Okay, so let's start. Good morning and welcome to Grenergy's full year 2024 results presentation. I am Rubén Gómez, Head of Investor Relations. The presentation is going to be led by David Ruiz de Andrés, our Executive Chairman and CEO, Daniel Lozano, our Chief of Strategy and Capital Markets Officer, and Maria Coimbra, Senior member of the ESG Team, as Rocío is on maternity leave. They are going to take you through our business, financial, and ESG review. At the end of the presentation, there will be a Q&A session for sell-side analysts. Please, David, the floor is yours. Thank you very much, Rubén, and Good morning, everyone. Good morning, Europe. We are Daniel and myself and other Grenergy directors in China right now, so it's afternoon for us. We are doing this visit every year and mainly visiting our partners, BYD and CATL, and also some other emerging best players, and learning about the very impressive technological breakthroughs that we are witnessing in the industry. Talking about Grenergy, I think overall we posted a very strong set of results, growing in all main metrics: Revenues, EBITDA, and net income, and very importantly, as we anticipated in the last result conference, we also decreased the level of debt versus last year, and, well, let's start with our business highlights. I think as we state in this slide, we are crystallizing the value of Oasis de Atacama. We sold, as we have well explained, a total of 23% of the project for roughly EUR 1 billion before the end of 2024. The multiple of the transaction was 1.6 times EV versus invested capital, so I think it's a very remarkable ratio. Also, we closed at the very end of the year the project finance of Gabriela. So far, we have achieved financial closing for phases one, two, three, and four. As we will explain in more detail, we are reaching a total debt of EUR 1 billion project finance in Oasis de Atacama with eight international banks. I think it's very remarkable. We keep improving on the operational execution. The total platform amounted to 16.6 GW of solar and, more importantly, close to 27 GW hours of hybrid projects. We have increased close to one GW and 1.9 GW hour versus the previous quarter, and as we will see later in more detail. In operation and under construction, we have 2.3 GW and 3.6 GW hours, same figure as previous quarter, but a very important difference is that various projects enter into operation in this Q4, some more PMGDs and distribution assets in Colombia, and well, Quillagua, the first phase one was allocated under construction as the batteries were being installed. With the asset rotations executed in 2023 and 2024, together with the project finance already achieved, I think we really have proved that the investment plan of EUR 2.6 billion is already fully secure, and in fact, as we will explain in more detail in one slide, we have accomplished the EUR 0.6 billion asset rotation target two years in advance. So I think we will explain this in more detail. We believe it's in, and that's why we are announcing now a new Capital Markets Day on the 28th of May. It will take place in London. And I think it's a perfect timing for the company because, well, we will give more visibility on Oasis de Atacama with new PPAs. We will secure new PPAs in new geographies, and we will also disclose our strategy for a standalone segment. So I believe it's really a transformation of the company. We are really crystallizing value, and we would like to give visibility on 2027, on the next three years from 2025 to 2027, set our new goals for CapEx. So I think it will be a very interesting event. And again, the company is transforming itself, and I think it's the right time to explain to the investor community. Continuing with our financial highlights that later will be explained in more detail by Daniel, the results have been impacted very positively by the M&A deal of Oasis de Atacama. The revenues reached EUR 643. This is plus 61%. EBITDA EUR 160 million. This is plus 53% year-over-year. And net income of EUR 60 million. This is plus 17% year-over-year. Right? CapEx, and this is very important, reached EUR 650 million and increased significantly, plus 77%. And I think it really shows the magnitude of the company we are becoming. We were just investing in CapEx EUR 200 million only two years ago, and we jumped to EUR 400 and something, EUR 650 this year. And, well, we will get very close to EUR 1 billion this year in 2025. Regarding the leverage, well, there is, as expected, again, we saw a massive reduction in Q4 due to the asset rotation. Again, it's something that we had planned, so we explained that in the last results presentation, and as expected, the net debt has now reached, is now in EUR 566 million versus EUR 975 million in September, at the end of September 2024. The total leverage is 3.6 times, and if you look at just the corporate debt, it's just leverage, it's 0.7 times EBITDA, right, versus the double-digit ratios that we had at the end of September. We expect that these ratios to even keep decreasing when we submit the Q1 results this year. We announced a share buyback of EUR 40 million. We can give you more details of how this process is going, and just to finish this slide, the main ESG highlights that later will be explained in more detail by Maria are following. We have successfully accomplished our ESG roadmap. We published our annual sustainability report. We invite you to review. It's been this year, even if it has not been mandatory, we decided to follow this year's CSRD regulation that was, in fact, updated yesterday, but I think we like to proceed with it with almost 600 data points considered and audited by EY. Again, we're very proud to be recognized amongst the 50 most sustainable companies in the utility sector by MSCI, and we are also ranked in the top 16% of the electric utility sector by Standard & Poor's. We've also been recognized with a very low ESG risk score by Sustainalytics, and I think all this reflects our strong commitment to sustainability and business practices. Moving to business review, well, just we'll review very, very quickly, as I explained. Our platform, solar platform, reached 16.6 GW, increasing 0.9 GW. And the backlog increased significantly to 1.1 GW of solar and 6.0 GW hours. So we are talking about plans that will move into under construction very soon in the next few months, even weeks. And as you can see on the right-hand side, we have a well-balanced portfolio in solar in three main geographies. And, well, again, once again, LATAM is a region where our partners are more mature, and we have initiated the hybridization projects. But we will follow with, we will try to replicate the success we are having in Chile and in other markets. And I expect this will happen very soon. Most of the projects we currently have are already hybrid projects. We have been explaining this. That is becoming harder to find standalone PV projects. Most of the projects in all geographies, to some extent, are being hybridized, or we are developing as hybrid PV assets from scratch. Going to the next slide, slide number five, we can see in detail by geography and by country our main pipeline at the different stages, and again, solar PV increased close to one GW and mainly in the regions of Latin America and the U.S. And more importantly, because we are crystallizing a lot of value in our hybrid projects, they increased two GW hours mainly in Europe and Latin America. It's true that our exposure in the short term is mainly to more mature markets for us, like Chile or Spain, but if you look at the stages of advanced development, early stage and identified opportunities, you will see how our efforts to diversify our pipeline are crystallizing. I think in the medium and long term, we will achieve a more balanced geographical diversification. Yeah. Moving to our flagship project, our Oasis de Atacama, it's what we show here as we do every quarter. We update the main data and planning of a flagship project. I think it's once again, it's the largest best project in the Americas for sure, with a total capacity of 2 GW and 11 GW hours. Right? We sold the first three phases for a total number of 450 MW of solar and 2.54 GW hours. That's, again, equivalent to around one quarter of total. We sold that to ContourGlobal, which is a KKR company. And I think it's been a fantastic deal for both of us. The remaining projects are still in our hands and amount to 1.5 GW and 8.6 GW hours. Right? We are looking at more opportunities to increase these numbers, these figures, and also to replicate the success of Oasis de Atacama in central Chile. Next slide is where we show our main achievements in 2024 and at the beginning of 2025 and what we expect for the whole year 2025. In 2024, we signed strategic agreements for BESS supply for phases one and two and three with BYD, and phase four with CATL. We are executing on time, even I would say a few weeks ahead of time. We are now concluding the mechanical completion of phases one and phase two. In fact, phase one is already re-energized. Remember, this was an existing PV plant, and it's been re-energized, and I think for the first time, we are evacuating some of the energy. We are testing the plant. We're in the commissioning phase, but we are already delivering energy at night. And I think it's a very important milestone for Oasis de Atacama. Yeah. We also signed the hybrid PPA for phase four. We will give visibility on new PPAs soon in Chile for the rest of the phases. And, well, we have closed financing for up to EUR 1 billion. And I think this is, I think it's the deal of the year by far in the Americas, raising EUR 1 billion for PV assets with five international banks. Another three banks participated in the syndicate. And I think we are very proud of this deal. And there will be more coming up for the rest of the platform. And as you know very well, at the end of the year, we announced the M&A deal with ContourGlobal for the first three phases. Right? For the rest of the year, we expect to keep signing PPAs for phases five and six. We have very, very advanced negotiations in Chile. We will be visible soon, and on top of this, we expect to conclude the commissioning also of phase two and phase three during 2025, before the end of the year. Moving to, well, that's the summary of, as I mentioned before, the summary of the financing. We initially mandate five international banks. We have worked extremely well with them, and we are very, very glad to have worked with Natixis, Scotiabank, Société Générale, BNP Paribas, and Sumitomo. And again, also top names have participated in the syndicate only for phases one and two, and Bank of America, Bank of China, and BBVA. And, well, we expect to close financing for phases five and six throughout the year. There's a very strong interest in the market, and not just these eight names, but also many other names are willing to participate in our break financing in Chile. Finally, in this slide, we like to include more details about the successful asset rotations we have accomplished during 2024. That's kind of, altogether, it's an enterprise value of EUR1.1 billion. We have rotated assets for this EV. It implies 625 MW of solar, 2.5 GW hours of BESS, with a ratio of enterprise value to invested capital of 1.5 times. Thanks to this asset rotation, together with the ones we registered during 2023, we have obtained more than EUR 640 million of proceeds. I think, if you remember, our asset rotation target for the period between 2023 and 2026 was 600. We have achieved this target two years in advance. I think this gives us a lot of flexibility on our CapEx plans. We will update our plans now considering 2027, both in CapEx and in asset rotation. Regarding 2025, let me remind you that we will deliver José Cabrera and Tabernas to Allianz. This mechanical completion has been achieved. We are in the process of reaching COD before the end of Q2. We will transfer, as planned, these plants, I guess, at the end of June or July to Allianz. Well, I turn the call to Daniel. Thank you very much for the business review. Thank you. Thank you, David. Let's try to do it quickly. Let's move to the financial operating figure. In this slide, you can see that we have had a small reduction in the total installed capacity that dropped around 3%. The gross addition has been almost 500 MW coming from several assets in Peru, Matarani, in Chile, Gran Teno, Tamango, Elena, PMGDs, as well as some Colombian assets. So, well, we have been able to show that our execution keeps growing. And in this case, we have decided to rotate some of those assets. So that's the reason the production has experienced a 3% decrease in total output. As you can see, it's mainly driven by the wind asset we had last year, Duna Huambos, in Peru, that we sold and created a very important equity value for the company. Realized price decreased to EUR 50 per MW hour. But, well, we can see that there are good news regarding merchant prices due to the gas price situation, and also because we are shifting merchant to nighttime, so that the price at night, as you can see, is much higher. On the right-hand side, you can see a summary of the financial KPIs that I will explain later, but I would like to highlight the company's strong performance in 2024, both operationally and financially growth and continuing execution and expanding the business. Let's move to the next slide. In slide 11, you can see that the total revenue amounted to EUR643 million, representing a very good increase, 61% year-over-year. As you can see, the growth was fueled by the M&A transaction, as David explained, 1.1 billion EV. That revenue is in the development and construction division that grew 77%. Regarding energy revenue, that will have grown 2% organically, excluding the asset rotation that we had last year. Retail and service grew 27% and 56%, respectively. I will move to the next slide. That is slide 12. Sorry, sorry. I would like to mention that, of course, that revenue is showing in the EBITDA that this year we have been able to show, again, growth to EUR 160 million in development and construction because of the asset rotation was the key part of it. But the energy division is also providing EBITDA, and even the retail and services still provide good EBITDA growth. Then moving to CapEx, slide 12. This is a very nice slide because it's showing the good execution that the company is achieving. The company moved from 2022 figures that at that time was close to EUR 200 million in CapEx in 2023, EUR 350 million, and in 2024, EUR 650 million. We have grown an impressive CAGR of 83% annually. And right now, we are showing these execution capabilities because of the possibilities that storage is allowing us to invest. Vast majority of the amount invested in projects are in Americas, specifically in Chile, EUR 443 million. Remaining CapEx has been invested in Spain and a little bit in other Latin countries, like Colombia. There has been EUR 54 million dedicated to development initiatives. That is the key part in order to be able to deliver the growth we are having. On the right-hand side, we show the CapEx per MW in solar and wind. We continue to see CapEx deflation, but this figure we will update it in the Capital Markets Day we are going to have in a couple of months in London. In slide 13, that is the cash flow that, well, we are ending the year with a cash position of EUR 374 million, okay, compared with EUR 121 million at December 2023. Well, CapEx has primarily been self-funded through asset rotation for the equity and project financing for the main part. As David said, we have been able to close more than EUR 1 billion for this Oasis de Atacama project financing. There has been also some M&A. We now can go into some assets in order to hybridize with storage. And we did a very good M&A deal with Repsol and Ibereólica, EUR 82 million. And, well, still, we have more operations coming, Tabernas, José Cabrera, and drawdown bank financing line as well that are going to allow us to complete the CapEx plan we have for 2025. Then moving to slide 14. And, well, this is also really impressive, the way we have been able to reduce net debt in quarter to EUR 566 million. Leverage ratio decreased to 3.6 times and corporate to 0.7 times. If we include the already agreed sale of José Cabrera and Tabernas and the pending proceeds from Oasis de Atacama, net debt will stand at EUR 245 million. The corporate net debt will be positive. So this shows the way we can create cash flows, how quickly we can reduce this leverage ratio through asset rotation. And that's all from my side. Now, I'm going to let Maria that will present the main ESG highlights that have been, even though the situation regarding ESG is not now in the best moment to talk about, we have been able to complete the sustainability report with CSRD and many more milestones that we will keep progressing. Maria. Okay. Thank you, Daniel. And so Good morning, everyone. I'm pleased to share an update on our ESG progress throughout 2024. As part of our ESG roadmap 2024, we have successfully completed several important initiatives in the last quarter of the year. So to begin with, we have published our biodiversity strategy in line with the recommendations of the Taskforce on Nature-related Financial Disclosures, also known as TNFD. Furthermore, we have developed a strategy to integrate the achievement of our ESG roadmap goals into the variable compensation plan for all of our employees, aligning remuneration with ESG performance from 2025 onwards. We have also updated our ESG risk map to identify and manage non-financial risks based on our double materiality analysis, improving our ability to address environmental and social risks. And lastly, we updated our corporate purpose to better align our mission, values, and goals with evolving expectations of our stakeholders while promoting long-term sustainability. And now, let's move on to the next slide. So I would like to highlight Grenergy's position in ESG ratings, where we have further consolidated our leadership. As you can see, in 2024, our CSA score was updated, showing improved results compared to last year. And notably, MSCI recognized this as one of the 15 most sustainable companies worldwide in the utility sector, while S&P ranked us in the top 16%, also in the electric utility sector. I can say that we are truly proud of these achievements. And so if we go to the next slide. So I also want to bring your attention to our main KPIs from our 2024 exercise, which you can review in our non-financial information statement and sustainability report. As you can see, we continue to grow rapidly with a 137% increase in our workforce since 2021, and 30% of our STEM positions are now held by women. Our solar PV projects have helped us avoid more than 300,000 tons of emissions, contributing to decarbonization and the energy transition. In Oasis de Atacama, we have implemented 28 social and environmental initiatives benefiting more than 2,000 people. We are also committed to biodiversity, as I mentioned before, with clear 2030 goals. They are aligned with the EU Biodiversity Strategy, aiming for no net loss, a positive impact, and zero deforestation. That concludes my update. Thank you for your attention. Okay. Thank you very much, Maria. 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. 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. Okay, I think we can start. First question from Bank of America, Alexandre Roncier. Please go ahead. Good morning, everyone. Thanks for taking my question. I just have one, if I may. And I'm actually going to talk about the share price performance this morning, which obviously I don't think really reflects your result nor your execution. And debating that with a few clients and with myself, first, I'm wondering, how do you ascribe this very poor share price performance? And implicitly, also asking, what do you plan to do in terms of addressing liquidity? Because ultimately, I think that's also what's at play there for the share price reaction. So is that something ultimately that you're thinking about addressing as well for the Capital Markets Day? Do you have something in mind? Because, yeah, I mean, it's really quite striking today that that has a play on the share price performance. So very happy to hear your thoughts on this. Okay. Thank you. Thank you very much, Alejandro. And yeah, considering we are delivering the best set of results in our history, we are executing our CapEx plan, we are delivering plans with higher IRR than expected, we are rotating assets two years in advance. So we are more than happy, right? And since we announced the last rotation with KKR in December, I think our stock has gone up by around 35%, if not close to 40%. It's definitely a bad day today. I don't think, honestly, it's that related to our stock, to Grenergy. There is a very important player in the renewables space that I think is going down by 14 to 15%, and it's a big name. And I think that's somehow affecting all the smaller peers, right? That's, I believe, my interpretation of today's. But it's a bit frustrating, right? Because we've been going up every day and today, when we submit results, we are affected by this. But anyway, we'll see how the day and the week ends, right? Let's keep in mind that we are not just giving very good results from 2024, but if you look at 2025, not even 50% of the EBITDA coming from the KKR deal has been reflected in the accounts, plus the transfer and asset rotations that we already have closed, and we will deliver in Q2 or beginning of Q3 with Allianz. So that's anticipating very good results for 2025 as well, right, in our case. Considering liquidity, I think we're not doing bad in the last, I mean, considering we were doing like a million and one million, 1.5 before only three, four months away and we are now doing like two, three million most of the days. So obviously, it's something that we are working, and it's a top priority for us, and it will be one of the main focuses in the Capital Markets Day. We really need to attract some investors that they cannot really buy our stock and buy our story because of liquidity. And this is something we need. It's a top priority for us, definitely. And we will do what it takes to increase liquidity. Right. Looking forward to it then. Thank you. Okay. Cheers. Okay. Thank you very much. RBC, Fernando García, please go ahead. Hi. Good morning. Thank you for the presentation and for taking my questions. For Oasis de Atacama in phases five and six, I know that you have said that you expect financing and PPAs happening during 2025, but I don't know if you can give us a closer indication on where do you expect this happening, if in Q2 or Q3, etc. Then, David, I saw your nice picture in my LinkedIn today with the founder of CATL. I think now you have the logo of BYD there. So then, I mean, you're clearly showing in this presentation that you created a lot of value in the co-located large batteries project. And now, you are going to move a little bit to a standalone project where there are other things that you have to manage, like grid connection, probably smaller projects. I would like to know your thoughts about how you can differentiate there as well and create value. Thank you. Okay. Thanks, Fernando, for your questions. Well, we were with Robin yesterday. Robin Zeng is the founder of CATL. And I think, in my opinion, he's been the most important character in the industry. I think he started CATL from scratch, and he has a market share of 40% in both ESS, well, the batteries we use, and electric vehicles. He's really the main player and the main disruptor in something as important as it is for energy transition as batteries are, both in mobility, right, in electric vehicles, and in storage for energy generation. And they have achieved 40% market share worldwide. It's really remarkable. He's really the big name in the industry. And I was so lucky to spend nearly one hour with him. And a very nice guy. He's very humble. And he's been really an experience, right? We are working with CATL for phase four, Gabriela, or phases of Atacama. We've been working very successfully with BYD. We were just today in Fujian, in the headquarters of CATL. Today, we are in BYD, Shenzhen. I think it's the other big name. They have close to 25% market share. I think it's the other big name. That's something I think we should keep working with the leaders and invest. The market and the industry is changing a lot. They're talking now about sodium batteries instead of LFP, maybe two years from now for large ESS plants. We will see very important disruptions. I think in the Capital Markets Day, we will spend some time explaining how the new batteries are going to disrupt in next year, as early as next year. They are not talking about placing 12 today. It's public information, but BYD just announced that they will have a product of 12 MWh per 24-foot container. It's custom-made containers they will make. They will put two containers together. In a very small amount of land, they will place 24 MWhs. That's very, very impressive. This is happening very quickly. It will really revolutionize the storage industry. Replying to PPAs, Fernando, we are working in all geographies. We are working in Chile. I think we still have very good momentum. The CapEx has gone down a lot. The PPA prices will be also in lower levels. I think all in all, we will keep the same IRR, if not better, than the first PPAs we closed. We will announce some PPAs, I think, as early as the beginning of Q2. I think we will try to bring something for capital markets day, definitely, right? And in Europe, well, we are working both in hybrid PPAs, as you know, similar to Oasis de Atacama. And I think Escuderos plant will be the first one we will announce in Spain. We have a 200 MW PV plant that we will hybridize. And we are looking at hybrid plants in the U.K. But our main focus will be standalone, as you know. And we will leave a lot of visibility. We have been working very hard on our standalone pipeline. So far, we have not announced any public information about this pipeline, but it will be a main topic in our capital markets day. Okay. Thank you very much. Next question from Berenberg. Henry, please go ahead. Hi. Thanks for taking my questions. I have two. One, just to follow on from that statement on the standalone BESS pipeline that you're building up. What is it that you look for in a country or a jurisdiction that makes the economics here attractive for BESS? Do you need government support in terms of capacity payments, etc.? Or are there areas and regions where the price spread day-night is sufficiently attractive that you think you can make good money? And then the second question, I think there were some impairments announced in Q4 on some of the projects. Could you just give me a little bit more color on the projects and what was going on there? Thank you. Okay. Going to the question about standalone, it's something in the first Capital Markets Day we organized back in, I think it was November 2023, if I'm not mistaken, right? It's been a year and a half, roughly, and we spent a lot of time explaining Oasis de Atacama and how the hybrid plants, the economics of PV-BESS were going to work, and I think we have delivered in the last year, right? We have financed, we have rotated assets, and it's really happening, right? Even faster than we expected and on a higher IRR. It's easier for everyone to understand, right? Because it's pretty simple. It's more based on storing the energy and delivering that energy at the peak hours or at night at the highest potential price. So we will spend a lot of time in the Capital Markets Day explaining how the economics of standalone projects work, right? And as you say, it's more complex, right? You have different revenue stacks. I think the main driver is now storage, right? No matter what you look at. Sorry, it's trading. It's trading. So basically, storing the energy when that energy is cheaper and delivering that energy when the energy is you get a higher price for merchant. You can also secure that level through a long-term agreement. It's what we call tolling agreements, right? So those will be similar to the PPAs, but it will be more we are calling them tolling agreements, right? So in the long term, we get a hedge on the day ahead. They could be as long as 10 years, right? So that's the main revenue stack. But also in some markets, the U.K. is an example. I think either you have access to a capacity payment or a capacity market, or economics don't work as well. There are other markets like Spain where we believe that just trading and accessing all other markets like frequency regulation, secondary and tertiary and ancillary services, I think economics will work pretty well. We have also some subsidies in some projects coming from the EU funds. So it's more complex to explain, but we believe we're going to see very, very good returns. And in some markets, it will be sufficiently attractive just with the trading, like it's the case of Spain, even if Spain has announced some capacity auctions as well, right? Germany has announced also some capacity auctions, but I think it will happen a year and a year and a half from now. I think Spain will happen in the next two months, right? But even without these capacity payments, I think numbers will work. We will spend a lot of time going market by market, what is our approach, and where are the upsides? And again, time to market is going to be very important, right? If you are able to connect one project one year earlier, it's going to have higher value than a market one year later, right? And about the impairment, right? I think Daniel will give you more details on this question. It's also very important to explain that the bigger we are, the more we spend on development CapEx, right? And we create a lot of value, right? Thanks to these DevEx, we are able to produce projects like the ones we have in Oasis de Atacama, right, and other geographies. But we also, at the end of the year, we analyze which projects we are not very sure or there is a very high possibility that they go ahead. So we write them off, even if this write-off in some cases could be reversed, right? And I think there has been an impairment in Colombia as well. But Daniel can give more visibility on this. Exactly. It's about that, that we have had EUR 5.5 million write-off coming from development CapEx of projects that we have considered not to carry on, and we are developing many GW. We're lucky. We have a very good development team that is making the most of the pipeline we are developing. But then there are some projects that finally cannot reach ready-to-build status. And in this case, it has been EUR 5.5 million. Then the rest is project asset deterioration, mainly in Colombia, EUR 11.6 million. But bear in mind that this can be reverted. This is a contingent impairment test that we had had in case we, for instance, decide to sell those Colombian assets that we have spoken about this openly, that we don't want to. We would like to invest equity in some of the Latin market, but mainly Chile and Colombia assets might be sold. If we reach the valuation we're talking and normally obtaining, this will be reverted, and the total impairment will be just that EUR 5.5 million deterioration. Okay. Thank you. Next question from Alantra. Fernando Laf uente, please go ahead. Hello. Good morning, everyone. Two quick questions for me. The first one, David, is on follow-up on your PPA strategy. If I look at what you have signed in Atacama, the first three PPAs were basic night PPA. The fourth one has been a hybrid one. What is the trend now for the next phases? Are you looking for signing hybrid PPAs, or it's going back again to night PPAs? Just wanted to have a little bit of color on that side. And the second question is on your cash movements for 2025. It would be great if you could give us a little bit of color on the CapEx that you expect for this year, also proceeds from disposals already agreed. Then also, if you are looking for additional disposals to have a sense of what could be sold. And lastly, if you have an estimate of where should Net Debt end the year 2025? Thank you so much. Thank you, Fernando. I might leave Daniel the second one, right? I'm not sure if we can give this guidance, right? But I can say that we are working in new disposals, and we will see new disposals, particularly on segments that are no longer our priority, like PMGD in Chile, and we still have roughly 200 MW. And, well, the equivalent to PMGD in Colombia, that we have a very, very advanced deal, as we have spoken for a long time. It takes longer than other markets, but I think we will have some visibility even at the end of this quarter or early next quarter, right? But sometimes it's opportunistic, right? And I think the Spanish market is getting very hot again. So I don't know. We had planned to keep Escuderos. Escuderos might be hybridized, right? So we will keep that in our portfolio. Ayora could be another rotation target, potentially, right? There is a very strong interest in the Spanish market as well, again. Going to, well, your question about the PPA strategy, PPAs are more complex when you have storage. No two PPAs are the same. It's true that the first ones were night PPAs. We were basically selling the energy just at night. The one we made for phase four was a hybrid PPA as well. We have one price for the energy we deliver during the day, plus another kind of a tolling agreement for whatever we store, right? The new PPAs we announced, I think, are going to be more night PPAs, right? We are also working some hybrid. We will also announce, I believe, some new purely PV PPAs. The market is changing a lot, right? Now, there is a big change in the matrix in Chile that will eventually happen in other markets thanks to the quick introduction of PV-BESS. So we will see, again, a very high interest of daily purely PV PPAs. So the market changes very, very quickly. But anyway, whenever we announce PPAs, we will give more visibility. Okay. From my side, what I can tell you is that even though we have just shown EUR 110 million EBITDA in 2024 coming from Oasis de Atacama deal, well, as you can see, we have anticipated most of the cash flow coming from that operation. There is still another close to EUR 17 million coming from that deal. And in the case of, well, we have more operations, José Cabrera and Tabernas, I think the EBITDA of that deal, capital gains, will be close to EUR 70 to 80 million, depending on final earnout. And the cash flow should be EUR 110-120 million, both capital gain and equity recycling. Then regarding Net Debt, it will depend on the CapEx as we will invest during this year. This is something we would like to explain in Capital Markets Day. I can tell you that this year we have invested EUR 650 million. If you made some numbers, you will see that the figure should be even above EUR 1 billion CapEx investment this year. That will be reflected partially in the Net Debt, depending on supplier facilities. So that will not be 100% affecting the 2025 figure. Anyway, there is a lot of cash flows coming in, a lot of CapEx to be invested. And then, as you know, we are always working on asset rotation with good valuation, capital gains, and equity recycle might appear and affect positively again to the Net Debt. Okay. Thank you very much. Next question from Bernstein. Tibo, please go ahead. Hello. Good morning. Thank you very much for taking my question. My first question will be regarding the load factor. I see on slide 10, a lower load factor in 2024. May I ask what are the drivers for it? And may I ask what is potentially the impact from Gran Teno and Tamango that are not fully in operation, I guess, but I guess they were already commissioned last year. So this will be my first question. The second one would be regarding the procurement cost. Do you anticipate lower cost or stabilization? That will be my two first questions. Okay. Thank you. Thank you very much, Tibo. I'm looking at slide 10. I believe, and maybe Daniel can add that. Yeah. Very easy. Load factor is lower because of the very high load factor that our wind project, Duna Huambos, had in Peru close to 5,000 hours. So that is the main reason. The comparison with solar that is around 2,000 is making the number bigger. Yeah. And Gran Teno, Tamango, I think they got delayed a few months, particularly Gran Teno to be fully operative, right, Daniel? So if you compare to the figures. Anyway, both plants are fine. They should be. We are also looking at Hybridization in these two plants, right? And we will give also visibility very soon on PPAs and our strategy concerning Central Chile, right? Because, again, we see a lot of value in a lot more value in the Hybridization of the plants delivering the energy at a way higher price at night. So every single plant we have purely solar, I think, will be to some extent hybridized. I think your, sorry, what was the second question? It was on procurement cost and evolution of CapEx per MW for both solar and. Yeah, it is a very good, yeah, yeah, I remember. It's a very good question, Tibo. I think if you ask me about solar, I think we are at record low levels. Well, it's time to. I wouldn't spec really, you never know really, but the possibility of even some increases in solar, in solar panels. Remember, we are now procuring panels for as low as EUR 0.08 or EUR 0.085, right? Even some spot prices below EUR 0.08. I think this is not really sustainable. Just if you look at the results of the main manufacturers, it's very clear that I don't think that's longer sustainable. Whether that increase is up to EUR0.09-$0.10 or, well, there will remain at EUR 0.08, we will see. But I think it's a good time to hedge all your needs for panels for the year. This is what we see. That's in solar. In BESS, well, we see there has been a decrease way faster than we all expected, right? I still believe that we will see further decreases in the case of BESS. And that's the feeling I'm getting because the efficiency gains are happening in the industry way faster than anybody expected, right? And I think we will see some more decreases in the near future. That's my expectation. But again, it depends on many factors. Thank you very much. Just to double-check on load factor, do you achieve the targeted load factor on existing farms? You gave the number of hours expected. Is it on track? Yeah, I believe it's on track. Nothing remarkable has changed. Thank you very much. Maybe if I may. Thank you. There is a small negative effect in the production of Quillagua during several months because in this particular plant, during the Hybridization, we had to stop it in order to be able to have the substation work, okay? That is just happening to Quillagua. It was affecting production, but not a lot of revenue, and for incoming Hybridization project, this will not happen, okay? In order to hybridize Quillagua, we had to disconnect the substation for around two months, Daniel, three months. But we were talking about the summer months with plenty of very low prices and even sometimes curtailment payments. So it has really affected the figure of production, but not really the turnover. The plant was reconnected again, as I said before, I think last week, yeah. Thank you very much. In terms of guidance 2025, should we expect it at the CMG? Could you give some colors on this one? Sorry? Guidance on? On this year, both Net Debt, both Net Income and EBITDA, do you expect to deliver some guidance in terms of the CMD? We don't provide yearly guidance, so we have provided a three-year plan, right, with a CapEx of EUR 2.6 billion that we now state that we are more than ready to meet. That was between 2023 and 2026. We also provided rotation proceeds of EUR 600 million that we have already achieved two years before, right, on target, and we will provide visibility on 2027 in the Capital Markets Day, but we don't provide guidance, I'm sorry, for—but many analysts are giving their estimations. Thank you. Thank you. Okay. And last question from Temi at Barclays. Please go ahead. Hi. Can you hear me? With some echo. But yes. Apologies. Okay. Temi, if you want, you can text us the question through the chat. Yeah, I'm in the chat. And then we can read it, okay? We have not received yet the question. Let's see if he writes. Okay. He wants a color on PPA prices. And if you have already covered the expectations of the targets of the previous capital markets day, those are the two questions from Temi. The color, how we are seeing that the PPA prices are evolving. Well, you know the market is changing quite a lot, and we are moving more to hybrid PPAs, night PPAs, tolling agreements. So we are talking about different animals, right? So it's hard to compare apples with apples. If you look at purely solar PPAs in Europe, I think the price has gone down by 15%-20%. But the CapEx has gone down more or less the same, right? So I think it's just how the picture looks like in Europe. If you look at Chilean PPAs, we closed them in the, well, we don't disclose the price, but they were definitely in the high 80s, and they might be in the high 70s, right? So remember that those are indexed, right, to CPI. But again, the CapEx has even decreased drastically. So we expect to remain with the same IRRs. So that's how the picture looks like in the PPA market. Okay. So thank you very much for attending, and see you again in our next quarterly results presentation. If you have more doubts, please contact the IR team. So thank you very much. Thank you very much. Have a great day. Thank you.