Good afternoon, everyone, and welcome to Solaria 2022 Nine Months Results Webcast. My name is David Guengant. I am the head of IR of Solaria. I am joined today by Arturo Díaz-Tejeiro Larrañaga, our Chief Executive Officer. During this call, we will discuss our business outlook and make forward-looking statements. These comments are based on our predictions and expectation as of today. During this presentation, we will begin with an overview of the results and the main development during this period given by our CEO, Arturo. Following this, we will move onto the Q&A session. I would like to highlight that you have to submit all your question via the web. Thank you very much again, and I will now hand over the word. Third quarter results, and then we will pass to the Q&A session, no? We start with a nice photo in my view, no? A nice photo of the substation of Uma 3-Jose Fuentes. As you know, it's one of our largest projects that we are executing now, and we will comment during this call, but it's a nice photo of the substation, no? We could start. As you know, we have increased significantly, exponentially, all the numbers of the company, as always, no? From Revenues, EBITDA, net profit point of view. We are increasing at the same time our CapEx and our investments. As you know, with our construction plan, it's something that will happen during the next quarters and years, no? The growth in net profits is significant, more than 86%. We have achieved EUR 70 million of net profit, no? I think that we are in a better position than our previous estimation of profits and EBITDA, no? Of course, the growth of the numbers goes correctly, I could say, following an extremely good way, and it will be something that will happen next quarters, no? Practically this year, we are going to double numbers, no? Now, GW secure. This is an important news. It's the first news after a long period about new connection points. We have achieved 1.2 GW of new connection points. Probably during the next weeks, month, you will see news similar to this because I think that we will get close to 3 GW of new connection points. It's a good news, no? It's something that supports the future growth of the company. As you know, from growth perspective, Solaria is doing a really good job and is securing new connection points for free. This is important, no? For free, what does it mean? It's like we are not paying nothing, not more than the internal work of the company and the expenses of our internal team, but we are not paying for getting these new connection points, no? The actual capacity secured is 13.9 GW, but as I have explained, it's something that will grow a lot during next weeks, month, probably before the end of this year. In this point, we are extremely excited, no, with the growth of the company in the next years, no? It's something, new connection points, that we will add to our actual portfolio and that we will develop and we will construct during the next three to four years, no? Associated with these new connection points, we will give probably really good surprises to the market, no? It's still early to talk about this. In next presentations, we will expand this message, no? Of course, as you know, we are constructing now an enormous volume of MW. An important part of this volume was done during last month with internal finance of the company with our own resource. Finally, we have closed a Project Finance associated with 285 MW that will cover this portfolio located in Castilla y León that is under construction today, no? We have closed with Banco de Sabadell. It's EUR 134 million. As always, we are covering more than our CapEx, and this is good news because we are not allocating equity today in these projects. The cost, the interest cost is more than in previous deal, as you know, because interest rate is growing. At the same time, we go under merchant basis, no? It's like, here we are going to receive merchant prices of electricity, no? Today, we could say that all that we have under construction is completely covered by Project Finance, no? Or we have associated all of our MW under construction with Project Finance, no? Of course, numbers, energy production, I have mentioned our sales, and, but we are growing in all the numbers, especially obviously in energy production, more than 60% of growth. It's something that will continue, as I have explained, in the next quarters. It's the same obviously in sales, no? Merchant exposure. As we have mentioned in previous calls, our view is that we will maintain a merchant exposure of 25%, no? Of course, today we are comfortable with this mix, with this percentage, and we will see for the future, no? Sorry. EBITDA net profit, that for us is critical, no, continued growing generation of cash, especially in that year, next year, I think that the generation of cash of all of these new assets that now are connected will be extremely good. You will see in the numbers of 2023, EBITDA net profit. As I have explained previously, it's growing correctly, more than 80% of growth in net profit, and probably we will close this year, practically doubling numbers. Operating cash flow as always, and we have repeat and the Working Capital is following our rhythm of investment. We maintain a really good cash position. We are covering, as I have explained, all of our investments with Project Finance. At the end of the day, we are covering practically 100% of all of our investment with this, with the Project Finance. We think that with new assets generating electricity, cash position of the company in 2023 will be better. We will see strong improvements in the cash position of the company next years, no? Today, we have a really comfortable situation, really good financial situation inside the company and, of course, no? This is important, especially in the actual timing, no, interest rate and situation of the interest rates. As you know, interest rates are growing and, the company today, we have an average cost of debt of 3%, 85% fixed rate debt. That is important, is like no risk. 15%, that could suffer, no, that could grow or not, no? The key point today is that, 96% of our debt is non-recourse debt. Why it's a key point? Because it's something that support our continuous growth because, we don't depend on banks or corporate debt or refinancing process. It's like we have allocate all of our debt following Project Finance structure. We have allocate long lifetime period of debt, no? Approximately average of 18-19 years is fixed rate, as I have explained, 85%, 3% average cost of debt, no? It's like really good financial situation for the company. Especially net financial debt versus EBITDA is improving per year. Probably next year, as I have mentioned, with more cash generation from the assets is something that will improve more. The financial, the general financial situation of the company is extremely good, no? We have a lot of players that wants to enter in our Project Finance structure, a lot of banks and institutional investors that are extremely interested to enter with us. I think that today in renewables and solar and especially in Solaria, we live a really good time from debt point of view. One of the key points of the presentation, situation of our pipeline under construction. Especially I could talk about Trillo. We are executing Trillo. We are spending strong efforts in order to advance the construction of Trillo. Hopefully, in the next days, we are going to start with the connection of the first part of Trillo, San Andrés, as you know, is 130 MW. Hopefully, in the next days, we could start, and hopefully, will be connected before the end of this year, probably in one, two weeks. The second part, the same. We are spending a lot of time, efforts, and employees, internal employees in the construction process of Trillo, no? I think that we are achieving really good rhythm of construction in Trillo. The good point is that it's all together. We are allocating teams that works in the same area, in the same site at the same time, no? We are saving money, saving cost, and we are extremely efficient in the construction process, no? The connection part that you know that sometimes is the tough part of the construction will be done in the next days, will be complete. This is one of the key points here, no? If you want to explain simple, if you have the line, if you have the substation, you are able to plug immediately the plants, no? The easy part is the construction of the PV plants, no? San Andrés, as I have mentioned, will be connecting the next weeks, and will be the same with Budía, no? We are optimistic about the rhythm of construction of the project, no? About the other parts, I think that is the same in the small assets that we are constructing at the same time out of Cifuentes-Trillo, in Hozas and other parts, no? I think in the February's presentation, we will give full visibility about connected assets and global situation of Solaria. We are happy, and we are excited about this, no? I think that we have done, as I have explained, enormous effort in the construction side and from CapEx and timing point of view, I think that we will give good news to the market. Of course, I have done a really fast introduction and if you want, will be more interesting, the Q&A session. Thank you, Arturo. Thank you to everybody. We will now open for Q&A session. Once again, thank you for your time. Just let us one minute. Thank you for your time. We will open now the Q&A session. The first question is coming from Fernando García from RBC. First question is if you could comment on the MW assembly. Second question is regarding the merchant exposure. Can we make some more comment about our 2025 merchant exposure? And what could be our merchant exposure going forward in 2023? The last question is from a returns point of view, how we see the returns today versus the beginning of the year, giving the movement in the CapEx, OpEx and financial costs. Thank you for the question. About the deadline of January 2023, in our mind it's not a problem. I know that market is extremely focused on this. I understand because there will be a lot of problems, but in my mind, for Solaria it's not a big deal. We have announced today, you know, 150 MW of new environmental permits that we receive on Catalonia. For me, it's not critical because it's business as usual, but I understand that market is extremely focused on this, no? This was the reason because we have announced, no? It's not significant, in my view. In my view, we are going to accomplish, we will report or not, no? It's something that we need to decide. As I have explained, it's not significant in our view. We will achieve all of our pipeline, and we will pass this deadline, if you want, no? In next weeks, probably from Navarra, we will receive environmental approvals, next weeks or days, no? And important amount, close to 300 MW. Probably Garoña environmental permit will come in the next days, weeks, no? That is 600 MW. Then, it will come probably Villaviciosa, all the pipeline of the company, no? It's Madrid. It's like all we did our—we made our homeworks because all of these projects, they have passed strong and tough test from regional authorities. Even government has studied these projects before. We have answered a lot of questions about these projects from environmental point of view. It's like the work was done, no? It's not significant for us that we are going to obtain. In my mind, it's not, we don't have risk in this point, no? As you know, today we have more than 2 GW in the central government, especially the projects that I have mentioned, Villaviciosa, Garoña, and you will see results in the short term, as I have explained. We have in the local authorities, not local, regional governments, we are waiting answers at the same time, Navarra, for example, or Catalonia, and it will come in next days, no? My comment, and I think that the deadline of January 2023, I think that government shouldn't move, no? It's something that the people that has done homework, we are going to accomplish. I think that it's a reasonable timeline, no? About merchant exposure, as I have mentioned, 2025 is a good mix. We will see the evolution of price of electricity and the situation. As you know, in few days, we will have a tender process of the Spanish government. We will participate, not with cheap price as always, with expensive prices. Because we see the price of electricity, and I don't see solutions in the short term for price of electricity, no? I think that I don't see too much MW entering to the system and the price of electricity, not only in Spain, in all Europe, will maintain, unfortunately for consumers, a really good level, no? In order to answer, 2025 is a good mix for us, no? About capacity, of course, we are returns capacity, beginning of year, various moving parts, CapEx, of course. About CapEx, OpEx, as I have mentioned, our CapEx is in a good situation, nothing new. The standard situation that in previous quarter reports we have commented, no? Around 0.45, around 0.44, no? Of course, we have seen some stability in prices, especially in modules and inverters, no? I think the bottleneck in China was solved and we are seeing some improvements in prices for next year. We will see, no? We are not worried about this because we think that in all cases, CapEx will go down, no? From construction point of view, as I have mentioned, we are extremely efficient today in the construction process. We are saving money even because, you know, on the same site, constructing at the same time, no, it's like we are extremely efficient on this. Project IRR, difficult to say, no? Today, as you know, if you sell on merchant basis, it's difficult to say, because merchants are surprising even ourselves, no? It's in a really good situation, no? For the future, we will see, no? If we see this price of electricity, IRR levels could be extremely good. I'm not going to say a number because with this merchant situation, all numbers could sound strange if you want, no? We will see in next quarters. The next question is coming from Alberto Gandolfi from Goldman Sachs. First question is what is our favorite route for the 6 GW to market PPA or merchant for the future? What could be the best mix? Second question is that what LCOE do we need to cover equipment cost? The third question is when we expect to have these 6 GW fully permitted and is the legislation regulation changing on permitting? Difficult to say, no? Because, PPA or merchant, no, it's an important proof, the tender process of the Spanish government in few days, because as you know, in Spain today, you have a lot of, I could say I'm going to explain correctly, the correct word, no? You have a lot of speculating companies, no? Companies that wants to send a press release, no, to the market. Today it's stupid to go with a low price on PP- on tender process, no? It's stupid, but who knows, no? Who knows? You will see in few days, no, the results. In all cases, Solaria is not going to reduce price. It's not going to be aggressive on prices, no? If PPA follows a correct way and they respect the situation of the electricity market, obviously PPA could be a good idea to sign, no? It's true that players today, PPA players, serious PPA players, they are able to sign deals with better prices. For them and for us, it's extremely difficult to fix a price, no? Because which is a good price, no? 50, 55, 60, 45, 48, no? Merchant prices are shaking all the time, no? Today, we maintain in our mind the idea to go with 80/20, 80 PPA, 20 merchant prices, no? That could be 75/25, no? We need to see the evolution of the market, no? We will see. About the LCOE, price that we need to cover our CapEx is extremely low. Honestly, this is not an. Here, we are not discussing today an issue of profitability of IRR levels, no? With a really low price of electricity, this is, it's complicated to say in public the number that could cover our cost, but it's extremely low, no? We could be extremely aggressive from price point of view, talking about cost, but we are not going to be aggressive from price point of view, no? 6 GW, when we will obtain the full permitting process, no? Probably on January, February, in the results presentation, we will have a strong visibility of an enormous volume of GW. Enormous volume is difficult to say, 3 or 3 something, covering an important part of our 6 GW with environmental permits and more permits on site, no? On the first half, I could say in 2023 we will obtain more visibility about the other part, the additional 3 GW, no? I could say that, for example, in some parts of Spain, in Basque Country or even in other places, no. We are obtaining permitting process. We are obtaining the permits extremely fast, no? We are optimistic about this, no? We will see. In order to answer correctly to your question, probably close to 3 GW for February, and then we will add additional 3 GW during 2023, I could say. No. The next question is coming from Jorge Guimarães from JB Capital. First question is regarding PPA. I think we already answered to part of it, but maybe one more question is do we expect new PPA announcements in our case in the short term? Second question is can we make some comment on financing condition related to the last financing, for example? The third question is regarding that if we expect news about asset rotation in Spain. PPA, yes, we are negotiating with several PPA players. We have advanced contract terms and I think that from price point of view, we could say that we have, and as I have explained, we are going to participate, not with cheap prices, no, but we will see, no? We will see the evolution. Yes, we have negotiated, we have talked, and we have closed from legal point of view terms of contract. Yes, we could announce new PPA deals, no? Financing conditions, yes, interest rate is growing, it's as you know, no? At the same time, price of electricity, remember that, a few quarters ago, we signed PPA with price of thirties. Today, we are not talking about thirties. Here, the key point always is price of electricity, no? The final price that you are selling your product, no? This is a key point in order to define your IRR levels, no? At the same time that interest rate is growing, at the same time price of electricity has grown more, no? In my view, I could say that at least we will maintain our IRR levels, at least, no? In some cases, I think that we are going to get really good IRR levels, no? The message is at least we will maintain our project IRR levels of 12%, no? It's a conservative message, but extremely realistic, no? At least, no? Asset rotation. Asset rotation, we are working on it. As I have explained, we needn't the money. We want to achieve the correct price. We have a comfortable situation, as I have explained. A lot of players wants to enter in this deal. We could give good surprise to the market, but we have a comfortable negotiation position. We could give good surprise in all cases. Is what does it mean? From price point of view, if we close, it's because we obtain really good price and conditions. Because we needn't to execute, and we needn't to execute with a timing before this day or this other, no? We have a really good position and new connection points, new pipeline, new capacity that is going to enter in our business plan. Great. We are constructing, we are connecting, we are getting really good cash flow generation. It's like, of course, interest from third parties is extremely strong, not only in assets, in pipeline, in the company, in whatever, because people, as we have explained in all the calls, the people thinks that the solution for Europe comes from renewables and especially from solar, and I agree with this. Probably next quarters, this pressure and this idea will earn positions even. Of course, we have a comfortable situation. Yes, we could give good news, but quiet position today for Solaria, no? The next question is coming from a few analysts from Philippe Ourpatian from Oddo BHF, from Faro Janco from Redburn, and from Andrew Fisher from Berenberg. Can we clarify the timeline of the connection of the asset under construction by year-end or by February? Of course, we are. I think I have explained, but theoretically, for example, I have explained, you know, at the first part of Trillo that I have mentioned, San Andrés, will be connecting the next days, weeks. I can't say exactly the day, but before the end of this year, no? We are trying and we are spending efforts in order to connect as much as possible, no? Not for a target or something that we have defined. It's because obviously if we connect before, we will obtain more money, no? Believe me, we are doing strong efforts in order to connect before the end of the year, before the end of November. We will see. I'm optimistic about this. Yes, an amount of MW will enter before the end of this year, and I think that we will explain after to do, no? I think that it's something that on February's presentation, we will give all the information. Today we are in the rush hour constructing, doing efforts. I think that all the market in my view, no? They don't expect we are going to achieve, they don't expect we are going to connect. Interesting. I have explained what I have explained. I have said that probably a part will be connecting the next weeks, and we will see. Next question is coming from Eduardo González from Banco Santander. Can we provide update on the permitting construction status of Peralveche? Peralveche, as you know, because we announced a few weeks ago, no, not on September, I think. On September, we announced the environmental permit of Peralveche. It's like, it was the final work done in Trillo project. And of course, it's the part of Trillo that goes with more delay, if you want, no, from permitting point of view. Good point is we have achieved, and we have get. Bad point, if you want, is something that goes with delay. Hopefully, today, Peralveche, as you know, depends on the same line of connection, the same substation that the other parts of Trillo. It's like from general infrastructure point of view, it's something that will be done in the next weeks. From construction point of view, we have all the equipment, we have all the modules, equipment, no? Hopefully we will start with a physical construction with the, if you want, the electrical part in the next weeks. Next question is coming from Jorge Alonso from Société Générale. Would we consider selling pipeline? Related to this question from Alberto Gandolfi from Goldman Sachs. Given the rise in rates, do you think you can still fund your growth just with incremental debt or some asset rotation, or do you need something more, like for instance, some equity? No, we are not going to sell pipeline. Never. No, it's not our view. We could attract strategic investors that could entry with us from the beginning in interesting projects that will add to us not only financial support, that is good, that could add to us something special. Obviously, as I have mentioned, we will receive positive answers of new connection points. I think that I'm not telling all the information about these new connection points. I'm not telling all the things that could affect seriously the P&L of Solaria in the next years associated with these new connection points. We are exciting with this. Of course, we could attract partnership or players, no? It's still early to say. In next presentations, if we close something or if we close a deal, we will report immediately to the market. In order to answer correctly, we are not going to sell pipeline. We could attract players with minority stakes if they add something special to Solaria, not only financial support. About the future of Solaria, our intention is to cover with debt, as we have mentioned, and to rotate assets. Not massive asset rotation, because I think it's not necessary, honestly. A company, I know that typically in renewables, renewable companies, they are experts increasing capital all years, and allocating bonds or increasing capital. Our philosophy is to be extremely efficient on CapEx, to try to cover with Project Finance structure. Of course, we could rotate assets based on financial support, but at the same time, strategic support. Players that could add more than money to Solaria. At this point, yes, we could support the growth of the company with debt and asset rotation. Next question is coming from Margherita Triscari from Citi and from Fahua Juanhua from Redburn. If we can give more color on CapEx and evolution of CapEx today and in 2023. Solaria always is probably the key player from CapEx perspective. We are one of the most efficient players, and we are demonstrating, because as I have mentioned in the previous question, all of our theoretical competitors, they increase capital per year, and we needn't, no? I think it's a good answer about CapEx, no? Our evolution of CapEx, our projection, no, after 20 years, no, because I read a lot of reports, I read a lot of information from all the people, no, talking about the CapEx of solar, no. Solaria has an experience of 20 years, no? We work positive. I think that solar will be the one of the most important revolution for the world because solar will be the king from cost point of view. It's today we have achieved a really good level. We have less than EUR 0.45 per watt. I'm completely sure we are going to improve, and we are going to soar this number, and probably not only Solaria, the global market, no. In the next quarters, in order to talk about short-term, we think that for 2023, we will see a positive evolution on prices of modules. We think that the bottleneck, as I have explained, will be solved. I could say that it was solved, no, but will be solved evenly even with more capacity from China. We are optimistic about the evolution of price of modules in the market, no. This is short-term that is interesting probably for next quarter, but I'm not extremely focused on next quarter, no. I'm extremely focused on next years, no. For me, like global investor in Solaria, not CEO, as you know, my view is a global view for the future, no. Solar will be a revolution. CapEx will improve a lot in the next quarters. Today, my view, it hasn't got sense to discuss if it's better gas, solar, renewables, because at the end of the day, the best technology is solar. If you add storage capacity, solar will be the king. No? Nobody's going to ask about which is the way, no. One of the questions that I talk usually with European Union, which is the way, gas, oil, to depend of third countries out of Europe or, the question will be when, no? Because the question is solar is the answer. No? The next question is coming from Jorge Alonso from Société Générale. Do we have any additional color on the German market and the plans of Solaria there? Second question is OpEx per megawatt performance evolution due to inflation. I think that these new connection points that we have announced are associated with Spain. In Spain, we have a really good position, and we are going to grow more. It's a place that we dominate, or we have good position, if you want. Future growth of Solaria should come from European Union. As you know, Italy, Germany, Portugal. In Portugal, we have good position. Italy is growing a lot. In 2023, we will talk a lot about Italy, no, because we will start with the construction in Italy. Germany is one of the promising countries for us. No? We have a local team now working. Like always, we always prefer to develop at first stage, develop pipeline, not doing too much noise because it's a long-term philosophy. In Germany, we are growing. It's a complicated country, but I love it. I think that they love solar, they believe in solar, and we want to stay there. And Germany, Italy will give to us strong, good moments, if you want. No? It's the future growth of the company. No? Always organic growth, always with our internal team. First stage development of pipeline. No? And the evolution of OpEx. Of course, more MW all together in the same sites, same team for doing, for executing the maintenance labor. No? It's a basic rule, extremely simple, but it's functioning. More MW allocated in the same area, more volume, better cost. If I could say that project IRR is not a fixed photo of the situation. No. You have done this with this CapEx. Your project IRR is this. It's not true. Project IRR could be improved even for old assets if you are able to reduce your OpEx. Today, OpEx, it is, we are executing the OpEx with internal team, like all, because the philosophy of Solaria is to develop all the works with internal team, and the same internal team is supplying services to more MW in the same site. No? This is the general concept of OpEx today. The last question is coming from Víctor Peiro from GVC Gaesco. Solaria and other players are slightly moving from PPAs to market. The question is, how this is compatible with the estimate of future low price during the central hours of the day? Do you think this low price is credible during these hours? Are you still skeptical on batteries? Difficult to say if low price, we will see low prices in the middle of the day or with a lot of solar or not. No, this is something that, as you know, during the last four years and three years, I have listened a lot about this, saying solar prices will go close to zero. Even I remember a recommendation of a bank saying, "Arturo, in a few years," three years ago, they recommend, "Sell your company because in three years, price of electricity will go to zero value." Generation which should come from Russia, Middle East, but here in Europe, we don't. We needn't generation. It's a stupid idea, no? Of course, unfortunately, today we have understood going to manage inflation and interest rates, no? At the end of the day, today, interest rates were moved according with inflation, and inflation, unfortunately, depend a lot of price of electricity, no? I don't see this enormous volume of MW promising few years ago entering on the system. No, I don't see a normal volume of GW of solar entering all together at the same hour on the system. No, unfortunately. Unfortunately, today we have a crisis around price of electricity, and it's something that Solaria is doing a strong effort in order to try to be part of the solution, but we need more people and more GW, no? It's still too early to say that at 3:00 P.M., you will see price of electricity of zero, no? Storage. I'm not changing my mind. I think that I have talked a lot with European Union about this, no? It's like hydrogen and other technologies. Hydrogen lives and hydrogen could grow because we are going to receive a strong support from European Union based on hydrogen technology. Alone, the hydrogen technology is not going to survive because it's not efficient. Today, in our mind, storage depends on support of European Union. One of the message, and I will travel to Brussels next week, no? One of the message that I'm discussing with European Union is that if they want to develop seriously their own energy inside Europe, they need to develop storage. They need to allocate funds that we will use on a storage basis, not because we are going to improve price, not because we are going to improve price from 3:00 P.M. to 9:00 P.M. It's because we need to give global solution to consumers, and solar could be a global solution for the consumers. Storage is part of the solution, no? And my intention, and in all of our discussions with European Union, one of the key points is you should support the growth of storage in Europe in order to give global solution to consumers associated with solar, no? It's good to support hydrogen, great idea, but don't spend more money in gas technologies from out of Europe, no, from foreign countries, sometimes not extremely friendly with European Union. I think it's not a good idea. You have seen. Try to spend efforts in your own technology, no? The last question coming from Manuel Palomo from BNP and also related to other analyst question regarding permitting. Permitting seems to be the key bottleneck for the industry. Have governments taken already any efficient measure to really speed up renewable installation? Maybe following this question, also question of a new EU regulation that could be approved in the coming weeks in Europe. About this, it's true that the European Union has a draft associated with some improvements in environmental permits that could solve the bottleneck on the permitting side, no? As I have mentioned, I will travel next week to Brussels and to European Union in order to see details. We have discussed a lot with them during last month, no? Of course, they have understood that if they want to install massively solar, if they want to find serious solutions for the energy problem of European Union, they need to approve something that could support the fast track, no, if you want, on the permitting side, no? We will see, no? I know that they have a draft, but we will see. We will see, no? In all cases, we need to live with the actual situation. In the actual situation, I think that with delays and. The situation during the last three years with delays, but we are achieving our targets, and we are extremely optimistic about our global target of 2025 and our global target of 2030. I think that with the actual situation, we are living and we are obtaining results. Obviously, all kind of support will be more than appreciated, no? European Union, I know that they will approve something in the next weeks, no? Because it's public, it was an announcement done a few weeks ago or a few days ago. We are discussing with European authorities about the details of this new law, no? We will see because if this new law must be accomplished by all the countries of European Union, no? We will see. Thank you. Thank you very much to everybody. Thank you, Arturo, and thank you to all of us for being part of this conference call. As you know, you can always contact us if you have some more question, and we'll be more than happy to answer to all of you. I don't know if Arturo, maybe you have a last word. Thank you very much for the call and, or your attention like always, no? We are living, I think that, a really good moment for solar. Next years will be great, as I have explained, for solar. We are, as you know, you know that I talk not like CEO of the company, I talk usually like investor of the company, no? We are extremely exciting with the future of the company, no? I think that, all the bad news are part of the past history of solar, no? In the future, we will see a lot of really good news, no? Thank you for your attention and all the questions that you could have. You know that our investor relation department and David is always ready, no, to answer and to explain. Thank you very much.