026. I think we're well on track. There's an acceleration process. You will see that process in Q4 since we are now executing phases one and two of Oasis de Atacama. And we are in the early stage of phases three and phases four. But I think in Q1, we will be fully executing phases three, phases four at the same time. So there will be an exponential growth of CapEx. There will be also on the debt associated to this CapEx, which we are raising from non-recourse project finance. I don't think we give guidance on particular years for 2025, but we can say we are really on track for this target. When we purchased the developments in northern Chile, we saw as an opportunity to, I mean, to benefit from the lower CapEx of batteries. We deliver more projects. We have higher returns. And there are some projects mainly in the European Union and the U.S. that we see them more in 2027 than 2026, so I think Daniel can explain this better than me, but basically, we stick to the same targets of EUR 2.6 billion. It roughly means that 2025, 2026, we will not be very far from EUR 1 billion per year, right, on CapEx. About EBITDA, I think we published a guidance a year ago, right, in the Capital Markets Day in November. We stick to this guidance. We will update this guidance for 2026, and we will include our expectations for 2027, right, but we remain on track. We might be even optimistic on the guidance since some of CapEx, there's been a strong CapEx reduction in some of the projects. It means more EBITDA and more IRR, right? So there will be a reflection. But I think we will update and give guidance in early February, right? We will also give visibility in 2027, and we will update our guidance for 2026. Daniel? Exactly. Well, regarding CapEx, we will continue executing in this Q4 an important amount of CapEx that is showing the capacity of execution we have. But we stick to those EUR 2.6 million CapEx investment that we updated or we didn't update, I will say, after the purchase from Repsol and Iberéolica. And as David said, we are working on some deals and PPAs and everything. It's better to give an update on target early next year. Great. Thanks very much, guys. Thank you. Okay. Thank you. Next question from Kempen. Paul, please go ahead. Yes. Good morning. Thank you for taking my question. I know you usually, well, you don't provide guidance for the year, but I'm going to try nonetheless. I think currently, consensus for 2024 expects a bit more than EUR 100 million EBITDA, considering that you reported EUR 53 million in a nine-month, and we talked about an acceleration of revenue in Q4. Those EUR 100 million still look realistic at the moment. And maybe just another question on the financing of phases three and four for Oasis de Atacama. If I recall correctly, in September, you were still hoping to close that by the end of November. So it seems that it's taking just a little bit more time than expected. Is there any particular reasons for that? And if not, are you just very confident that it can be closed before the end of the year? Thank you. Thank you. Thanks for your question. Replying first to your second question, we have absolutely full confidence that the closings will be achieved before the end of the year. We're talking about in a matter of days, in fact, right? So I think all the risk committees of the five banks have already approved the deal. And I think we might inform as early as next week about the closing of phase four and the week after or even the last week of the year for phase four. So we're absolutely confident on that, right? About the other question, there was a lot of noise. I didn't hear very well, but it was more about EBITDA. Maybe Daniel, you hear that more clearly. Yes. Maybe I can help you on this. At the end, Paul, you know that we have two main EBITDA sources that is built on our own portfolio, energy sales, and build-to-sell, the M&A deal. We include energy EBITDA, more or less consensual to be right, in the sense that you have a lot of information to build that EBITDA for the year-end. Then, depending on the M&A deals we can include before the year-end, the figure will be above or below consensus. Hopefully, we can include and the EBITDA should improve. Okay. Next question from Bernstein. Please, Thibault, go ahead. Thibault? Okay. I think Thibault is not online. Thibault, please. Maybe he's having some issues. If not, let's wait five seconds, and then we go to the next one. Okay, Thibault, if not, write us, okay? We will give you the floor later, okay? So next question from Anis from Oddo. Please, Anis, go ahead. Yes. Good morning to all. Thank you for taking my questions. So I have two questions. First one on the merchant price level over the nine months, which was particularly low at 18.8 in nine months in the nine-month 2024 compared to 55 for nine-month 2023. I'm just asking, was this only linked to the sharp drop in merchant price in Spain during half one, or is it also linked to the drop in GD merchant price as well? And is this expected to be better in Q4 with the increase in merchant price in Spain? And my second question is on the U.S. Would you change your development strategy in the U.S. after Trump election? I mean, probably considering delaying investments until it's clear in terms of IRA and in terms of solar panel tax. Thank you. Thanks, Oddo. Well, thanks, Anis. Starting with the last question about the U.S., and I think, yeah, and I appreciate this question because for us, the U.S. has to be our largest market as early as 2027, right? We are, I think, step by step, but I think we are developing a very consistent strategy, right? Focusing into major areas on the southeast, which is a regulated market, and on Texas ERCOT, which is a non-regulated market. Texas reminds us a lot about Chile, and we feel very comfortable in Chile, as you know. And some people say this is the Wild West, but we feel very happy working there. We see the same problems as seeing opportunities as we see in Chile. There are containments. There are novel differences that you can approach the hyperscalers and the off-takers directly, and you can make it happen, right? So I think it would be a fantastic market for us. Then we have the Southeast, where it's a regulated market. You have to go through the RFQs of the local southern companies, right? You're talking about Duke Energy, Georgia Power, Mississippi Power, TVA. We have great relationships with them. And what is going on in the U.S. is really unbelievable. I mean, they were launching RFQs for processes to grant PPAs once a year, and now they're launching processes twice or even every quarter, right? So because the demand they have from data centers, it's unbelievable. So I think with any administration, in any scenario, the U.S. needs a lot of energy right here, right now. And I think PV invest is the only way. There might be an increase in gas as well, but I believe that the opportunity for solar invest is fantastic. But you're right. We don't know the rules, right? So we need to wait now a few months. I would say half a year at least, to see how the new administration, what changes they make to the current status of the IRA and what changes are made if there's a trade war, which is very clear that there is, how this would affect the panels. Not for solar panels because solar panels are made in the U.S. That's for sure, right? We are already considering made in the U.S. panels, right? Which are three times, even four times more expensive than Chinese ones. But regarding BESS, the batteries is not that clear, right? So we don't know whether we are able to import batteries from China or not, and that affects dramatically the CapEx. It's very difficult to close a PPA with batteries if you don't know the rules about whether you will be able to import batteries from China, from the southeast, or you need to look at a supply chain from the US that currently is not really existent. That's, I think, the most tricky point about the US. About merchant prices, well, in our case, considering we have plants in the first nine months, our merchant exposure was mainly coming from Quillagua plant in northern Chile, that prices were close to zero, but we are now converting that plant to a very different animal. Also, Spain, which had very low prices during the second and part of the third quarter, right? So that's mainly now Spain is having very high prices, and we in Chile, we plug off our plant in Chile because we are installing the batteries, and we will plug in soon in January. Thank you very much. So thank you. Okay. Thank you. Next question from Na nki Gandhi, Barclays. Please go ahead . Hey, good morning, everyone. I have two questions, if that's okay. The first one is disposal or your asset rotation strategy. I'm literally looking at your CMB presentation from last year, and I can see the midpoint of disposal is around 400 MW per year from 2023 to 2026. So that is 1.6 GW in four years, but feels like we are slightly behind the schedule in the middle of the four-year plan. And I wonder whether you are still on track to achieve that overall during the four years. Am I right that when you present the plan last year, that actually excludes Atacama? So that's my first question on disposal. Then my second question is on Atacama phase one. Just wonder from a modeling perspective, I understand you will finish all the mechanical work by the end of this month, but do we expect a ramp-up for the whole project next year, or do we expect next year it will be up and running 100%? Thank you. Hi, Nash. And thanks for your questions. Going on, replying to your first question about asset rotation, I believe correct me if I'm wrong, but we gave a guidance of 400 MW per year for four years. So that makes 1.6. That's right. I think the most relevant guidance is actually the proceeds we make out of rotation, right? And we gave a guidance of EUR 600 million, right? I think that's the key point, right? Because initially in Spain, we were about to rotate 49% of roughly one GW. We ended up rotating Belinchón and José Cabrera, and Tabernas. That's 470, but we rotate 100% of those assets, and we made more proceeds than we expected with the whole 49. So that's just an example. I think we made great rotations in Peru, that some of them were unexpected, and we kept rotating PMGDs. I think that was last year. So far, we have achieved EUR 350 million out of the EUR 600 million that we expected for the period of four years, and we still have two years to go and one month, right? I think in the next few weeks, we will have more visibility on some of the rotations. I believe we are really on track. That's my point of view. And even we will be above expectations, but obviously, until you don't sign a deal, that's not a deal signed. So we need to wait a little bit. But I think I would focus more on we are coming from years in which the main KPI were MW or GW of solar wind. Now we have introduced the GW h We are making more value out of GWh than GW of solar, right? But what we really care about is about the billions of millions of CapEx that we are investing. And when we make rotations, what are really our proceeds and how profitable are our rotations, right? So I think we will try to focus in our next guidance on these KPIs because I believe it's really what matters. And I think the KPIs of our industry are changing, right? are moving from MW of solar to MW h of BESS, and we are making a lot more value out of the BESS than solar or solar and BESS combined. So that's, I think, something we are changing, right? Your second question was about Oasis de Atacama. I think everything is fine. I have to say we are very happy about the execution. We are having no delays at all, right? I have to say in solar, normally, we were facing some delays from time to time due to permitting. In BESS, permitting is more straightforward because so far, we're normally converting now existing developments of PV into BESS. So you don't get delays in the permitting process because everything is very straightforward. So that's one thing. Also, the delivery of BESS, at least BYD, we still have not started the deliveries from CATL, but with BYD, it's working really well. Yeah, we believe for phase one, that's, remember, is 100 MW plus the BESS, which is 0.7. That will be completely executed at the end of this month, at the end of this year, mechanical completion. We are planning to show some revenues in Q1, maybe as early as February, March. The COD of the plant will take place in Q2. This is phase one. Phase two, it's two months behind. I mean, we are considering this as a single project, but we will plug in first, the first phase, and we will plug in secondly, the second phase as early as Q2, right? So that's fine. Then I think Victor Jara and Gabriela phases three and four, they're already under construction. Everything is done by ourselves. A long time ago, we purchased from Siemens the trafos we need that is longer. So it's now very straightforward execution. So we are talking about nine, 10 months for the execution, right? We're basically concluding Quillagua. We are moving most of the teams to Victor Jara and Gabriela. It's pretty challenging, but the plants are really in the same area. So we're treating everything as a single project. So I think we can optimize a lot our construction teams. So we really have no concerns about the execution so far. That's very clear. Thank you, D avid. Yeah, thank you, Nash. Okay. Please leave me just one question for the analyst, okay? So the next question is from Santan der, Eduardo González. Please go ahead. Yes. Hi, good afternoon. Just a follow-up question on just the rotation. You mentioned previously, David, Colombia, Argentina, Mexico. What about the PMGDs in Chile? Could be on the table, or? Yes, totally. I simply forgot. But yeah, there are obvious candidates for asset rotation, right? As you know, some of you know, there were some noise about a potential regulatory change. I think finally this concern is over, right? It will be fully clarified this week. We never really thought that this would happen, but for some weeks, there were some concerns, and a lot of M&A and financing deals were kind of on hold. But we believe, I think we've done a fantastic job with PMGDs in Chile. We closed the first financing of PMGDs. We were the first ones using the stabilized price, the first three, four financial closes in the country. We have executed roughly 30% of the 3,000 MW that are existing in the country. We've made more than nine deals. But I think that party is kind of over, right? We still have a remaining portfolio of roughly 200 MW. 150 have been financed by Natixis, and the other 50, we are currently building them. It's a very attractive portfolio, and it's a fantastic possibility for an asset rotation. And yes, we are receiving some indications. Okay. Thank you. Please, next question from Jorge Guimarães at JB Capital. Please go ahead. Good morning. Good morning to everyone in the call. One question. It's a follow-up on the asset rotation. From your words, David, I assume that you are going to sell one of the stages of Oasis de Atacama and whatever you need to reach the leverage objectives. And taking your last answer, can I assume that selling the PMGDs in Chile would be a plan B if you don't close the Oasis de Atacama? Or would you go for PMGDs and Oasis? Could you go beyond your needs to respect the leverage, or are you just going to sell what you need to comply with the 3.5 times net debt to EBITDA? Thank you very much. Thank you. Thank you, Jorge. The menu, we have a very big menu right now, and I think we have plenty of possibilities, right? I think we always try to do what we believe is best for the company and the shareholders, especially considering the first shareholder, right? So we try to create as much value as possible, right? I think, as I replied to the previous question, the PMGDs, we believe that that wave is kind of over for us. So that's very clear an asset rotation. The valuations are very attractive for PMGDs, right? We have what internally we call them PMGDs as well in Colombia. We've got six, plus seven. We have got 13. The valuation of each portfolio is like 200 and 150. So there is, we can rotate those portfolios in Colombia and Chile, and it will be all right. It will be enough. But we've been exploring as well some potential farm-downs of Oasis de Atacama, but it could be like 49%, or we are receiving indications for 100%. Let's see. I think considering we purchased one GW in Chile, and we will very soon announce PPAs for that, and we might mandate the banks. I think we are more open to farm down 100% of one particular phase of Oasis de Atacama, but that's not the only, I mean, we have got several choices. Let's clarify that the only, let's say, concern we might have now is about the ratios. It's not about the cash at all, right? I mean, with the project finance we are getting and the asset rotations we have already closed, consider that in a few months from now, we will make a very important transfer to Allianz of some Spanish assets. We are more than comfortable with our equity needs, right, for 2025. But if we see an opportunity in accelerating the asset rotation of some phases of Oasis de Atacama, I think if we do that, we will increase, we will go beyond those figures of EUR 600 million of proceeds that we were estimating. We will be executing long before the expected four years. So it will be an opportunity for accelerating our business plan and reinvesting those proceeds in other regions, mainly Europe, in BESS, and hybrid in Spain and the U.S. But again, Jorge, we will give visibility whenever we can. And we are working very hard. And I think we have always delivered the M&A on time. So we are very confident. Okay. So there are no more questions from sell-side analysts under our coverage. So thank you very much for attending this call. Let's see you on our full year 2024 results. Thank you very much. Thank you. Have a good day. Thank you. Bye. The recording has stopped.