Good afternoon, everyone, and welcome to Solaria 2023 first quarter result webcast. My name is David Guengant. I am the Head of IR Solaria. I am joined today by Arturo Díaz-Tejero 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'll begin with an overview of the results and the main development during last quarter given by our CEO, Arturo. Following this, we'll move on to the Q&A session. I will also like to advise that you have to submit all your question via the web. Thank you very much again, and I will now hand over the word to Arturo. Thank you, David, thank you to everyone joining this conference call. I hope that all of you and your families are keeping healthy and well. We will start explaining the most important numbers of our first quarter results 2023. We will move as always extremely fast. We will pass to the Q&A session. Of course, we continues delivering strong growth. Our numbers, all of our numbers continues growing: production, sales, revenues, EBITDA, net profit. It's important to explain that this quarter, we have grow a lot around production, more than 50%. At the same time, if you compare first quarter of 2023 with first quarter of 2022, we have suffer a reduction in the average price of electricity. Our sales, we have grow our sales in 16%, but less than our production for this reason, no, the average price of electricity, no. Our total revenues grow in 23%, that is significant, like EBITDA and net profit, no? It's the same in EBITDA. We continue growing our EBITDA number. We passed EUR 40 million, and we obtain EUR 25 million of net profit, no? Our capacity continues growing. We have under construction an enormous volume, as you know, and we finish the first Q with more than 1.5 GW of PV installation connected to the grid, no? This year, we will continues with our construction plan and especially in the second part of 2023, 2024, 2025, we will suffer rush hour around construction of new megawatts, no. We continue with our plan to achieve 6.5 GW at the end of 2025, no? Of course, today, as I have mentioned, we have 1.5 GW connected to the grid. Hopefully, we will finish this year with more than 2,000 MW. Probably with this number, we will be the leader in the Iberia region from number of megawatts connected to the grid. We continue with our plan to finish 2025 with 6.2 GW connected to the grid, no? This is an exponential growth that will continue during 2024, 2025, and later, no? Of course, as I have mentioned, more than 50% of growth in our production. Obviously, the new assets functioning are giving results. At the same time, sales grow in 16%. I'm not going to repeat. The average price, if you compare with 2022, we have suffer a reduction in the average price, approximately 34% of reduction. Is the reason because our sales don't grow as our production. Positive point, our infrastructure revenues grow. We have obtained more than EUR 8 million of results that come from the infrastructure division. Why? This market today, we are living a crowd market from competitors and players' point of view, a lot of companies that wants to develop or that wants to connect installations to the grid. Obviously, more competitors, more playing, trying to connect, more results in our infrastructure division because more people needs to use or they are obligated to use our substation or our CapEx, this is one of the key points, no? In, obviously, in the next years, we will increase a lot our CapEx and our investments, no? If you see the numbers, 2020, 2021, 2022, 2023, it's incredible the growth. We are investing a lot of money. We maintain our philosophy of being extremely efficient from CapEx and OpEx perspective. It's one of the key points, no, and we will talk during this conference call. One of the key points in this business is to maintain really good levels of CapEx and really good levels of OpEx, no? It's the key point of our business, no? As you know, interest rate is growing and obviously something that could affect your IRR levels. The key points always is to be the most efficient player from CapEx perspective, no? Of course, as I have mentioned, we are living now the rush hour from construction point of view and execution of our business plan. Obviously, it's something that we could see in the numbers, no, in the figures here, from millions of investment point of view, no? Cash flow. We maintain same level of cash that we finish in 2022. Our philosophy is like we are explaining all of our conference call, no? We are covering all of our CapEx with project finance, no? Sometimes the project finance, when we finish the quarter, we have some delays in the payments of banks, sometimes we have movements in, always around EUR 150 million, EUR 100 million, EUR 140 million, EUR 130 million of cash that we maintain. Depending of payments of banks, it will happen in April or with delay of one month or something like this. At the end of the day, we maintain the same philosophy to cover all of our CapEx with project finance structure with debt, no? This is extremely important for us. As you know, one of the key points that we announced few months ago is that we have closed a deal with the European Investment Bank for EUR 1.7 billion that will cover our project finance for the next years. Of course, we will explain during this presentation, but we maintain the same philosophy, no? To cover all of our CapEx with a project finance structure. Critical, especially in the actual moments of high level of interest rates, no? We have 96% of our debt is non-recourse debt. Average cost of debt is 3.1. That is reasonable in our view. 20 years of lifetime of the debt. It's a good and reasonable project finance structure, no, in our view, and is one of the key points of our strategy. You know, we have a healthy financial situation, and probably with the connections that we are going to do in the next quarters, we are going to improve more our net financial debt ratio versus EBITDA, no? More assets functioning, more assets generating cash, obviously more assets generating EBITDA, no? During 2023, we will see reduction in this ratio, no? It's important to announce that we have closed the deal of European Investment Bank, as we announced few weeks, few months ago. It's something that will cover 50% of the project finance that we are going to raise during 2023, 2024, and 2025. Probably on July or in June, we are going to announce a new deal for 1.1 GW that will cover new investment that we are going to do during 2023. Our structure will be 50% European Investment Bank and 50% other players that now are participating in the tender process, no? Of course, as you know, during, especially after January, we have received a lot of important news around authorization and permitting. I think that permitting processes today is not a big deal. It's like we have solved this problem. We have obtained a normal volume of different authorization. From environmental point of view, we get full successful, and we have obtained all the environmental permits. We have done additional steps, and we are now in the final part of this long travel that we started few years ago, no? The last part is to obtain the construction permitting process, no? The final construction permit. It's something that will happen, and we will receive in the next two, three months, no? It's like no surprise. We will receive full permitting process for construction. It will happen before the end, probably of July. According with the law approved by the government two years ago. We are going to achieve all the targets that we defined two years, three years ago. We will have more than 4.5 GW approved that needs to be connected before the end of June 2025. Our schedule of construction. I think that today the good point, if you compare with our presentations of last quarters, even last years, is that we have a strong visibility of our pipeline. It's like, as you know, one of the key problem was the bottleneck associated with the permitting process. It's something that we could say that it's solved. This problem will be solved completely in two months. This is extremely important because we are extremely focused today in the construction, in R&D labors, in the generation business. Paperwork explained in the Q&A session and during this presentation. First point that we need to explain correctly, that it's important to understand, Solaria is not a utility company. Solaria is an infrastructure company that manage and construct infrastructure and maintaining the balance sheet of the company during the next 25, 30 years. Our philosophy is to be an infrastructure player. We have an enormous volume of PPA signed with different players, tier one players. Probably Solaria started with the signature of PPA a few years ago. I remember with Repsol, we have signed with all the key players in Europe. I think that today the merchant position versus PPAs something similar to 70 or 65/35. Our intention is to finish with 70/30, next year, in 2024, move to 75/25. 75% PPA, 25% merchant situation. We think that Price today, if you compare with 2022 or with 2021, from PPA point of view, it's better today than one year ago or two years ago. It's like you have more players, even not only utilities or oil players. You have today final consumers that wants to sign PPAs, they are offering better prices than the traditional players, the traditional energetic players. Of course, probably we will announce, as I have explained in other calls, we are a patient company. We need the perfect place, the perfect price, and the perfect conditions. We will announce new deals in the medium and short term, no? Today, we have a big volume covered by PPA, more than 1.6 GW, and we will continue signing PPAs deals, no? Of course, tax credits for us is extremely important because the company is generating profits, and obviously, our intention is to pay less taxes, no? Or at least, a small number of taxes, no? This is extremely important. One of the reasons because we have invested in the Basque Country, and today we have more than 2 GW under development in Basque Country. One of the main reasons is because they have approved a law that gives some tax advantage to the investments in renewables in the area, no? In our first project that was signed with the government of the Basque Country, they are members, they are in the shares of the company, Indarberri. 30% of the shares, the owner is Ente Vasco de la Energía, the government of Basque Country. They have recognized tax advantage based in EUR 1 per watt, no? It's like they have recognized EUR 30 million of tax credits, no? Our estimation for the future, for the 2 GW that we are going to develop, it's difficult to say, but probably will be around 30% of the CapEx that will be invested, or at least that will be recognized, no? It's difficult to say exactly, but we have included in this slide an estimation between EUR 190 million-EUR 400 million, no? It's like, it's an enormous value that we are going to create for shareholders of the company. At the end of the day, I see this like a subsidy in the CapEx of the asset, no? If you receive tax advantage, it's like a subsidy, a direct subsidy that you receive in your investments in the PV asset, no? It's like you reduce your CapEx at the end of the day, no? We have included this because in our view, it's one of the reasons because we are now investing in the north of Spain in new developments, no? This slide is extremely important, especially as I have said, with all the noises and rumors and nervous, no? That we have around solar prices scenario, where we are, where we will be. It's difficult, no? The projection, because after 20 years working on this business, I have listened a lot of things about a lot of things about future disasters on prices. And of course, this noise is always over the table about solar prices scenarios. In our view, we think that it's critical for us to be the most efficient player from CapEx, from OpEx point of view, and getting the best project finance structure. Because if you are extremely efficient, obviously, even in the worst case, in the worst solar prices scenario, you are able to generate cash, you are able to generate good IRR levels. We have included here three scenarios, including a cost of EUR 0.45 per watt. That is more than actual cost of Solaria, but I think reasonable. You have there in the slide, you have all the assumptions that we have included, reasonable. I think PPA prices less than we are touching now. Tax, using our tax advantage, load factor. I think that all the scenario that we have included here is extremely reasonable, no? In the worst case, including prices of electricity of EUR 25, not affected by inflation, it's like inflation in the worst case is zero. Our project IRR will be 11.4%, no? In the medium case could be 13.1%. In a reasonable case could be 15.5%. Acceptable numbers for us, no? As we always explain, we invest in projects if we obtain project IRR of 12%. Even in the worst case scenario, we could say that we are going to obtain this project IRR level. Honestly, in my view, this is not a realistic scenario, EUR 25 without inflation for the next years, no? It's a lower scenario that we have included in the slide, no? This is a resilient business model associated especially with our OpEx and CapEx. My comment obviously is, if you don't have this CapEx and you don't have this OpEx, and some of our competitors today, they have CapEx of EUR 1 per watt or even more, some of them, OpEx that are not competitive, this project IRR change completely. In this case, I think that a lot of players, a lot of players not involved or not professional in the solar energy market, probably they will think again. They need to think if it's a good investment to enter in the solar energy market. I have a strong doubt about the 40 GW that all the people are saying will be developed and constructed in the next two years, that they are going to receive project finance. If you suppose a CapEx of EUR 0.8 or EUR 1, it's like EUR 40 billion in project finance that will come in the next two years. The people without experience of construction, without experience signing PPAs, without experience in getting project finance, they are going to construct perfectly in the next two years. I don't believe that. Today, we have over the table this possible scenario, no? We will see because it's something that will happen in the next quarters, we will see the evolution of the solar market, no? Of course, this is something that we have worked during the last two years. It's not something new, no, storage and batteries. European Union, as you know, they want to focus, and they want to give subsidies, and they want to push the batteries and the storage market. It's necessary. I I think that they need to do. We have developed six R&D innovative projects, you know, associated with batteries that could improve our numbers. At the end of the day, the battery is like when you move the electricity from five or four o'clock to six, seven o'clock, that theoretically you are going to receive more price, better prices, no. Less solar players and better conditions at the end of the day, no. From consumption point of view, price, or electricity prices point of view, no. We will start with the installation of these batteries probably in the second half of 2023 and during 2024. It's extremely simple. I think that includes intelligence, artificial intelligence and other applications, but this technology is not complicated. We are working now on it, and we will execute during 2023, 2024, no? Of course, in September, we will talk. We will arrange a Solaria strategic update. Important because one of the key points, as you know, in our strategy is the international development of the company. We are now in Portugal, but we are going to expand our activities in Portugal. It's important to talk about Germany and Italy, no? New markets for us, not new because we are working on it for a long time, but we need to give news. We need to explain our diversification process, and we need to talk about the new developments of the company out of Spain. I could say, I can say today that in Spain, we are the leader. We have a great position. Business plan will be complete. During, as I have said, during last years, the key point always in our presentation was, of course, execution of the business plan, paperwork, bottleneck on paperwork. Today, I think that we are not worried about this. The execution will come, and the paperwork was solved. Spain, I could say we are the leader. We are going to maintain a really good position in the future, and it's okay for us. New targets should be associated, must be associated out of Spain with Italy, with Germany, and other countries, no? It's a diversification that will give a lot of value to Solaria's shareholders, no? Of course, if you want, I will now hand over the word to David, and we will start with the Q&A. Thank you. Thank you, Arturo. I will now open for Q&A session. Once again, thank you for your time. We will just let one minute to read your questions. Thank you. The first question is coming from Ignacio Doménech from JB Capital. First question from Ignacio is, what condition must be fulfilled in order to be eligible for the tax credit in Spain over the next four years? The second question, when can we expect news about a PPA for capacity to be completed in 2023 and 2024? The third question is, what is the average solar price for the scenario in our presentation? Maybe I will answer. The central scenario is EUR 49. Low scenario with CPI is EUR 38, and the worst-case scenario is EUR 29, okay? Average price. The last question is if we have any news regarding a potential asset protection. About the conditions to fulfill in order to be eligible for the tax credits, I think that today it's a law approved by the Basque Country, and if you execute the project, you receive the tax credit. It's nothing that they need to choose or that you need to participate in a tender or something like this. It's if you execute the project, you receive the tax credit. It was a law approved, I don't remember, two or three years ago. About the PPA, when it will be complete, soon. Difficult to say, but soon. Soon, it's, it could be in the short term. But soon. We are negotiating, we are following the market. We are seeing the evolution of prices. We are not nervous because we have a lot of PPA signed. Suddenly, we could announce something that could cover an important part of our future backlog. Soon, it's difficult to say next week, next month or whenever, no? I prefer to say soon. Average solar PV prices, I think that, David, you have answered, no, on different scenarios. It's difficult to predict the price and the evolution of prices of electricity. These are scenarios, no? Complicated to predict the situation of the Spanish market in five years or six years. We are using technical and financial advisors that are in the market, no? About potential asset rotation, we have several options. We are studying. We could close. As I always explain, we needn't to close as soon as possible because we needn't the cash for this. We are focused on the construction. We are focused on the development of our paperwork in new countries. Of course, we could close strategic agreements with partners that could support ourselves in the future, no? It could include the PPA, the asset rotation, at least of a percentage of our assets, no? I can't say in one month or whenever. I prefer to say that it's something that we are doing. Next question is, comes from Eduardo González Martín from Banco Santander. First question is, what remuneration scheme do we expect to close for the megawatts that are pending to obtain final administrative authorization by the end of July? The second question is, after the decline in pool price in Iberia, are PPA price still at mid-40s? As we have explained, our intention is to close 75 with PPA, 25 merchant basis. Today, we don't have this mix, but it's around 70, 65/ 35. We will finish in 70/30, and our intention is to continue with this philosophy. It's difficult to say exactly 70 or 75 or 65, but approximately this is the number, no? PPA prices, it's important, it's complicated to explain about decline of prices if it's something that affect PPA or not. Not. It's not affecting because people that understand the market, that negotiate PPA knows that in April you could suffer a decrease on prices and probably with the air conditioning functioning on July, you could suffer an enormous increase on prices, no? Because summer is arriving, and with summer, unfortunately, you don't have wind. Unfortunately, it's extremely difficult, the situation of the hydraulic park. Not easy, you know. Unfortunately, in Spain, we are suffering a tough situation from rain, water point of view, no? You have only gas and solar. Unfortunately, solar is not able to cover all the consumption that will come associated with air conditioning and other applications, no? We will see the evolution of merchant, especially in the summer, no? It's complicated to see the price evolution only associated with one month, no? PPA players know this, no? Because they are using projections of prices based on average prices of the year, no? Today, we are touching similar prices. Next questions are coming from Fernando Lafuente from Alantra. First question is, what is our estimate of infra revenue for the full year? The second question is regarding CapEx. How is CapEx evolving in the first quarter, and what is our expectation for the rest of the year? Infrastructures for us is extremely complicated to predict, no? Because it's associated, we are living a crowded situation around renewables, not only solar, wind. A lot of players that wants to develop, construct, connect PV or wind assets, obviously, something that give to us benefits associated with the infrastructure area. We will see the evolution of this situation in Spain, no? Theoretically, if we receive final construction approved. In two months, not only Solaria, a lot of different players. We will receive more players that will need to connect installations and that needs to use our substation or our grid, no? This business could grow, no? It's extremely difficult for us to predict next movements. This market is crazy. You have a lot of players that theoretically they are developing projects, but honestly, I don't believe they are going to execute, no? To make a business plan based on these kind of players could be a mistake because probably they are sellers, not constructors. They are not interested in the construction process or in the asset, no? They want only to sell paperwork. Honestly, in my view, to acquire today paperwork is extremely risky. More than few months ago, more than few years ago, no? You are entering in the rush hour, two years for connecting. To acquire today paperwork is extremely risky. I think that wise players, they are not going to acquire a pipeline, no? We will see the evolution of the market, no? CapEx and the situation of CapEx. Our intention is to stay in less than EUR 0.4 per watt. This is one of the key points, no? In order to be efficient, with the inter-rate of project finance growing, and the global situation of inter-rate growing, I think that our work is to be efficient. CapEx is the critical point, no? Next question is coming from Alberto Gandolfi from Goldman Sachs. A lot of questions regarding PPA. I think we already, Arturo already answered, no? That today we're up 65%-35%. We may close the year at 70%-30%, and we may be in 2024 at 75%-25%. Second question coming from Alberto is, are we still comfortable with our capital structure, or do we require additional funding from shareholders? The third question is coming from how is the administrative approval of those 4 GW with environmental permit going? Still on track for late July. Of course, about the capital structure, no, because in PPA we have answered, no, I think. 70%-30% is reasonable for us. It could be moved to 75%-25% or something like this, but it's a good mix. It's our intention to stay around these numbers, no? About capital structure, we are not going to increase capital, as we always explain. Capital structure, in my view, my position should grow, but this is my personal vision, no. I should, or in my view, it's a good moment to increase significantly my personal position inside the company, but this is not associated, I suppose, with your question, no? About the administrative approval situation, in two months, I think that we are going to receive the full amount, construction permitting processes. Like in two months, you will have 4.5 GW completely approved and ready to be built from civil works perspective. It's like 4.5 GW that depends of our work, of our construction work only. No. is the final step and will happen in two months before the end of July. Next questions come from, Philippe Ourpatian from, ODDO. Can we give some color about, the German, land, acquisition or German project? About Germany and Italy, I think that, I prefer to wait to September CMD. We are spending money and efforts in the expansion of the company there in both countries. I think that this is the best diversification that we could execute now, Europe and these both countries, no, and Italy and Germany. We are spending money and efforts. All the company is focused in the international expansion. As I have explained, we are worried about Spain, but Spain was done, and we have a good amount of megawatts in Spain, good growth, especially that will come from Basque Country. I think that we have a reasonable quote inside Spain. Our growth will come from Germany and Italy. In September, we will explain name of projects, situation, where we are, and our construction plan and number of gigawatts. I think that both countries has a really good situation for the expansion of solar, and we will be there. Next question is coming from Nashik Ho, from Barclays, and from Manuel Palomo from BNP Exane. Regarding the amount of megawatts that we have to do till the end of 2025. The question is, the capacity grows from June 2025 to the end of 2035 is huge, 1.7 GW in six months. Can we please provide some bit of color on that? It's important to understand that 1.7 is not like you start and you finish in six months, no. Some of them, we are now executing some of them. It's something that we explain in all of our calls, no. We start purchasing equipments. Sometimes we start with the construction of the substation of the grid that spend a lot of time and efforts, no. Sometimes we spend six months in the construction of substations and grid associated with the project, no. We start with the civil works. It's like usually a project like Garoña or like Villaviciosa, we are spending 18 months or even 20 months in the construction, not only in civil works construction, global construction process, no. All of our pipeline today, the 4.5 GW that we are mentioning, all of them, we are now acquiring equipments. We are developing substation, not only Solaria. We sign contracts with, for example, Red Eléctrica for the construction of the substation, and we have done payments associated with these 4.5 GW. They are executing now substation associated with these 4.5 GW of pipeline. It's not like you start on June and you finish on December. It's not exactly like this. Next question is coming from Manuel Palomo from BNP Exane. Given the relevance in your EBITDA of other revenue and infra-revenue, can we provide some guidance on these two drivers? The second question from Manuel is regarding drivers and cost and returns in the storage project. Guidance, I prefer to give a global guidance, no, for the 2023 year. I think that EUR 195 is the consensus of EBITDA, and we are comfortable with this number, no? That include all. Because infrastructure, to split infrastructure and generation is not easy. I think that we have a good idea of the players that will use our infrastructure in the next quarters, but we are negotiating with them. This is important to understand that the cost is, the price is not associated with cost. No difficult to say exactly, the price of some new players that they are going to pay for the connection, no? It depends of a lot of things. The global guideline for the company, we are comfortable with EUR 195, you know? The other is the returns in the storage projects. Cost of a storage depends on the number of hours that you want to cover. One hour, two hours, three hours. It's like you could define all kind of scenarios. Suppose that you want to move the electricity from 6:00 P.M. to 11:00 P.M. In this case, you need to be able to keep inside the battery energy or electricity for the next five hours, no more. It's like it's more expensive. In order to give a global idea, the approximate cost that we have included in our projects that are waiting for some subsidies from European Union is EUR 0.35 per watt for a global cost, the global CapEx associated with batteries and all the components associated with batteries. The application of the battery. As you know, Spanish government arranged a tender process, not a tender, a program of subsidies associated with projects. They are studying now the projects, and hopefully before the end of this half, we will obtain a final answer from the Spanish government. I think that we have tried to allocate a good amount of money. I don't remember, it's 30 or something like this, EUR 30 million that could come on subsidy format from the Spanish government, no, associated with batteries. We will see. Next question are coming from Henry Tarr from Berenberg and from Margarita Christiana from Citi. Can we give maybe some more color regarding the tax credit? How and when will this tax credit be recognized? Is there any limitation to our Basque project that we have to consider? The recognition will come with the execution of the projects. First project will be the 100 MW that we announced and that we have with the Government of Basque Country. It will happen during 2023, 2024, no, the recognition. The other amount that is close to 2 GW will come in 2024, 2025, and probably 2026, no? It's an enormous amount of money because considering EUR 1 per watt, it's enormous, the amount. It could be more than EUR 400 million. Is the reason because we are extremely interested in this investment. Our new projects, remember that we obtained the connection point few months ago. I remember we announced on November. It's like we have start now with the process. We are going to spend two years or three years. Probably you will see associate in our P&L, you will see, tax credits associated in 2023, 2024, 2025, 2026. Next question is coming from Fernando Garcia from RBC and from Jorge Alonso Suils from Société regarding asset rotation update. If we can do, give a little update about the possible asset rotation. Yes, it's something that we have repeat in all of our conference call. Asset rotation will, could come in. It's something that we have always the possibility over the table. It's something that could happen. Three different types of asset rotation that we have studied. First, and for me, the most interesting, is an asset rotation for the Basque Country area, because, as you know, we have done in the past, and we have now 2 GW. For me, the first target is to rotate this asset. It's still under discussions. It's an enormous volume, and we will see. It includes additional advantage, not only associated with money and financial return, no? Second target could be to rotate 30% of the shares of some assets. We have some funds extremely interested on this, and the price is good, no? Of course, it's something that we haven't decided to going forward with this, but it's a possibility, no? The other is to sell an asset, a complete asset of an amount of asset, a full, complete asset, no? We have strong interest from a lot of players that wants to acquire full assets, and of course. In, in my mind, the... if I can choose, I choose the option of the Basque Country, no? We are focused on this. Next question is coming from, Jorge Alonso from Société Générale. How far economics of battery are being attractive? How battery will be financed? Banks do project finance in battery or only if they get a regulated revenue? Today, for banks, it's like trackers. It's something that you add to the installation, and you obtain something more, no? It's like a tracker. Of course, the CapEx is this, and you are going to improve, based on projection of prices, you are going to improve in few euros your price of electricity. It's good, and the return is this one, no? It's important to understand that, for example, if we receive the subsidies, that we have presented to the government, they are going to cover practically the full amount of the battery, no? It's like you needn't to raise project finance because subsidies are going to cover this, no? Government is talking all the time about payment for capacity. It's something that they have over the table, not only Spanish government, European Union government. Probably they will approve something associated with the payment for capacity in the future, no? They are always talking about this. You know that even they are going to approve a new program of subsidies and incentives based on batteries and storage. We will see, no? Payment for capacity could happen. Maybe just a last question, coming from Henry Tarr from Berenberg. Has EIB financing been already fully agreed at this point? Yes. The key point of the EIB is that they are going to cover 50% of the full deal in all of our project finance. We have the term sheet agreed with them. The key point now is the other part of the deal, the other 50%. Obviously, it's for commercial banks, it's not easy to achieve prices of European Investment Bank, we are trying to do our best in order to allocate banks that could stay in similar prices than a European Investment Bank, no? It's a good support. A good point here is that you have a great uncle that is going to cover an important part of our future deals, and the successful is guaranteed for this reason, no? Now it's an issue of price, we are trying to get the best price. Honestly, today, we don't see strong problems in order to raise project finance. We have a lot of players that wants to entry, banks, institutional investors. On July, June, we will announce new deal for 1.1 GW. The key point here is the price, no? The final price that we are going to obtain, no? We are fighting strongly in order to obtain the best price, because at the end of the day, it's something that will define our project IRR. Trust on us, because in the past, I think that we have demonstrated that we are able to raise really good project finance in really good conditions. We are extremely attractive for all the international players, and I think that we will get really good conditions associated with our project finance, no? Thank you for joining today's call, and I will let Arturo closing this call. Thank you. Thank you very much for being part of this conference call. I think that the final message, I know that today, probably market is more focused on price of electricity. It's more focused on interest rate. As I have mentioned a few quarters ago, the market was extremely focused on our execution plan. Today, execution plan is not a problem. I think that all the market are going to recognize that in the next quarters, you will see an enormous amount of megawatts that will be connect, that will be execute. It's like execution plan in Spain, it doesn't matter. It sounds aggressive, but it's a real situation. In few months, it's not going to be a problem. I'm completely sure that price and interest rate in the next quarters, this noise that we have today in the market will disappear, because we are going to include batteries, we are going to sign PPAs, and we will continue with our business model. Our business model is based on CapEx, OpEx, good prices, good conditions, and to be an extremely efficient infrastructure player. I think that Solaria today probably is the best platform in Europe for solar and probably for renewables. I think that we have really good pipeline in Spain, in Portugal, in Italy, in Germany, and we will explain in September. I understand that the market is nervous, no, for other issues. Our job is to try to give comfort, to try to give security, to continue explaining our business plan and the advantage of our business plan. My job is to continue acquiring shares and hopefully we will change the actual situation of noises and all the things that worry the market. Thank you. Have a great day.