Good afternoon, everyone, and welcome to Solaria 2023 Full Year Results Webcast. My name is David Guengant, I'm the Head of IR of Solaria. I'm joined today by Arturo Díaz-Tejeiro Larrañaga, our Chief Executive Officer. During this call we'll discuss our business outlook and make forward-looking statements. These comments are based on our predictions and expectations as of today. During this presentation we'll begin with an overview of the full year results and the main developments during this year, given by our CEO Arturo. Following this we'll move on to the Q&A session. I would also like to highlight that you have to submit all your questions via the web, so thank you very much again, and I will now hand over the word to Arturo. Thank you, David, and thank you everyone joining this conference call. Like always I will move extremely fast in the presentation of 2023 results of Solaria and then we will pass to the Q&A session. Of course, this year I think that we have achieved a record from generation perspective. We have increased our generation if you compare with last year in 62%. Revenues continue growing, we have achieved EUR 230 million. EBITDA, additional 36% of growth 2023 versus 2022, and net profit. I think that this year was an extremely good financial year for Solaria. We continue growing, all the numbers continue growing, EBITDA, net profit, revenues, and energy generation. From capacity perspective we have finished with close to 1.7 GW of capacity installed and connected to the grid, and we have under construction more than 1.5 GW. With these numbers we can say that we are the leader in the Iberia region in solar photovoltaic technology, with more than 3 GW installed and under construction. Extremely important for us was the approval that we received in January of Garoña, the final approval, the final permitting process that we obtained at the beginning of January. Garoña today is under execution, civil works we are doing and we are executing now the civil works, and hopefully in the next 10-12 months we will connect to the grid. It's our second flagship project, extremely important. As you know after Trillo, Garoña for us is the second flagship project of our portfolio in the north of Spain, in Burgos, close to the city of Burgos, and one of the largest PV plants that will be constructed in Spain. In order to give a global idea of the situation, it's something that we have explained during past presentations, but we have secured the financing for the 5.6 GW portfolio that we are going to construct in the next two years. We have secured the financing with the European Investment Bank, with a credit loan of EUR 1.7 billion, project finance structure. It was great successful that we announced in September of last year, and that we are using now, and we are using this project finance capacity in all the projects that we are going to construct during this year. Extremely important, price of PV modules, 500 MW that we have signed this contract a few months ago, one month ago, approximately, two months ago approximately, record price of EUR 0.093 per watt. That is the lowest price in the history of Solaria from purchasing point of view, from purchasing of modules point of view. Good point. I think that in the next days, probably next weeks we are going to announce a new deal of 500 MW, a new deal of acquisition of PV modules, 500 MW, additional 500 MW, and probably we are going to stay in similar or even less level of price of modules. This is extremely important. At the end of the day it's CapEx. CapEx that we are improving all quarters, and as you know PV modules is one of the key parts of the CapEx, of the global CapEx of the PV assets. And this price is a record price and it's extremely important for us. Of course we have adjusted EBITDA targets, 7%. Why? Because as you know the Spanish government at the end of last year approved the 7% tax for renewables, for renewables for all the generation, not renewables. Globally for all the generation and it's 7% of the sales, and we have adjusted our EBITDA targets according with this new tax approved by the government. Of course we continue with our business plan, 18 GW until 2030, and the key point here is that we are including today more information about Italy and Germany. We are expanding activities out of Spain. We have today a good situation from pipeline perspective in Italy and in Germany. I think that more than 50% of our global pipeline will come from these countries, and it's extremely important because it's a geographical diversification that we are going to execute during the next years. Extremely important because Solaria in the next year will be the key player in the European Union from a renewable energy point of view. Of course, in order to enter in financial numbers, capacity increase and Garoña. As I have mentioned, we have started with the civil works in Garoña. Extremely important for us from a strategic point of view, and we will explain deeply during this conference call, but Garoña will be one of the key assets, not only for Solaria, globally for Spain, and I will explain. The good point is that we have increased our capacity. Originally it was 595 MW, and we have got additional capacity and it was approved, and today the project is 700 MW. I can say that it's the largest PV asset in the Iberia region, and the largest development, the largest photovoltaic development in the Iberia regions. As I have explained, 10-12 months will be connected to the grid. Of course, as always, we maintain some concepts that for us are fundamental. We need to be the top from ESG point of view, and we maintain high-level rating in ESG concepts, and we continue thinking that it's one of the key points, especially if you work in renewables, especially if you are a renewable energy company. Diversification, not only from geographic perspective that I have mentioned, Italy, Spain, Portugal, and Germany, and not only from geographical perspective. In technology, wind and solar. From wind perspective today we have more than 18% of our pipeline was associated and is associated with wind technology and will be developed and constructed during the next three years. Of course this is extremely important because today we can say that Solaria is not only a photovoltaic solar energy company, it's a renewable energy group involving different geographies and involving different technologies at the same time. Even I can say that we are not exactly only a renewable energy group. We are an infrastructure group that groups not only in generation, that works in other applications, and we will explain during this conference call. And profits, it's something that we always explain. We need to maintain a profit and healthy financial situation because as you know we are not rotating assets, we are not increasing capital, and obviously all the cash comes from actual assets and future assets. 12% minimum project IRR that we have always explained. Probably Solaria today is the best in class from CapEx and OpEx perspective, globally in Europe or probably in Spain and globally in Europe. We don't acquire pipeline or similar. We develop all of our pipeline with our own team, and we are not raising capital, and we don't see this option for the future, and we maintain all of our financing associated with project finance structure, deals that I have mentioned, European Investment Bank, and additional deals that will be announced. Today this project finance is covering close to 100% of our CapEx. Of course, financial numbers, production record, I think that I have mentioned but it's important to say again, production record, sales record, of course EBITDA record. It's important to mention because all the market is extremely worried about this, merchant exposure. Today our merchant exposure is around 30%. 70% approximately is closed with fixed price with PPAs, and 30% go to the merchant markets. EBITDA, net profit, we continue growing as I have explained. Cash flow, we maintain a really good level of cash after to invest more than EUR 320 million that we have invested during 2023, that it was a strong effort for a medium-sized company like Solaria. We maintain a really good level of cash without any asset rotation, without any increase of capital or similar, and with the cash flow and the generation of our PV assets and covering our CapEx with project finance. Debt and situation of the debt is important to mention, especially with the actual situation of interest rate. All the market is worried about the situation of interest rate and when it's going to decrease. The average cost of debt is EUR 3.5, that is not bad, it's good, especially because it's long-term debt. The average tenor for our project finance debt is 15 years, EUR 14.4, and EUR 3.5, 15 years is reasonable in our mind, and more than 90% is project finance debt associated with our assets. Our level debt EBITDA is good, EUR 4.9. Hopefully during this year we are going to improve, and hopefully during this year, especially with the reduction of our CapEx, we will improve all of these numbers, and quarterly you will see the evolution. Of course, as I have mentioned, we adjust the numbers that we present with a 7% tax. Unfortunately, the government has decided to approve again this 7% tax. In my mind, it's an enormous mistake because it's an old tax that it was a mistake of the previous government and they have decided to introduce again in the system. I think it's an enormous mistake that delay or damage in general generation, not only renewables in general, but today we have over the table and we have to include in our projections. But even with this effect of the 7%, we maintain a global EBITDA target for 2025 of more than EUR 300 million. That is significant, probably it's best in class for solar photovoltaic companies. And good news, at the same time that government has recuperated 7% tax that I have mentioned, at the same time they have cancelled the clawback, that it was a direct attack to the renewables energy technologies. Good news because they have canceled the Clawback and they have canceled the Iberian Exception, that it was an awful loan approved by the government. Good point, today we compete apple to apple with other technologies in the same situation because 7% is something that affects all the technologies, not to renewables or infra-marginal technologies. Clawback and Iberian Exception was approved for infra-marginal technologies. We have included here, this is extremely important for us, as you know at the end of the day the key point for us is project IRR levels, and we have included here an estimation based in our CapEx, EUR 0.375 per watt. Of course, projection about electrical prices, it's extremely difficult to make or to execute projection based on electrical prices because as you know it's all the time shaking and changing all the time. I think that all the people it's like in soccer, all the people know about soccer, all the people know about the future situation of electricity prices. All the people have an opinion about price in the future of electricity. Honestly, after 25 years I'm not completely sure about the situation of prices of electricity in the next 10, 12, 15, or 20 years. But usually people, all the people have an opinion. But we will talk about this, I'm completely sure in the Q&A session we will talk about this. But even in the worst scenario that we have included, EUR 39.6 per megawatt hour average price, the project IRR that we obtained, theoretical project IRR is EUR 14.2, that is acceptable with our criteria of 12% of minimum project IRR. Asset rotation, as you know Solaria is not extremely focused in asset rotation. It probably is the only company that is not focused today in asset rotation. All the renewables and energy market is focused on asset rotation. I understand with inflation situation. But in our view, assets could be rotated in the correct price and in the correct strategy, and the correct price could be rotated. Like always we have explained. As you know, we closed an asset rotation one year ago or more than one year in 2022. We closed a small asset rotation of 100 MW. We are negotiating new asset rotation in the Basque Country for 500 MW that could be increased, but today it's based on 500 MW, 25%. As you know, Basque Country has a special law from tax point of view that they include 30% of tax credit on CapEx invested, and this is extremely relevant for us. Probably this operation could be closed in the next two to three months. It's good from financial perspective and it's good from tax point of view. Of course, this is something that I have mentioned, the portfolio we are focused in the diversification of our portfolio, not only from geographic perspective, technology perspective, solar wind, and geography Spain, Italy, Portugal, Germany. I think that more business will come. I think that Solaria at the end of the day is an infrastructure player looking for new business based obviously on generation, on renewable energy generation, but for us it's important to innovate and to make new business. Flagship projects, and when we are going to enter in these new flagship projects you know because we have explained in all of our previous presentations, Basque Country, enormous project that will be extremely strategic for us and more than 2 GW, enormous probably the largest PV asset in Europe and probably one of the largest in the world, Garoña that we have started with the construction, civil works, Trillo that was done and we have now the second phase, we are constructing the second phase, it's 150 MW, and more projects. We have included here Italy because Italy is today an important country for us. We think that during especially 2025, 2026 will give to us a lot of surprises and good news. Of course we have included here Italy, we include the detail. As you know our target for Italy is 5 GW. It's a complicated country, not easy to develop pipeline, not easy to construct PV assets or wind assets, not easy to sign PPAs. Great for us, it's the perfect place for us. Not easy, great. And I think that we are getting good successful. It's a complicated country, I love it, and 2.28 GW was secured during last month, last quarter, and we are growing. Hopefully in the next quarter we could give an update about new developments, situation of our pipeline, and hopefully during this year we will start with construction, massive construction in Italy. Of course, new concepts and things that could happen in the next year and during this year. And a lot of things could happen here, but new business that we have over the table. As you know Solaria, as I have mentioned, is not only a renewable energy generation company, it's an infrastructure player. We are constructing a lot of new substations. As you know, grid and substation is one of our key investments, and it's important in our CapEx, the substation and the grid. This grid and this substation is used not only by Solaria, it's used by third parties, and even we are constructing substation and grid for third parties. It's one of our activities today because some players of the business of the renewable energy space, they appreciate our know-how and they are contracting and subcontracting us in some works, specialized works associated with substation, with grid, and it's good because it's healthy for us and it's a diversification of our P&L. Power lines, we have today hundreds of power lines constructed and under construction. Hopefully we will have more than 1,000 km of power lines in the next one to two years, and it's important because in two years we will be one of the key players from grid infrastructure point of view in Europe, not only in Spain, globally and the countries that we are working now. And this is extremely important for us because I think that will born a lot of new business associated with this. And we are going to rent, we are going to offer services to our not competitors, our friends and colleagues, and new business will come from this investment that we are doing now. And like always Generia is growing, we continue acquiring land or using hectares of land and we continue growing. Hopefully Generia during this year could give news and we will see opportunities. If you want, we could go to the Q&A session and we could answer the questions. Thank you, Arturo. I will now open the Q&A session and once again thank you for your time. The first question comes from Fernando Garcia from RBC. First question is what our assumption in terms of power price that we use for the new guidance of EBITDA. The second question is do we expect to connect more renewable in the short term? And then if we can give some capacity, capacity reading for the coming two years. I think that the assumption that we have used and that we usually have used in previous presentation was the central scenario of Baringa. The name of the advisor in this case is Baringa, but usually today we are using Baringa. In the past we have used other advisors. In this point I know that it's extremely, as I have mentioned, it's extremely difficult to predict movements on power price. I have my own idea about the situation of the power price market, Spanish market especially in the next years, but in order to be fair we have used the central scenario of Baringa advisor. In my view it's optimistic or negative in my view it's good, it's okay, and we will see the evolution of power price in the next three years. About the connections and what we are going to do during this year, hopefully we will connect more assets during next quarter. We haven't included our assumptions, but we are trying to do as much as possible in order to connect as soon as possible. Unfortunately sometimes you depend on third parties. When I talk about third parties it's infrastructure of Red Eléctrica and we depend on them. Sometimes we finish our installations and we are waiting for the final connection one year or even quarters. And unfortunately we depend on third parties. Probably during the second half we will have new connections, but we haven't included our assumptions. But hopefully in the second half we will add approximately 0.5 GW of additional capacity. Second question is coming from Jorge Alonso from Société Générale. I think that part of the question we already answered, but the next question is coming from if Solaria is adding 1 GW-1.5 GW in 2024 as per merchant currently. Next asset rotation, to which asset are related, COD in 2025 or 2026? And just maybe on the European Investment Bank agreement, if we require another 50% to fund the growth. 70/30 sound reasonable for us. It's something that could change. For example, I can say that we are negotiating, we have a really good volume and we are negotiating with our customers, actual customers, because some of them need to sign PPA as soon as possible and we are negotiating with them really I could say large volume, the signature of large volume of megawatts in a PPA contract. And we are negotiating and if we achieve the correct price and the correct conditions we could close. It's something it's like what I'm saying that we could change this mix 70/30. If we have the correct price under PPA with the correct partner we could increase this number. Even with the strange situation actually today, with the strange situation in the power prices, we see a strong interest from our customers to sign additional PPAs and to increase the PPA deals with us. We are reasonable if we obtain a good price, and you know that in the last quarter we have signed a good PPA and if we obtain good prices we could increase our PPA exposure. Then asset rotation and the concept of asset rotation. As you know Basque Country, the global project of 2 GW probably the connection will happen in 2026 probably. The rotation is based on this project, assets that will be connected in 2026. We are going to rotate now but will be connected in 2026. European Investment Bank, the European Investment Bank the deal is associated with 50% of individual deals. It's EUR 1.7 billion and they allocate 50% of the individual deal. If you have a deal of EUR 250 million they allocate EUR 125 million. But sometimes they support at the same time to the bank that entered with them and they allocate capital to these banks. For example, in last deal they have allocated 50%, at the same time they have support with credit loan to the bank that has entered with us. You know that the last deal was signed with Santander and of course sometimes even they acquire position in the deals of the partner. Next question is coming from Enrico Bartoli from Mediobanca. I think we already answered to part of them, but the following one are: when do we expect to receive final construction authorization for the 4.5 GW that are target to be complete by mid-2025? And maybe if we can give some PPA price evolution in this negotiation with a PPA counterpart. We have to ask to the government, but in order to try to answer, today homework of Solaria was completely done. All the process was done. All the paperwork was done. All the projects was presented to the government. They have studied, they have done, they have pre-approved all the paperwork. I think that we are waiting for the final answer of the government. Theoretically should come shortly. But honestly you know that Spanish government they have approved a delay of additional, they have approved a new additional six-month period in order to answer all the request of approvals of new pipeline and hopefully in the Q2 we are going to receive the final answer of the government. The good point, today we are really busy in the constructing activity. Honestly, I think that in Spain today, if you see from construction point of view, the only one that is closing deals, the only one that is constructing real construction, the only one that is acquiring modules is Solaria. Other players are waiting for final approvals, but today Solaria, we have more than 1.5 GW under construction and we are acquiring modules, we are executing projects. It's like we are living, we are extremely busy working on the project that we have today under construction. Hopefully in the Q2. PPA prices, about the PPA prices I think that you know that the last deal was announced with Endesa and the price that we think that is reasonable is between EUR 40s-EUR 50s. What does it mean? Between 40s, in 40s is reasonable. If you go the good point for us is when you talk about customers and about PPAs. The key point today is you have a lot of players talking about PPAs that they could sign to supply electricity in one, two, three years. Honestly in this case you are going to see a strong reduction on prices of your PPA. The good point of Solaria is the PPA that could be signed, the PPA that we are offering to our customers is PPA that could sell electricity tomorrow. And this is an extremely important point from price point of view because for customers it's risk, zero risk. They are going to receive electricity tomorrow. And I think that this is an important advantage of Solaria that we sign PPA and we supply the electricity. I think that all of our customers are extremely satisfied with all the deals that we have and they want to repeat. Of course, PPA price today is obviously not in the best moment today for negotiating because price of electricity and the noises that we have in the system is not good. People today is touching EUR 40, around EUR 40, EUR 40, EUR 41. Hopefully, in the next two months we will see a positive evolution of prices. In our view, if we see EUR 45, EUR 46, EUR 47 we could close a global deal. Next question is coming from Alberto Gandolfi from Goldman Sachs. The first question is regarding the EBITDA target. I am right in saying that EBITDA target were only adjusted for the 7% revenue tax. What is the power price assume on the merchant position in 2024 and what would be the mark-to-market price you think you can achieve this year? And the second question is on asset rotation. Is the valuation show in slide 12 is the result of a binding offer or is this just our own estimate? We covered just only including the 7% revenues tax, our EBITDA target. Power price assumption as I have mentioned is based on the advisor central scenario. It could be optimistic or not, it's difficult to say, but it's EUR 64 per megawatt hour of merchant prices that as I have mentioned is around between 25%-30% of our global situation. The price that we are able to achieve this year is difficult. I'm talking about a scenario of advisors. My opinion is different. I think that this is shaking all the time. We will see the evolution in the next month. I think that we are living probably the worst days of the year because wind is in a strong situation as you know and the gas in an extremely weak situation. The good point of Solaria is that we have a really strong situation with really good PPAs and with really good CapEx. That is the key part, the key critical part to be extremely efficient in order to be able to compete with worse prices. As I have mentioned today, PPA deals are touching prices of EUR 40. EUR 40, that is not bad. It's not bad especially if you add the GDRs and it's not bad. On the asset rotation we haven't done a binding process, no. We are talking with a strategic partner and we are negotiating with only one partner. It's not something as you know Solaria usually if we want to sell an asset we are not extremely excited with assets rotation. In our view always it's not only a financial issue. It's important obviously to achieve a good price for us, but at the same time we are looking for good partners for the long term. In this case in the Basque Country it's an extremely good partner and extremely good financial partner, strategic and financial partner. We will announce to the market and you will see. Next question is coming from Tomas Reyes from Caixa Bank. First question is: Can we provide some more detail on this new 500 MW asset rotation program in the Basque Country and also the way this tax credit cash-in works? And second question I think that we already answered. tax credit is the government, the Basque government is not only for Solaria, for all renewables energy investments. The Basque government approved a law that say that they recognize 30% of tax credit of the CapEx involved in the project. Suppose that you recognize 30% if your CapEx is, I don't know, whatever, EUR 1, they recognize tax credit of 30%, EUR 0.3 per watt. And CapEx is based for example if we assume that a partner entry in the asset paying EUR 1, the CapEx recognized is EUR 1. And this is extremely important for us. For this reason it's strategic for us the asset rotation because it's not only an issue of money paid in the operation, the EUR 1 or 1.1, in this case it's EUR 1.15, it's not only the price that is good in my view, especially because this asset will be connected in 2026, it's the recognition of tax credit that for us is the key part that is improved with this entry. And. The next question is coming from Manuel Palomo from BNP regarding PPA market. I assume that we already answered. Regarding the wholesale price, I think we already answered, but Manuel is asking if we plan to still follow this strategy of 70/30 despite the evolution in wholesale price and can we give maybe a little bit more update about the installation target for 2024 and 2025? PPA market we have mentioned. I think that I'm optimistic about the deal that we are going to announce in the short term in the market. High volume, probably the largest volume that we have announced and good price. Good price I have mentioned. Previous deals for us include a good price and I have mentioned. Today the situation of the Spanish PPA market if you talk with our customers and if you ask to them it's around EUR 40. Around EUR 40 price for PPA if you supply electricity from now. EUR 40, it depends on the player, but EUR 40 reasonable. But it's not the price that we are able to accept. Merchant posture and situation, if the price is good or bad, we will see. I think that all years after the last 10 years I think I have these discussions about wholesale prices. I know that all the people as I have mentioned different opinions, different views. Honestly during the last six, seven years, during the annual results presentation, I remember three years ago, four years ago, always it's the same question. During February or March, price of electricity goes down with the wind effect, gas effect, always it's the same. And from all the people start to talk about the volume of renewables that could affect seriously the price. At the same time nobody ask about if it's not profitable why people is going to construct renewables. And nobody ask at the same time why we don't introduce massively renewables in the system because if you see the numbers in 2023 unfortunately we haven't achieved good numbers. If you compare with other countries, Spain unfortunately it's far away from Germany and even it's far away from Holland and other countries. I think that in Spain, like always, we talk a lot, we execute not too much. A lot of bubbles around renewables, a lot of people talking about enormous development, enormous amounts of gigawatts that will come, but never come. We will see decisions of the government if they are going to close or not nuclear plants, if they will continue or not, if the renewables will achieve or not all the expectations that all the market is talking and the evolution and the situation in few months. Installation targets as I have mentioned, during this year hopefully we are going to add additionally approximately, but it's complicated to predict because we depend on third parties. We could add 0.5 GW that could enter during this year, but we depend as I have explained of Red Eléctrica and infrastructure that should be constructed by them. We are going to stay focused in the construction of 1.5 GW. When it's going to enter? We have decided to say in 12 months because it's reasonable for us. 12, 15 months is reasonable. If we are able to achieve Q4 great, but 12 is reasonable and we have included in the presentation. Just to make a quick comment on that, you know that we already have under construction at the end of December more than 350 MW and on top of that we have received 1 GW. So it's 1.3 GW that we may be able to connect in the coming 12 months. So Arturo was speaking about end of the year 2024 just because this 1.3 GW are expecting to be connected to the grid before half of 2025. So we'll be already a 3 GW player in the first or second quarter of 2025. Next question is coming from Eduardo Imedio from Renta 4: what is Arturo's personal view on electricity prices? And with electricity demand decreasing and new capacity coming to the system, which are the drivers that you see for an increase in prices in the coming years? As I have explained, it's complicated to predict the movements in the electricity prices because it depends on a lot of different factors that affect seriously. But from a global perspective, long term, talking about long term, the next years, but next years could affect price of today of electricity, especially from a speculative point of view. The central nuclear plants, what are going to do? The government has decided to close, but is it real or not? They are going to close or not? If they decide to close, it's something that could affect seriously, seriously the price of electricity, not in three or four or five years from today because speculation will start and we will see. But honestly I'm not sure if the government is going to close or not the nuclear plants because they changed the message. I'm not saying that it's a good idea for Spain to close the nuclear plants. I'm saying that I don't know because I talk with them, they say, "Yes, we are going to close," but I don't know. It's something that we will see. Renewables. People is talking about enormous volume of renewables. Government theoretically should approve enormous volume of gigawatts that will come. Two points of view for us. From infrastructure point of view it's great for us because we will have a lot of customers asking to us, "Give me a quotation for substation. I need the construction of this substation, of this grid. I'm not able, I'm a fund, I need to subcontract you." From infrastructure point of view, I think that it could be a great business for us if Spain decides to construct massively 40 GW from infrastructure point of view. Of course it's something that could affect the price of electricity. It's serious. We are going to construct 40 GW. Banks are going to finance 40 GW. If the price of electricity we move and we enter in the system with 40 GW, banks are going to give project finance associated with 40 GW. If they think that the price of electricity goes to not zero but EUR 10 or EUR 15, I think that is not reasonable. At the same time, which is the CapEx of the players that will be involved in the construction of this massive volume? Because they are subcontracting us and we are expensive, for example. Which is the CapEx of these guys? It's EUR 0.4 or it's EUR 0.8 per watt? With EUR 0.8 per watt and with the actual situation of price of electricity and interest rate, it's interesting for them to construct. Why? They are going to lose money. I don't understand. And we need to see the evolution of this because during the last four, five years I'm asking and I'm answering questions associated with price of electricity. And we have lived the Ukrainian war. We are living a strange situation around LNG gas because I have a lot of information about LNG. It's changing all the time. Today it's speculating technology. It's shaking all the time. Price of gas is shaking all the time. Massive capacity conflicts associated with this. It's like, honestly, I'm sorry if I'm not asking your question saying the price of electricity during 2025, 2026 will be this because it's extremely complicated to predict. The key point for us, Solaria is the most effective player from CapEx point of view and OpEx. Probably we are the key guy from project IRR perspective. It's like we are the most competitive player. Our work today is to be the most competitive player. If we have good price on PPAs, we will sign. Today we have a good coverage on PPAs. Probably we are going to announce a new deal, the largest deal, PPA deal of the history of Solaria. If we have good prices, it's good for us and we could close. Of course our job is to maintain this project IRR of 13%-14%. This is the key point. Next question is coming from Marina Fuentes Juan from Morgan Stanley and from Alberto Gandolfi from Goldman Sachs and from Oscar Najar from Santander. I think they are all doing the same question and I will answer. In our CMD guidance, we prepared EBITDA guidance with EUR 87 per megawatt hour in 2024 and EUR 67 in 2025. In this new EBITDA adjusted with energy tax, we adjust the power expectation as Arturo said to mid-60s. So the adjustment is not only the 7% tax, but it's also an adjustment in the power price for 2024. Next question is coming from Gonzalo Sánchez Bordona from UBS. Good afternoon. You mentioned we could have news on your infra division during this year. Can you please elaborate on this potential expected developments and potential financial impact? I think that the EBITDA guidance is based on three concepts. Three concepts based on infrastructure business that is growing a lot. During the last quarter we have obtained really good numbers. Based on works executed on substation for third parties, basically. Today I can't say we are a construction company, but we are executing works for third parties that need to be connected and they don't have the capacity. We are the owner of substation and we are executing for them works that are giving to us really good results. And I think that even for us was a surprise, the good results that we have obtained in the Q4. We think that if the government finally approves all the volume of gigawatts and if they execute the works, that hopefully they will do, this amount will be increased. Then the price of electricity and the cost of electricity, 70% as I have said, the sales of electricity, 70% as I have said is associated with PPA, that the price is the average is close to 40 something. The 30% is merchant. Honestly, I think that we always follow a view of advisors because here we don't include any personal view or view of Solaria. The asset rotation that in the third quarter we didn't have too much visibility of the asset rotation, the 25% that I have mentioned. We didn't have too much visibility about the price of the asset rotation because we were talking with the player, but without too much visibility. Today we have more visibility on price and the rotation and the volume, the final volume and the final price. The final volume was decided, 500 MW, that I think that we have decided to sell or to rotate this amount, 500 MW. The price was fixed and it's a price of EUR 1.15. I think that is something that could affect the EBITDA guidance. I don't remember if in the third quarter we have included, probably we include EUR 0.9 or something like this. It's an update that is based in the visibility that we have today of this asset rotation, price of electricity and PPAs. Maybe just last question from Thomas Reyes from Caixa Bank and Jorge Alonso from Société Générale, just maybe to clarify. And I will try to answer if we can clarify the new capacity to be connected. As Arturo said, it's quite clear. Today we are EUR 1.65 in operation. And on top of that, we have another EUR 1.5 under construction. And there is EUR 0.5 that may be connected at the end of this year and another gigawatts connected in 12 months. So it's more or less it will be at more than 3 GW at the beginning of 2025. On top of that, you know that we are waiting for new gigawatts authorization including Villaviciosa. You know that the third flagship project, Elena project, is a 600 MW and we may obtain the ready-to-build of Elena in the second quarter of this year. According to this second quarter Ready-to-Build status, by summer 2025 we may be able to have more than 4 GW installed. I think that we don't have any more questions. Thank you very much for joining the call today. Thank you. As David has explained, I think that we have decided to include a global number of 1.5 GW. When we'll be connected, we have decided to include 12 months. Honestly, we will try to do as soon as possible. We depend on third parties and ourselves. This is a good point. Third parties is Red Eléctrica, basically, because works of Red Eléctrica and our internal job. The good point is that today we don't depend on license or permitting of the government. We have decided to include this conservative view of 12 months. If we are able to connect before, be sure that we will do. Thank you for the call and thank you for all.