Hello, and welcome to Neoen Half-Year Results 2024 conference call. Please note this call is being recorded, and for the duration of the call, your lines will be on listen-only. However, you will have the opportunity to ask questions at the end of the call. This can be done by pressing star one on your telephone keypad to register your question. If you require assistance at any point, please press star zero and you will be connected to an operator. I will now hand you over to your host, Mr. Xavier Barbaro, CEO, to begin today's conference. Thank you. Thank you very much, and good evening. I'm Xavier Barbaro. I'm the CEO of Neoen. So welcome to our H1 2024 results conference call. I'm here tonight with Yves-Eric François, our CFO, and François Rappold, our IR officer. We will first comment on the key points of our publication, and our comments will be following the slide presentation, which is accessible through our website. As usual, we will then open the floor to questions. Before presenting the operational and financial performance, let's start on slide number four to discuss the contemplated transaction with Brookfield, which is, of course, the major event of this first semester. First of all, I want to remind you of the initial terms and conditions of the transaction. On May thirtieth, Brookfield entered into exclusive negotiations with Impala, Fonds Stratégique de Participations, Cartusia and myself, and some other shareholders, to acquire more than 53% of the outstanding shares of Neoen, at the price of EUR 39.85 per share. This price represented a 26.9% premium, percent premium over the last closing price, and premium of 40.3% and 43.5% over the three months and six months day VWAP. Brookfield's offer implies an equity value for 100% of the shares of EUR 6.1 billion, and our board of directors unanimously welcomed Brookfield's proposal. Subject to closing of the block acquisition, Brookfield would file an all-cash mandatory tender offer for all of the remaining shares and outstanding convertible bonds in Neoen. Regarding the conditions, signing of the definitive agreement between Brookfield and the block of shareholders was first subject to information and consultation with employee representative bodies. Then, the closing of the block acquisition is contingent on customary regulatory approvals, including antitrust and foreign investment clearances. If we now turn to slide number five, you will find more details about the recent development of the transaction and expected timeline for the next steps. On June 24th, we took another step with the completion of the work council information and consultation process, which allowed Brookfield to sign a share purchase agreement with the block of shareholders to acquire more than 53% of the outstanding shares of Neoen, at a price of EUR 39.85 per share. On the same day, Brookfield also entered into a tender agreement with Bpifrance, according to which the latter undertook to tender all their shares held in Neoen in the tender offer that would be launched by Brookfield after completion of the block acquisition. This is representing 4.36% of Neoen's share capital. In terms of next steps and timeline, it is still expected that the regulatory approvals will be obtained by Q4 2024, and that the tender offer will be launched in Q1 2025. Before moving on to the rest of the presentation, I want to tell you that we are thrilled to open a new chapter in Neoen's history with the arrival of Brookfield as our new majority shareholder. Brookfield is one of the world's largest investors in renewable power and transition assets, and it's very well positioned to support and actually accelerate our development pipeline, thanks to its access to capital and in-depth industry knowledge. We can now turn to slide number six to review our key financial and operational indicators for this first semester. We delivered in H1 strong growth in terms of secured capacity and a financial performance in line with our expectations. As for our capacity, we added almost one gigawatt to our secured portfolio over the semester, with great successes on long-duration battery project in Australia and in Canada, and new solar project in France, backed by governmental and corporate PPAs. This means that we added two gigawatts to our secured portfolio over the last 12 months. Our secured portfolio therefore reached 10 GW at end of June 2024, making us highly confident about our 2025 target of 10 GW in operation or under construction. Our capacity in operation or under construction grew by 400 MW, reaching 8.4 GW as of June 30, of which 5.2 GW in operation. As for our key operational and financial indicators, we generated 4 TWh of electricity during the semester, which is an increase of 7% year-on-year. Revenue and Adjusted EBITDA respectively stood at EUR 256 million and EUR 232 million, both down 8% year-on-year. As widely flagged during our previous presentations, this trend was anticipated and mainly due to the mechanical impact of the commencement from Q2 2023 to early 2024 of long-term, of long-term PPA prices at Mutkalampi, Western Downs and Kaban. These three assets benefited from a high level of early generation revenue in H1 2023. If we now turn to slide eight, you will find an overview of the projects awarded in H1. As mentioned, we added 1 GW of awarded projects, a particularly strong growth. Those projects are located in three of our core countries, Canada, Australia, and France, and we will have a high level of contracting. Strong momentum in Q2 as we added 889 MW, including in Western Australia, the second stage of Collie Battery, supported by a 300 MW and four-hour capacity services contract awarded by the AEMO, which has started construction. In Ontario, Grey Owl Storage, 400 MW, 1,636 MWh, which is our first battery in Canada. It is backed by a 380 MW and four-hour capacity services contract awarded by the local grid operator. In France, Le Couret Solar Farm, 139 MW, backed by a 25-year corporate PPA signed with SNCF Énergie. I will further comment on these three achievements in the following slides. Starting on slide nine with Collie Battery Stage II. As already shared during our Q1 publication as a post-closing event, we launched in Q2 the construction of Collie Battery Stage II in Western Australia, sized at 341 MW, 1,363 MWh. This new tranche is the continuation of the development approval received in December 2022, for a total of 1 GW and 4 GWh. Neoen was awarded this, for the stage two, a second two-year capacity services contract. Starting in Q4 2025, it will provide 300 MW of storage capacity for four hours, charging during the day and then discharging across the evening peak. It follows the award in June 2023 of the first similar contract, which will start in Q4 2024 for Collie Battery Stage I, still under construction, and shows the ability of Neoen to sign additional capacity services contracts. Both contracts will secure a significant upfront revenue for the overall Collie Battery project. Stage I and Stage II will together have the ability to charge and discharge over 20% of the average demand in the Southwest Interconnected System Network. It will actively support the grid and address the risk related to the retirement of coal power plants and increasingly high penetration of rooftop solar in Western Australia. With this new success, Neoen reaches the milestone of 4 GW in operation or under construction in Australia. Moving on to Slide 10, dedicated to Grey Owl Storage in Canada. Located in Bruce County, Ontario, Grey Owl is our first battery in the country with a duration of four hours and sized at 409 MW, 1,636 MWh. Grey Owl Storage will be the second-largest battery in Canada and the largest in Neoen portfolio. The battery is set to be operational by early 2028 and will allow us to deliver the 380 megawatts four-hour capacity contract awarded in May by the Ontario grid operator. This significant contract will run for a period of 20 years, which will give us strong visibility on the revenue of the battery and will enable the project to raise project financing at competitive cost and favorable gearing level. Grey Owl Storage will be able to charge during off-peak hours and redistribute the stored energy back into the grid at peak times. This new battery illustrates Neoen's ambition to become a leading player in Canada. Combined with the 93-megawatt Fox Coulee Solar Farm located in Alberta, the secured capacity in the country reaches 0.5 gigawatts. On slide number 11, you will find more detail about the landmark corporate PPA signed in June with SNCF Énergie for Le Couret Solar Farm. For those who don't know, SNCF is France's national state-owned railway company. This is a great achievement for our development team in France, as it combines the high-quality PPA with a best-in-class solar project. Based on a 25-year tenure and the strong investment grade profile of SNCF, this new contract will offer high visibility on the revenue of the solar farm and will allow us to optimize the terms and gearing of the project financing. Under the agreement, SNCF Énergie will purchase all the electricity and guarantees of origin produced by Le Couret Agri Solar Farm, located in Haute-Vienne, for a total capacity of 139 MW. The electricity produced at Le Couret will cover the equivalent of the annual supply for the high-speed Paris-Marseille train line. Thanks to the close cooperation between Neoen and local stakeholders, the solar farm will combine renewable electricity production with sheep farming, as the farmer will use the 150 hectares as grazing land. Construction is scheduled to begin in 2026, with commissioning to follow in 2028. This new contract confirms Neoen's active presence in the corporate PPA market, with no more than 2 GW of PPA signed worldwide with leading industry and technology firms. On slide number 12, you will find an overview of the dynamics of our secured portfolio in H1. Regarding the awarded pipeline, as previously mentioned, main progress is coming from new batteries in Canada and Australia, as well as wind and solar projects in France, with Le Couret Solar Farm... Seven ground-mounted solar projects won in March during the latest governmental call for tenders, and one wind farm. Worth mentioning, the sale of five awarded projects for a total capacity of 17 MW in France. Regarding construction starts, we launched the construction works at Morhange 2, 26 MW, and Lieu-Saint-Amand, 14 MW, as well as Collie Battery Stage II, 341 MW, 1,363 MWh in Australia. And lastly, after the COD of Storbrännkullen in Sweden for 57 MW and two French solar assets totaling 27 MW in Q1, we are pleased to announce the commissioning in Q2 as planned, of Fox Coulee Solar Farm in Canada. Overall, our capacity and operation reached 5.2 GW at the end of June 2024, versus 5 GW at the end of 2023. I now hand over to Yves-Eric to comment on our operational data and results. Thank you, Xavier. Let's now move to slide number 14 to review our main operational KPIs. As you can see, we generated 4 TWh in H1 2024, up 7% compared to H1 2023. The average wind availability rate increased from 92.5% to 95% in H1 2023, thanks to the higher availability of the Mutkalampi wind farm, which was impacted in Q1 2023 by a cable issue. The average load factor of wind assets was down from 27.6% in H1 2023 to 26.13% in H1 2024. This is mainly due to the less favorable wind conditions in France compared to H1 2023. These were partly compensated by better resources in Australia and Finland. The average solar availability rate decreased slightly in H1 2024, reaching 95.1% versus 95.3% in H1 2024. This evolution reflects the lower availability of some Australian assets, which was partly offset by the higher availability of the El Llano power plant in Mexico. The average load factor of our solar assets was up from 19.5% in H1 2023, to 20% in H1 2024, thanks to the higher production in Latin America, which was partly offset by less favorable solar irradiation conditions in Europe. Turning to revenue on slide 15. We achieved EUR 255.7 million in revenue in the first half of 2024, an 8% decrease compared to the first half of 2023. At constant exchange rates, revenue was down 7%. This trend was expected and mostly driven by the mechanical price effect for some large assets, Mutkalampi, Western Downs, and Kaban, which progressively entered their long-term PPA prices from Q2 2023, as we already discussed in Q1. This effect was partly compensated by two factors. On the one hand, the EUR 13 million contribution from new solar, wind, and storage assets, which started injecting in 2023 and H1 2024. On the other hand, for the other assets, a positive volume effect, mainly driven by El Llano in Mexico, with a slightly lower contribution from our batteries. In addition, the impact on our revenue from the sale in 2023 of Cabrela in Portugal and the four solar farms in France amounted to -EUR 3.9 million. I want to reiterate that this trend was well anticipated and flagged by the company, therefore, it does not impact our 2024 guidance. Moving on to slide 16, with a reminder of the capacity breakdown between contracted and merchant for Western Downs, Kaban, and Mutkalampi, as its evolution is the main driver of the first semester performance. We have already commented on this slide during our previous presentation, so I will not further detail. In a nutshell, you can see the progressive changes in the breakdown between merchant and contracted capacity. This mechanically explained the drop in early generation revenue observed in H1 2024, compared to H1 2023, and the sequence between the first and second quarters. If you now turn to slide 17. Adjusted EBITDA was down 8% year-on-year to EUR 231.9 million. At constant exchange rates, Adjusted EBITDA was down 7%. This is the result of various factors. For our three technologies, the positive contribution from new assets, which started injecting electricity into the grid in 2023 and H1 2024. Regarding the wind segment, mainly the price effects from Mutkalampi and Kaban. As for solar, the higher contribution from El Llano in Mexico, despite the price effect at Western Downs. For our batteries, the early contribution from Capital Battery in Australia. And lastly, regarding the farm down activity, which contribution is non-significant in H1 2024, the high comparison basis with the EUR 27.3 million capital gain recorded in H1 2023, in connection with the Cabrela Solar Farm disposal in Portugal. Excluding the impact of the high base of farm down capital gains in H1 2023, the Adjusted EBITDA would have grown from H1 2023 to H1 2024. If we now look at the breakdown of our performance by segment, starting with wind on slide 18. Wind revenue was down 11% to EUR 115.4 million. Adjusted EBITDA decreased by 21% to EUR 83 million. This is mainly explained by the lower contribution from Mutkalampi in H1 and Kaban in Q2, as expected. Both assets now being under their long-term PPAs, while they enjoyed significant early generation at high merchant prices during the same period last year. Adjusted EBITDA was also impacted by an increase in maintenance costs for some assets in France and Australia. Again, this is something which was well anticipated on our side. Conversely, we benefited from the contribution of assets which started injecting in 2023 and H1 2024, and higher resources in Australia and Finland, both effects being partially offset by less favorable wind conditions in France. If we now turn to solar on slide 19. Solar revenue decreased by 5% to EUR 110.2 million, while Adjusted EBITDA was up 16% at EUR 133.3 million. As highlighted before, the revenue variation was well anticipated, mostly driven by the lower contribution from Western Downs in Australia, which enjoyed significant early generation revenue at high merchant prices in Q1 2023, before entering into long-term PPA from Q2 2023. As a result, wind revenue returned to positive growth in Q2 2024. Revenue was also impacted by the less favorable irrigation conditions in Europe, but conversely benefited from two positive effects. Firstly, the contribution from assets which started injecting in 2023 and H1 2024, mainly in France and Canada. Secondly, the positive price and volumes effects in Latin America. Lastly, the solar revenue and Adjusted EBITDA performance were boosted by the higher contribution from the El Llano Solar Farm in Mexico, following the resolution of its transformer issue. Let's now move to storage on slide 20. Storage revenue decreased by 2% to EUR 29.7 million, while Adjusted EBITDA was up 64% in H1 2024 compared to H1 2023, reaching EUR 38.7 million. On the top line, the first contribution from Storen Power Reserve in Sweden and the strong performance of Yllikkälä Power Reserve One, Finland, were more than offset by the lower revenue of Hornsdale Power Reserve in Australia on the frequency regulation market. Regarding the adjusted EBITDA performance, we benefited from the early contribution from Capital Battery in Australia. Slide 21 shows the breakdown of our solar and wind revenue between merchant and contracted or hedged. As expected, the share of contracted and hedged revenue for wind and solar was up from 81% in H1 2023 to 87% in H1 2024, as a result of three factors. Firstly, the progressive entry into force of the long-term PPAs at Mutkalampi in Western Downs from Q2 2023, as well as the capacity payment at Kaban from January 2024 onwards. Secondly, the lower sales of green certificates to the market at Western Downs. Thirdly, the hedging of early generation revenue of some French assets benefiting from 18 months of merchant revenue before the start of their government PPA. If we now move to our P&L on slide number 22 and focus on below Adjusted EBITDA items. Depreciation, amortization, and provisions increased by 10%, in line with the growth in the volume of assets put in operation in 2023 and 2024, which represented 1.2 GW. That led to a 17% decline of the Adjusted EBIT in H1 2024 versus H1 2023. Moving now to non-current items. Non-current operating income amounted to minus EUR 9 million versus minus EUR 3.2 million in H1 2023, representing a EUR 6 million difference due to non-recurrent M&A transaction costs recorded during the first semester of 2024. Our cost of debt increased by 10%, which is a direct consequence of the additional project finance debt raised in connection with new assets, partially offset by the repayment of historical debt. Other financial income and expenses amounted to minus EUR 7.1 million in H1 2024, compared to minus EUR 0.8 million in H1 2023. These were impacted by the accelerated amortization of loan issuing costs following the refinancing of Neoen SA syndicated credit facility and the Australian portfolio refinancing. Our adjusted effective tax rate improved in this semester at 23.3% versus 25% during the same period in 2023. I will come back to the drivers of the H1 2024 level on the next slide. As a result, the adjusted net income of the consolidated group was down, reaching EUR 27.7 million in H1 2024, versus EUR 63 million in H1 2023. Focusing on our tax rate on slide 23. In H1 2024, our effective adjusted tax rate was below our nominal tax rate. Over this semester, we mainly benefited from the positive impact of foreign exchange variation in Latin America, notably in Mexico, and from a mix effect due to the difference in tax rates between the countries where Neoen operates. If we now look at the cash flow generation on slide 24, the cash flow from operating activities amounted to EUR 207 million in H1 2024, a EUR 32 million increase compared to H1 2023, resulting from, firstly, a positive impact from the Adjusted EBITDA. Indeed, we are talking here about the Adjusted EBITDA, excluding farm down contribution, which is recognized in cash flow used for investing activities. On this basis, its contribution raised by EUR 6 million. Secondly, a more favorable working capital change versus the same period last year, with a EUR -13 million contribution in H1 2024, versus EUR -46 million in H1 2023. As you may remember, the H1 2023 working capital requirement variation had been negatively impacted by the repayment to EDF of the majority of the difference between high market prices and crude tariffs cumulated in 2022, which had been cashed in previously. The net cash flows from financing activities reached EUR 323 million, mainly reflecting the net increase in project finance debt. In the meantime, net cash flows used in investing activities amounted to EUR 799 million, compared to EUR 494 million in H1 2023, demonstrating the acceleration of our investments in new projects, notably in Australia, France, Portugal, Canada, and Italy. As a result, our consolidated cash balance stood at EUR 515 million on June 30, 2024, versus EUR 778 million at year-end 2023. In addition, our liquidity position is supported by the EUR 500 million syndicated credit facility, which remains fully undrawn as of today. On slide 25, you have an overview of the gross debt, which totaled EUR 4.3 billion at the end of the first semester, up EUR 491 million versus end December 2023. The net increase in borrowings, i.e., the difference between issuance and repayments, amounted to EUR 384 million and is mainly due to additional project financing raised with, on the one hand, the asset portfolio refinancing achieved in February 2024 in Australia, which included seven generation assets in operation, plus Collie Battery Stage I, still under construction. And on the other hand, the construction of new assets, mainly in Australia, with Goyder One B Wind Farm and Blyth Battery, Canada, with Fox Coulee and France. The gross debt position was also impacted by the increase in IFRS 16 debt derived from new lease agreements, and by the negative FX impact on project finance debt in Australia, coming from a slightly stronger AUD versus euro at the end of June 2024, compared to year-end 2023. As of June 30, 2024, the average cost of debt, both for project finance debt of our assets in operation and for the total consolidated debt, remains unchanged versus December 2023, at 4.2% in both cases. Indeed, short-term interest rates for our three main currencies, Australian dollar, euro, and U.S. dollar, stabilized in the first semester of 2024. On this matter, I want to remind that our policy is to have more than 75% of our floating interest rate exposure on project debt hedged. Lastly, 80% of our debt is non-recourse, with a long average tenor. Let's now focus on net debt on slide 26. Net debt, excluding positive non-recurring items, rose by EUR 753 million to EUR 3.7 billion. Positive non-recurring items include EUR 17.2 million of cash to be repaid to EDF and EUR 244.4 million of positive fair value of interest rate derivatives. Excluding these two items, the net debt to Adjusted EBITDA ratio reached 8.1x as of June 30, 2024, versus 6.1 at year-end 2023. Besides, we continued to stick to our financial discipline.... With project finance debt showing long tenure of 12.3 years on average for assets in operation. The decrease compared to year-end 2023, when this tenure stood at 13.6, is directly linked to the refinancing of the Australian asset portfolio in February 2024, under a mini-perm format, which comes out to be more efficient than long-term financing, specifically in Australia. We continue to hedge our interest rate exposure over the long term, even when assets are financed under a mini-perm structure. Our debt also remains denominated in the same currencies as the cash flows of our underlying contracts, providing a natural hedge. I now hand the floor back to Xavier for the rest of the presentation. Thank you, Eric. Let's now review our portfolio on slide 28. Our capacity in operation are under construction, totaled 8.4 GW at the end of June 2024, of which 5.2 GW in operation and 3.2 GW under construction, which is a record level. Thanks to our successes in H1, our secured portfolio jumped by one GW, reaching the 10 GW milestone at the end of this semester. We are then highly confident to reach the 10 GW target of capacity in operation or under construction in the course of 2025. Overall, including the advanced pipeline, but excluding our early-stage projects, our portfolio exceeded 29.3 GW at the end of June 2024, based on a significant number of projects well distributed across our core geographies and technologies. On slide 29, we provide the latest status on our assets under construction. At the end of June, our total capacity under construction reached a new record of 3.2 GW, of which 1.3 GW is in storage. Compared to the 3 GW reported at the end of March, worth mentioning in Q2, the commissioning in due time of Fox Coulee Solar Farm in Canada, and the start of construction works for Collie Battery Stage II in Australia and Lieu-Saint-Amand in France. Before moving to the Q&A, let me comment on our short term and medium term perspectives, starting with slide 30. Regarding our 2024 guidance, we confirm our adjusted EBITDA targets between EUR 530 million and EUR 560 million, with an adjusted EBITDA margin above 85%. Regarding our 2025 guidance on slide 31, we confirm our target of 10 GW capacity in operation or under construction in the course of 2025, and we also reiterate our Adjusted EBITDA targets of more than EUR 700 million in 2025. Thank you for your attention, and we now open the floor to questions. Thank you, ladies and gentlemen. As a reminder, if you'd like to ask a question or make a contribution on today's call, please press star one now on your telephone keypad, and to withdraw your question, please press star two. Also, please ensure that your line remains unmuted locally. You will be advised when to ask your question. The first question comes from the line of Enrico Bartoli, calling from Mediobanca. Please go ahead. Hi, good evening, and thanks for, thanks for taking my question. The first one is related to slide 19 and 20, regarding the evolution of revenues, EBITDA in solar and storage. Actually, both division highlighted the decline in revenues, while an increase in EBITDA. So if you can provide some details on the driver of EBITDA growth in the first half, if there were some one-offs or additional component that contributed to this evolution. Second question is related to the battery, new battery project in Canada. You highlighted that you signed this 20-year contract for capacity with the operator in Ontario. If you can provide a bit more color on the revenues that you expect to achieve from this project in terms of split of these capacity payments. You highlighted that the battery will be allowed also to sell and acquire electricity in the market. So if you can provide some color on the expected breakdown of revenues? And the last one, if you can comment, you highlighted that the approval process related to the takeover bid is expected to be completed in the fourth quarter. If you can give some comments on expect any issues, any possible delays in receiving the approvals for the deal? Thank you. Thank you, Enrico, for your questions. Xavier speaking. I suggest that I take questions two and three, and that Yves-Eric takes question number one, knowing, by the way, that it's not the first time that we have an EBITDA growth that exceeds the, that of the revenue. And, and Yves-Eric will explain why part of the EBITDA is not included, the revenue itself. Going backwards, so question number three, no, we do not expect the delays. I think that we have a very realistic and potentially conservative timeline. As discussed, we expect Brookfield to become the majority owner of Neoen at the end of 2024, and to become the sole owner of Neoen at the end of Q1 2025. What we see at the moment, we see the process going forward well. We have already received some clearances in some of our countries, as you know, it relates to both foreign investment and antitrust. So we have filed all applications in due time, after the announcement of the deal at the end of May. So we did that over the course of June and early July, and now we are getting progressively a green light coming from countries. It does take some time, but we think that the timeline that we gave earlier in this presentation is highly credible, and we do not see reasons why there would be some delays. On your second question in Canada, it's mainly based on the capacity payment. So this battery will be built first and foremost to support the local grid. It will be a majority of its revenue, the capacity payments that we get from the local grid, is typically going to be 60% of the revenue of this battery. And the remaining part of the revenue of this battery will be directly, let's say, generated and handled by Neoen. And typically, arbitrage will be another stream of revenue for Neoen for this investment in Ontario, which is comparable to what we do in other countries. We usually like to mix different streams of revenue. What is a bit more original is that in Ontario, the contract that we have for the capacity payment that we have to support the grid is a very long-term one, which is not so common. That's something that will make this investment, let's say, highly predictable. And then the first question, I will leave the floor to Yves-Eric, knowing again that it's not the first time that it happens at Neoen. We only include electricity and a few other things in revenue. And there are more, and Yves-Eric will comment on that, more, more, in a way, more segments in the EBITDA itself. Thank you, thank you, Xavier. I think your question was related to wind and to solar and storage EBITDA. So, as Xavier hinted at, I want to remind that our EBITDA is based, of course, on the revenues from electricity, but also includes the impact of liquidated damages that we can collect under our EPC contracts, or indeed, sometimes, O&M contracts. However, these liquidated damages do not form part of the revenues from an accounting perspective, but they are a part of the business model of securing overall the cash flows of the projects. So this is what you see happening here over the period, both in solar and storage, with a delayed project that is not yielding revenue, but is contributing to the EBITDA through liquidated damages. So it's exactly what is happening here, both for solar and storage. Thank you very much. The next question comes from the line of Dominic Nash calling from Barclays. Please go ahead. Hey, good evening, everyone. Thanks for taking my questions. Congratulations for the strong result. Can I have a couple questions as well, please? Number one, I'm really interested in hearing Nestle's view. Sorry, I'm really interested in hearing Neoen's view. Sorry, I had a couple of earnings today. How does Neoen stand out as a great acquisition target? Does Brookfield like your expertise in storage, or do they like your track record in working with data centers? I just want to hear your view on that. Then my second question is, kind of just a follow-up question on the previous one, my peer asked. So do you guys have a MAC clause in the agreement with Brookfield? Any color on that, that would be helpful. Then my last question, question is on storage. Just interested in your view, I know you have a lot of portfolio in storage asset in Australia. Do you think the sentiment for storage investment changing Europe more positively? Do you think that can become more profitable? Thank you very much. Thank you, Nash, for your question. Would you mind repeating the second one, please? 'Cause we, there was a hiccup, and we couldn't get it fully. Yeah, the second one is I just want to understand, between the, in the agreement with Brookfield, do you have a MAC clause, like a material adverse change? Yeah ... clause in the agreement, in case anything unexpected happening? Thank you. Thank you very much. I mean, first on the, I mean, I'm not obviously a spokesperson for Brookfield, but what we understand from them, and what they communicated publicly is, is a strong interest in the, in the geographies of Neoen. It's a good match for what they already have. Brookfield is strong in North America, for example, but they were not present, or at least not present, in renewable energy in Australia. They were not so active in continental Europe. And what Neoen is bringing to the table in terms of capacity in Australia, in France, in the Nordics, in Europe, is quite relevant for Brookfield. I also understand from them, and from what they had, they have said publicly, that the expertise that we have in storage makes a lot of sense. And of course the size and the quality of the pipeline of projects, even more classic projects such as wind and solar, it's still something that is very interesting. I mean, Neoen has been developing projects for the past 15 years, so there is a great reservoir for future growth that makes a lot of sense for such an investor. But again, I don't want to speak on behalf of Brookfield. I'm just hinting at messages that Brookfield have conveyed themselves, and of course, I would encourage you to get in touch with them directly. On your second question, no, there is no MAC clause. We are, as I said earlier, we are on track for reaching this block acquisition at the end of year. And hopefully 100% ownership of Brookfield from, of Neoen from Brookfield at the end of Q1. And the, let's say the milestones that we need to reach are external milestones based on clearances from antitrust and foreign investment. And there is no other factor, no other parameter at stake in this transaction. On storage, it's I mean, I'm going to give you a very broad and general answer. We do see a lot of opportunities in storage in all of our regions. As you could hear from this call and from the previous one, we keep on adding storage capacity, not only in Australia, but also in Europe and in the Americas. At the same time, it's a market in which there is no, there is no guaranteed profitability. You still have to be creative to reinvent yourself. We see a lot of opportunities. At the same time, we also see some disappointing situations in markets where we are not necessarily active. If you look at the U.K., the revenues for storage has collapsed. So if there is, let's say, if there is, there are too many players coming to the party, it can significantly decrease the revenues that you can make from a battery. So at Neoen, we try to differentiate ourselves in storage, to come up with new services, to explore new geographies, knowing that we have a strong competitive advantage at Neoen, which is that as a power generator, we can always use those batteries for our own accounts. So the business model that we have in mind is, of course, to provide storage services to third parties, to the grid, to the local authorities and local governments. But eventually, if those revenue streams are depleted, we can still use those batteries for our own account, which makes storage for Neoen, at least in our view, a safe investment, which is something that is not always true for other players. So you need to be cautious in storage, especially if you look at them through the eyes of a financial analyst. But for players like us that are at the same time a power generator and an active player in storage, we believe that there is a much more, a much safer investment case than for others. This is brilliant. Thank you. Thank you, Xavier. Can I just ask a very quick follow-up, if that's okay? 'Cause I remember- Sure, anything for you Nash. Yeah, thank you. Thank you so much. I remember you mentioned you have got a few green lights from a few countries, and I wonder if you could let us know whether Australia and France are among the countries that have got green lights. And for the countries that you haven't got green lights, do you think you have to sell some of the assets, you know, to get the green lights? Just want to understand the process, but I'm sure it's going to be good. I'm sure as well that it's going to be good to give you some elements. We have received some authorizations from France, from Finland, from Ireland, from Germany, for antitrust. For example, we do not have yet the foreign investment approvals from France. This one should come this summer. As you know, in many European countries, including France, the month of July and August are not the busiest ones, so it might take a bit more time than if we had filed those applications in, whatever, February or October, but that's normal. Let's say the most complex one, which does not mean that it's unpredictable or that it's a bad surprise, is the antitrust from Australia, for one very well-known and public reason, which is that Brookfield is a shareholder of the grid in the state of Victoria. So of course, there is a question of vertical integration between power generation and transmission. And of course, we are in touch with the ACCC, which is the antitrust authority in Australia. And we are discussing the remedies, as they are called, to avoid any antitrust issue. So that's something that... A process that has started. At the moment, the ACCC is consulting all interested parties, and we are quite confident, of course, about the possibility to find the right remedies and to execute those remedies in a very reasonable timeframe. That is, of course, already taken into account in the timeline that I gave you earlier. ... This is brilliant. Thank you so much. So nothing unexpected. It's gradually unfolding, again, as anticipated, and of course, there is some work behind that. But it's all of this is taken into account in the timeline that we gave earlier. Gotcha. Brilliant. Thank you so much. I appreciate that. Thank you, Nash. Ladies and gentlemen, as a reminder, a final reminder, if you'd like to ask a question, please press star one. The next question comes from the line of Arthur Sitbon, calling from Morgan Stanley. Please go ahead. Hello. Thank you for taking my question. The first one is a follow-up to one of the questions asked earlier. It's on the liquidated damages. I was wondering if you could quantify them in H1 2024. And in particular, I mean, I was wondering if it has an impact on your EBITDA guidance. Were they already incorporated when the guidance was formulated, or is it a new positive, but there is a negative of setting the impact somewhere? Does it mean that you're gonna be more towards the top end of your guided range? So that would be the first question. The second one is, we hear more and more about PPAs being signed with hyperscaler company, more for data centers. I was wondering how are the negotiations going on that front, for you? Do you feel like you have more pricing power than with other off-takers? And is there any price data point that you could share with us that would help us understand that a bit better? Thank you very much. Thank you, Arthur. I will take the second question, and I will leave the first one to Yves-Eric. We believe a lot in what artificial intelligence and digitalization in general will bring to our industry as in terms of additional demand. We think that there will be much more data centers than what we have today. As you know, Neoen is already serving those clients. We have PPAs in place with Google and with Equinix in Europe, in the Nordics, and we do anticipate a strong additional demand coming from those players. As you know, it's also something that we will potentially happen through Brookfield. They have signed a very large 10 gigawatt plus framework agreement with Microsoft. So we do think that we will benefit from those, let's say, pre-existing negotiations in due time, of course. But at Neoen, we are already very active on that front. We believe that we have the right type of projects, large-scale additional projects, because those clients usually require additionality. We have the right footprint. As you know, Neoen is big in the Nordics, which is the ideal land for data centers, given the climate and the quality of the interconnection of those countries. We do think that Neoen will strongly benefit from this segment, even more so than today. In terms of pricing power and in terms of price points, of course, it's hard to give you those elements in public. We, and also in private. But what I can tell you is that, we feel that there is such a rush to build data centers, and given the existing commitment for a green power supply to these data centers, we do think, we do anticipate that, that PPAs with such, companies will have, higher price points than with classic off-takers, heavy industries, transportation, and the like. We think, we think that they will be willing to pay a premium to have access to those green electrons that they have committed to, to buy already. But at the same time, as you could hear, we have signed recently a PPA with, SNCF in France, and we are quite happy with what we have signed. There is no regrets. We did not even consider the idea of waiting for, let's say, PPAs with, Microsoft or Google. We, we have a lot of capacity at Neoen coming online in the coming years, so we think that there will be enough to serve different types of clients. But it's, it's true that we anticipate, an even stronger appetite from those guys, Microsoft, Google, and the like, than from their peers, or an even stronger appetite from them compared to the ones that they had themselves in the recent past. On the first, question, I will again, let, Eric answer. Just one very broad comment. And these are here to replace, in a way, the revenue that we are not getting when, a power plant is late to come online. So for us, we are, how should I put it? Very neutral and sensitive to LDs. For us, it's the equivalent of the electricity that is not there, so we are not making a business out of LDs. We are actually fairly disappointed when the power plant is late, but we are immune to those delays, thanks to the contract that we have in place. So we are rather indifferent to those LDs. They will never represent a crazy share of what we are making anyway. But Yves-Eric, if you want to further comment? Sure. So you will find in our financial statements the LDs are typically located in the other current operating income in the appendix of our financial statements. In terms of the first half of this year, the total amount is approximately EUR 70 million. To your question of whether it's it impacts the guidance, as Xavier hinted at, typically it's something that does not impact the guidance. Either it's displacing revenues that were part of the guidance, if there is a further delay versus the time when we designed the guidance, or the delay indeed was already taken into account, and flagged at the time the guidance is issued. So overall, no impact on the guidance of these LDs. Thank you very much. There are no further questions, so I will hand you back to your host to conclude today's conference. Thank you. Thank you very much for your participation in this call, and, as usual, so this a very good set of questions. I know it was a busy day with a lot of companies giving their results today, so thank you for having been with us. Before concluding, I would like to add a few more words. Our H1 performance is in line with our expectations, which allows us to reconfirm our guidance. Of note, in H1, 87% of our wind and solar revenue were made of contracted or hedged revenue, reflecting our overall ambition to benefit from a high level of contracted capacity. In H2, our revenue growth will be far less impacted than in H1 by the strong contribution from early generation revenue, which we recorded last year. We're also very proud to see our secured capacity reaching the 10 GW milestone. In Q2, we added new landmark projects, highly contracted, including two additional four-hour batteries and a solar farm supported by a long-term corporate PPA. With two consecutive semesters at 1 GW of awarded projects, we are fully on track to deliver our target of having 10 GW in operation under construction in the course of 2025. Looking ahead, despite our increasing cash flow generation and our capacity to perform asset rotation, the financing of our medium-term asset growth would have required some additional funding. The arrival of Brookfield as a new majority shareholder represents an ideal solution for Neoen. As one of the world's largest renewable investors and investor in power and transition assets, Brookfield will be able to efficiently support and accelerate our development pipeline, thanks in particular to its access to capital. We are looking forward to opening soon this new chapter in Neoen's history. The next date on our agenda will be the publication of our nine-month revenue on the fifth of November, after market close. Thank you again, everyone, and, it's now time to enjoy the Olympics in Paris. Thank you very much. Bye-bye. Thank you for joining today's call. You may now disconnect.