Welcome to Neoen's nine-month 2024 Revenue and Operational Data Conference. My name is George. I'll be your coordinator for today's event. Please note this conference is being recorded, and for the duration of the call, the lines will be in listen-only mode. However, you'll be able to ask questions towards the end of the presentation, and 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'll be connected to an operator. The conference today will be hosted by Mr. Xavier Barbaro, CEO, and Mr. Yves-Eric François, CFO. I'd like to turn the call over to Mr. Barbaro. Please go ahead, sir. Thank you very much, and good evening, everyone, so I'm Xavier Barbaro, the CEO of Neoen. Welcome to our nine-month 2024 Results Conference Call. I'm here tonight with Yves-Eric François, our CFO, and François Mallet, our IR Officer. In the first part of the call, we will comment on the key points of our nine-month performance. We will then provide you with an update on the contemplated transaction with Brookfield and on our guidance, and our comments will be following the slide presentation, which is accessible through our website. As usual, we will open the floor to questions at the end of the presentation. Let's start on slide four with our key financial and operational indicators for the first nine months of 2024. We generated six terawatt-hours of electricity over the first nine months of 2024, which is an increase of 9% year-on-year. Our revenues stood at EUR 378 million in the first nine months of 2024, down 5% year-on-year at current exchange rates and 4% at constant exchange rates. As widely flagged during our previous presentations, this trend was anticipated as it is mainly due to the mechanical impact of the gradual application from Q2 2023 onward of long-term PPA prices at Mutkalampi, Western Downs, and Kaban. Focusing on Q3 2024, revenue increased by 2% year-on-year, mainly driven by the good performance of our batteries in Australia, which benefited from very positive market conditions in August for arbitrage activity. As for our capacity, we added more than 1.4 gigawatts to our secured portfolio over the first nine months of 2024, with new significant successes in Q3 that I will comment on in more detail later in the presentation. Our secured portfolio, therefore, reached 10.4 gigawatts at the end of September 2024, of which 8.7 gigawatts are either in operation or under construction. If we now turn to slide number five, you will find an overview of the projects awarded since the beginning of the year. As mentioned, we successfully added 1.4 gigawatts of awarded projects over the first nine months of the year. These projects are located in core countries for us: Canada, Australia, France, and Ireland, and a high proportion of these future capacities is contracted, something which is key to us. More specifically, we delivered another strong performance in Q3 as we added 458 megawatts to our secured portfolio. In Australia, we added the second stage of Western Downs Battery sized at 270 megawatts and 540 megawatt-hours. In Ireland, Neoen was awarded 170 megawatt peak in the latest governmental RESS 4 auction. I will further comment on these two achievements in the following slides. Starting on slide six with Western Downs Battery Stage 2, we announced the start of the construction of Western Downs Battery Stage 2 at the end of August. This followed the signing of a 10-year virtual battery service contract with AGL Energy for 200 megawatts and 400 megawatt-hours. This service will be jointly provided by our two batteries, Western Downs stage one and two, equally sized at 270 megawatts and 540 megawatt-hours. Under the virtual battery contract, AGL Energy will be able to hedge its customer loads by virtually charging and discharging up to 200 megawatts using a bespoke software developed in-house by Neoen. Stage two battery will consist of 140 Tesla Megapack 2 XL units and is expected to start operating in 2026. Located in Queensland, it will be part of Neoen's Western Downs Green Power Hub, which also includes a 460 megawatt peak solar farm and stage one battery, both in operation. With this new battery, Neoen is now close to two gigawatts of storage capacity in operation under construction in Australia. Moving on to slide number seven, dedicated to our success in the latest Irish public solar tender, Neoen won 170 megawatt peaks of solar projects in the Republic of Ireland, auctioned in September, the RESS 4. The two awarded projects are Johnstown North Solar, 29 megawatt peak in County Wicklow, and Garr Solar, 141 megawatt peak in County Offaly. The two solar farms are scheduled to be operational in 2027 and 2028, respectively. Of interest, flocks of sheep will maintain the vegetation throughout the period of operation, allowing energy and agricultural activities to coexist. This is the third time that Neoen has been awarded projects in the Irish RESS tenders. This new success significantly strengthens Neoen's Irish portfolio, which already includes 53 megawatts of wind farms and 58 megawatts of solar plants all in operation. On slide eight, you will find more details about the new corporate PPA that we signed in September for Culcairn in Australia. This is a four-year PPA signed with SmartestEnergy for half of the output from Culcairn's solar farm. Culcairn will have a peak power capacity of 440 megawatt peak. It is the second-largest solar asset in our portfolio globally. Located in New South Wales, Culcairn is currently under construction and on track to be operational in 2026. The PPA will start in late 2026 and will secure a significant level of revenue for Culcairn Solar Farm, which, I remind you, is also benefiting from a long-term energy services agreement through the AEMO, i.e., the Australian Energy Market Operator. This type of agreement provides energy producers with the option to sell their electricity at an agreed minimum fixed price. This new contract with Smartest Energy confirms Neoen's active presence in the corporate PPA market in Australia. We now have more than 2.7 gigawatts of corporate PPA signed worldwide with leading industry and technology firms. If we now move to slide number nine, you will have an overview of the dynamics in our secured portfolio. As previously mentioned, we added more than 1.4 gigawatts of awarded projects to our secured portfolio over the first nine months of 2024. Besides, we launched the construction of 719 megawatts, including in France, four solar farms totaling 74 megawatts peaks, and two wind farms representing an accumulated capacity of 34 megawatts. In Australia, stage two of Collie Battery, 341 megawatts, 1,363 megawatt-hours, and stage two of Western Downs Battery, 270 megawatts, 540 megawatt-hours. In H1 2024, we already had the CODs of Storbrännkullen in Sweden for 57 megawatts, Fox Coulee in Canada for 93 megawatt peak, and two French solar assets totaling 27 megawatts. We are now pleased to announce the commissioning in Q3 as planned of Storen Power Reserve in Sweden, 52 megawatts, 52 megawatt-hours. Overall, our capacity in operation exceeds 5.2 gigawatts at the end of September 2024. Before diving into the operational and financial performance of the first nine months, I wanted to briefly comment on one post-closing event on slide number 10. We are pleased to confirm the commissioning of Collie Battery Stage 1 in Western Australia. This is happening less than 18 months after the start of construction and ahead of schedule. Since October 1st, the battery has been delivering grid reliability services under the two-year 197 megawatt-hour capacity services contract signed with the AEMO. This service is designed to address the risks related to the phased retirement of coal-fired power plants and the increasingly high penetration of rooftop solar. Collie stage one is Neoen's first major project in Western Australia and its first four-hour long-duration battery globally. We also have Collie Battery stage two, 341 megawatts, 1,363 megawatt-hours, which is currently under construction. Collie stage two was awarded a similar 300 megawatt-hour contract by AEMO in April 2024. Altogether, the Collie Batteries, 560 megawatts, 2,240 megawatt-hours, will have the ability to charge and discharge 20% of the average demand in the South West Interconnected System network. Collie Battery is a perfect illustration of our strategy to deepen our investments in storage through extended duration, enabling us to unlock greater value. I now hand over to Yves-Eric to comment on our operational data and revenue. Thank you, Xavier. Let's now move to slide number 12 to review our main operational KPIs. As you can see, we generated six terawatt-hours over the first nine months of 2024, up 9% compared to the first nine months of 2023. The average wind availability rate increased to 95.3% thanks to the higher availability of the Mutkalampi wind farm. The average load factor of wind assets stood at 26.3%, stable versus nine months 2023. This is reflecting better resources in Finland and Australia on the one hand, but less favorable wind conditions in France on the other hand. The average solar availability rate was also up, reaching 95.3% thanks to the higher availability of the El Llano power plant in Mexico, which was partly offset by the lower availability of some Australian assets. The average load factor of our solar assets decreased to 18.9% in the first nine months of 2024 from 19.4% in nine months 2023, mainly because of less favorable irradiation conditions in France. Turning to our usual revenue bridge on slide 13, we achieved EUR 378 million in revenue in the first nine months of 2024, a 5% decrease compared to the first nine months of 2023, or 4% at constant exchange rates. The trend was well expected and mostly driven by the merchant price effect of some large assets, namely Mutkalampi, Western Downs, and Kaban, which progressively entered their long-term PPA prices as from Q2 2023. We already discussed this in our previous calls. Revenue was also impacted by a negative volume effect, mainly owing to lower wind and solar resources in France compared to last year. These two effects were partly compensated by, on the one hand, EUR 20 million contribution from new solar, wind, and storage assets, which started injecting in 2023 and 2024. On the other hand, a strong performance from our Australian batteries, which enjoyed favorable markets in August 2024. In addition, the impact on our revenue from the sale in 2023 of Cabrela in Portugal and four solar farms in France amounted to EUR 9 million. Let me reiterate that this decline in revenue was anticipated by the company. Slide 14 shows the breakdown of our revenue performance by type of technology, starting with wind, which was down 10% versus nine months 2023, explained by the lower contribution from Mutkalampi and Kaban, which have switched to their long-term PPA prices. Conversely, we benefited from the contribution of assets, which started injecting in 2023 and 2024, and also from higher resources in Australia and Finland, which was partially offset by less favorable wind conditions in France. If we now turn to solar on slide 15, solar revenue decreased by 6% versus nine months 2023. As for wind, the decrease in revenue is mostly driven by the high comparison basis due to the significant early generation revenue at high merchant prices recorded by Western Downs in Q1 2023 before it entered into its long-term PPA. Revenue was also impacted, notably in Q3, by the loss in revenue arising from the disposal of four solar farms in France in Q4 2023 and the less favorable irradiation conditions in France. However, it benefited from the contribution from assets, which started injecting in 2023 and 2024, mainly in France and Canada. Let's now move to storage on slide 16. Storage revenue rose by 23% in the first nine months of 2024 versus the first nine months of 2023, fueled by a strong performance in Q3, up 77% versus Q3 2023. In Australia, arbitrage revenue of the Victorian Big Battery and Hornsdale Power Reserve was boosted in August by exceptional market events. In addition, we benefited from the good performance of Yllikkälä Power Reserve One in Finland on the frequency regulation activity and from first contributions of Storen Power Reserve in Sweden, Capital Battery, and Collie Battery in Australia. Slide 17 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 83% in the first nine months of 2023 to 89% in the first nine months of 2024. This is the result of three factors. First, the progressive entry into force of the long-term PPAs at Mutkalampi and Western Downs, as well as the capacity payment at Kaban from January 2024. Second, 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 governmental PPA. I now hand the floor back to Xavier for the rest of the presentation. Thank you, Yves-Eric. Let's now review our portfolio on slide number 19. Our capacity in operation under construction totaled 8.7 gigawatts at the end of September 2024, of which 5.2 gigawatts in operation and 3.5 gigawatts under construction, which is a record level. Our secured capacity stands at 10.4 gigawatts, including 1.7 gigawatts of awarded projects. Our total portfolio, excluding early stage projects, exceeds the 30 gigawatt milestone, reaching 30.7 gigawatts at the end of September 2024, based on a significant number of projects well distributed across our core geographies and technologies. On slide 20, we provide the latest status on our assets under construction. At the end of September, our total capacity under construction reached 3.5 gigawatts, of which 1.6 gigawatts is in storage. Compared to the 3.2 gigawatts reported at the end of June, worth mentioning in Q3 is the commissioning on time of Storen Power Reserve in Sweden and the start of construction works for Western Downs Storage stage two in Australia. Lastly, as post-closing events, we are pleased to confirm the commissioning in October of Collie Battery Stage 1 ahead of schedule and Western Downs Storage stage one. Before moving to the Q&A, let me now comment on the progress of the contemplated transaction with Brookfield on slide number 22, and then on our short and medium-term perspectives. Over the past weeks, the process of obtaining the necessary regulatory approvals has made significant progress and is now well underway. In particular, on October 31st, the antitrust regulator in Australia decided to not oppose the proposed acquisition, subject to the undertaking to divest Neoen's entire portfolio in the state of Victoria in Australia. Our portfolio in Victoria includes 652 megawatts of assets in operation and 2.8 gigawatts of projects in development. The operating assets comprise the Victorian Big Battery, the Bulgana Wind Farm, and the Numurkah Solar Farm. In terms of next steps and timeline, full completion of the regulatory approvals and closing of the block acquisition by Brookfield are still expected by the end of the year, with the tender offer to be launched and completed in Q1 2025. We can now turn to slide 23 related to our 2024 guidance. We reconfirm our 2024 Adjusted EBITDA target between €530-€560 million euros, with an Adjusted EBITDA margin above 85%. Finally, moving to our 2025 guidance on slide 24, we are pleased to confirm our 2025 capacity guidance, namely reaching more than 10 gigawatts of assets in operation or under construction in the course of 2025. We also reiterate our Adjusted EBITDA target of more than €700 million. Thank you for your attention. We now open the floor to questions. Thank you very much, sir. Ladies and gentlemen, as a reminder, if you have any questions, please press star one on your telephone keypad and just make sure that your line is not muted to allow your signal to reach our equipment. Our first question is coming from Enrico Bartoli, calling from Mediobanca. Please go ahead. Your line is open. Hi, good evening. Actually, I have a couple of questions regarding the business evolution. First of all, on the performance of the battery business in the third quarter, particularly you mentioned very strong market condition in Australia. If you can elaborate on the drivers of such strong performance and what can be the outlook for the fourth quarter? Second question is regarding the guidance. If I'm right, the guidance for the full year implies high double-digit growth in revenues in the fourth quarter. If you can provide some comments on what the drivers you expect to be for such growth in the last quarter of the year? And the very last one is regarding the regulatory approval. If you can provide some details on the state of authorization in other countries other than Australia? Thank you. Thank you very much. This is Yves-Eric François. I will take the first question on storage. So what happened in the third quarter is not unusual within the Australian market. You have periods of tensions within the grid that can relate to either very strong demand for the grid or unavailability of some plants, generators, resulting in either extremely low or extremely high prices, whereupon the ability of the battery to provide arbitrage and generate arbitrage revenues was fully leveraged. So it's not the first time it happens in Australia. It's very difficult to say whether such events will happen in a particular quarter. Clearly, this is part of the investment case for batteries, but we cannot comment on whether it will happen again in a particular quarter or not. But clearly, this is part of the expected revenues for storage assets. In terms of the second question, which relates to the guidance, we are seeing obviously increasing revenues in the fourth quarter, which is driven by new assets coming online, and I would flag in particular the completion of Collie One battery, which Xavier described, which is now operating and providing substantial revenue, so that's expected to provide a significant revenue contribution in Q4, and lastly, on the regulatory approvals, we do not provide details of country-by-country approvals, but what we should say is that the process for Brookfield to obtain regulatory approvals in the relevant countries has been progressing well. We would flag in particular the decision to not oppose by the ACCC in Australia, which was an important milestone. The regulatory approval process now only entails a small number of final approvals to be obtained, which is expected to happen in the coming weeks, as flagged in our communication, paving the way for the first stage, which is the block trade and the acquisition by Brookfield of a controlling stake in Neoen. Thank you. Thank you. Thank you, sir. Our next question is coming from Arthur Sitbon of Morgan Stanley. Please go ahead. Hello. Thank you for taking my questions. The first one is on the EBITDA guidance for 2024 and 2025. Correct me if I'm wrong, but I think in the past, you were putting a footnote mentioning that that was including capital gains. And I don't see that footnote anymore. Does that mean that essentially you can reach the same numbers without asset rotation gains? And so there is an upgrade of the underlying EBITDA. And if that's correct, what is driving that? And the second question is just on batteries because it's been an important development for you. I think at the CMD in 2023, you were talking about €0.5 million per megawatt hour of battery capex, unitary capex. I was wondering how has that evolved? I think we've seen a decline globally on the cost of batteries. I was wondering what are your assumptions now and for which duration as well those numbers were provided? Thank you very much. Thank you, Arthur. On your first question, no, we haven't changed our rule. So it still means that those EBITDA targets include capital gains from farm-down. We thought that after having made it clear from our capital markets day and after highlighting as often as possible, let's say this definition of our EBITDA, which includes both operational EBITDA, let's call it that way, and farm-down capital gains, we thought that at some point it was pointless to restate this definition at every instance of financial communication, but maybe we should actually keep it because we don't want any ambiguity there. Those guidances do include capital gains for farm-down for up to 20% of that EBITDA. And on your second question, at the moment, we see CapEx for storage below EUR 500 million per megawatt hour. It went up post-COVID, but now the trend is going in the right direction for us. I was very recently in Korea and in China to meet with some of our suppliers, and we do see some very competitive prices for batteries today. And we believe that this trend is here to stay. I cannot give you exact numbers because it always depends, of course, on the features of the projects. But less than €500 million per megawatt hour is a good proxy of what we see, knowing that there are economies of scale, of course, for batteries with more than one hour, two hours. As you know, at Neoen, we already go to some units with four hours of storage. So, of course, there are still one single lot for construction and one single lot for connection. So you do have economies of scale, but still the main driver, the main cost driver for battery investment is still the number of megawatt hours. So you're not getting massive economies of scale if you go for two hours or four hours. Thank you, and just a quick clarification, the EUR 0.5 million initially, that was for a two-hour or four-hour duration that you provided? No, that's per megawatt hour, so it's typically for, let's call it that way, a battery that would be one megawatt, one hour. It could also be the case for a battery that would be 500 kilowatts, two hours. It's 500K per megawatt hour, and you can size it in different ways. It could also, in a way, be true for a battery of 250 kilowatts and four hours. Okay. That's clear. Thank you very much. Thank you again for your question, sir. We'll now move to Nishu Qu of Barclays. Please go ahead. The event is open. Hey, good evening, everyone. Just want to ask a very broad question because I'm very interested in you and as always. So just wonder what's beyond the Brookfield acquisition? Do you mind sharing a bit of plan in the medium and the long run? That would be great. So just wonder, has the Brookfield acquisition enabled Neoen to do something that you couldn't do in the past? And will there be a shift in strategy for Neoen? Any particular geography you want to focus? Thank you. Thank you, Nishu, for your constant interest in Neoen. It was a pleasure to have your questions. I'm not a spokesperson for Brookfield, and I was not already a spokesperson for Impala and other shareholders of Neoen. So it's hard for me to answer that question. I believe I can, of course, highlight what Brookfield is saying and what Brookfield is stating, which is that, of course, they do find that Neoen is an interesting platform with an interesting footprint, an interesting pool of existing assets, an interesting know-how in storage, an interesting pipeline for future projects. So it is our understanding that they are not going to, let's say, change massively the approach that we have. So it's not about a change in strategy. It's more about, let's say, letting Neoen unfold what it can do in the future. So it will mean more Australia, more Europe, more Canada. What Brookfield is certainly going to bring to the table, it's well known. We'll give you a public example of the agreement that they have with Microsoft for corporate PPAs. I'm sure that Neoen will be able to opt in some geographies and bring some electrons to Microsoft. I'm sure that there will be potential discussions, but that's, again, a well-known example. But apart from that, it's really about letting Neoen grow alongside the current technologies and geographies that we have. There is still something that I would like to mention. Neoen was already doing some farm-down. It is clear that other portfolio companies at Brookfield are also active players in the field of farm-down. So we are not going to slow down in terms of farm-down. So there will be for Neoen a future that is at the same time made of organic growth, but also we will remain an active participant in farm-downs. And we do hope through those capital gains to self-finance our growth, which was already the plan even before we announced this operation, this acquisition of Neoen by Brookfield. That's very clear. Thank you, Xavier. Thank you very much, sir. I hope that you will still follow us even as a private company, Nishu. Yeah, of course. Of course. I'm always interested in your quality business. Yeah. Thank you. Thank you very much for your question, sir. Ladies and gentlemen, as a reminder, and also as a final reminder, if you have any questions or follow-up questions, please do press star one at this time. We'll now move to Philippe Ourpatian of ODDO BHF. Please go ahead. Good evening. Philippe Ourpatian speaking. Xavier Barbaro. I have three questions. The first one is concerning the Chinese windmills. You discussed several times about this topic. Are you progressing on that? Are you seeing a kind of area where you could install a kind of hub of machine in order to benefit from the maintenance? Could you just elaborate about where you are in this discussion? Because when we ask this question to some other player, big or small, it seems that currently there is a limited will coming from the Western Europe companies to really put in place this kind of machine. For the reason you already mentioned, but where are you? Because you were, according to me, among the company which was more in advance or seems to be in advance concerning the potentiality of using Goldwind or Mingyang machines. That's the first question. The second one is, as opportunity, we're seeing that the data center business, and you mentioned it through the agreement of Microsoft with Brookfield, is growing. And I was thinking about, have you in your mind some project in Spain where it seems to be that Spain seems really a good country for developing a significant size of data centers? Now, I'm discussing that through two angles. One is install capacity or storage because storage could also be part of the solution, looking at the new energy plan and the needs of grids to better manage the grid in Spain. So have you some plan about Spain concerning DC capacities or storage? And the last question is concerning Australia. You mentioned that you are going to have a kind of divestment due to the remedies Brookfield will have to implement concerning mainly the state of Victoria. One, it seems that local press is mentioning a lot of interest concerning your assets, high-value quality assets. Could you just elaborate about, are you seeing a kind of inflation in terms of valuation as the first question? And the second question, following this disposal, are you seeing potentially a stronger competition because your assets are going to switch to someone else? And are you seeing a fierce competition due to this transfer of assets for you? Or are you thinking to develop in other regions in Australia in order to avoid being too much under pressure in terms of competition? That's the three questions. Many thanks. Thank you, Philippe. I will try to answer those questions as best as I can. On Chinese turbines, I was in China three weeks ago. I met again with Goldwind, for example. I was in China already in April 2024, meeting with Goldwind and Envision. I think that Neoen is probably more open about it than others, but everyone is talking to Chinese suppliers at the moment for reasons that everyone can understand. It's the occasion for us to have more competitive prices and to also have access to turbines with interesting features. We do see today, in a way, some equivalence between the quality of Chinese turbines and Western turbines. And we see, of course, more competitive prices coming from those potential suppliers. I'm sure that it will be true as well for Mingyang that we haven't met yet, but it's one of our plans to meet with them. We do think that we will certainly, in the near future, start using Chinese turbines. For example, for Neoen, it will first happen in Australia, but I'm sure that it will happen at some point in Europe. And then we'll see. We do not have a plan to switch, let's say, from Western suppliers to Chinese suppliers, but it's really in the hands, let's put it that way, of the Western suppliers to decide what they want to do with their future. At the same time, at the moment, they are enjoying altogether a nice oligopoly, and that's something that, of course, we'll have to change. And the reason why we are going to work with Chinese suppliers is precisely to escape this situation where we have high prices, and let's put it that way, not always a great service and not always even a great quality. So we have a very open approach to sourcing turbines. And I can tell you that from what I've heard when I was in China, every Western serious energy company or IPP is doing the same, maybe not as openly as Neoen, but everyone's going there. On data centers, well, we are already supplying electricity to Google, to Equinix, hopefully soon to Microsoft. We are not going to expand in Spain. Neoen is already in Portugal. But for us, data centers is probably going to happen first in other geographies. Spain is a complex market. We've never been in Spain. There have been too many ups and downs. Electricity speaking, let's say it's a peninsula. It's not so well interconnected with the rest of continental Europe. There is, at the moment, maybe I'm not an expert, but you mentioned it yourself. There is some hype about future data centers in Spain, and I've heard, I think, that Amazon is going to invest or has plans to invest, but if you look back to 2022, there was a lot of hype in Spain about what hydrogen would mean to Spain, so it's an open question, and I don't have the answer. Data centers, is it going to be serious in Spain, or is it going to be, let's say, the equivalent of what hydrogen was a couple of years ago, something that was super hot and that never materialized, so let's see how it goes, but again, I'm not going to. Neoen is not going to be active in Spain. We are just going to be spectators of what's going to happen there. On Australia, well, of course, we had to come up with remedies given the competitive situation in Victoria and the fact that Brookfield is a shareholder of the grid. We are sorry to let those assets go and projects because it's not just the assets. It's also the project that we have in the state of Victoria. It's a very nice portfolio because it's balanced across wind, solar, and storage. There are some very promising projects as well. Of course, it's attracting some interest, as you can imagine. It's a young fleet of assets working well. And of course, every time we sell something, we are, in a way, feeding our competitors. But we are big enough in Australia and well ahead enough of the crowd, of the pack of competitors that we do not see, let's say, ourselves harming ourselves from that sale of assets. But let's see how it goes. We do think that Neoen is, again, diversified enough in terms of geographies in Australia not to suffer from this operation. As you could hear during this presentation, we are, for example, growing well in Western Australia, which is, electrically speaking, a market totally independent from the rest of the country. But we also keep on investing in new sales wells in South Australia, maybe soon again in Victoria. We understand that we will have the right at some point in the future to develop projects again. So let's see how it goes. But at the moment, it's true that we are busy enough with other states. Even if we are sorry to let those assets go, I think that it will be not only the necessary answer to the situation in Australia, but certainly also a good transaction for Neoen in terms of capital gains. Xavier, just one follow-up question concerning the high-quality assets you mentioned. Are you expecting to, at the end, have some valuation multiples which are going to be, let's say, in line with what we are seeing, for example, at EDPR level, somewhere between 1.6-1.7 for wind and somewhere around EUR 1 million per megawatt installed for solar? Or you may have some, let's say, due to the specific condition of this market and the assets you are selling, some higher prices. What's going to be the value tension I would be concerning the competition vis-à-vis your own assets? We will not give all details on this transaction. And it's not directly comparable to what EDPR is doing for two reasons, for three reasons in a way. I mean, first, those assets are young. I don't think that among us, there are so many transactions that involve assets that have just one, two, or three years of operational age. Second, it also involves storage, and there are not so many comparable transactions. We have the Victorian Big Battery in Victoria, and the multiples are different for storage than for solar and wind. And third, the portfolio that we are going to sell in Victoria also includes projects. So it will be a mix of megawatt in operation and also, let's say, megawatt to be. And it's not directly comparable to what EDPR is doing. It would actually be more comparable to some transactions that occurred in Australia in the past, mixing assets and projects. A good example, of course, a well-known example is CWP, but it's not directly, in my view, comparable to what EDPR is doing. It's more than that in a way. Many thanks. Very clear. Thanks. Thank you very much for your questions, sir. As we have no further questions, I turn the conference back over to Mr. Barbaro for any additional or closing remarks. Thank you. Thank you very much. Thank you all for your participation to this call and for your questions. To conclude, I would like to add a few more words. Our first nine months' performance is in line with our expectations, which allows us to reconfirm our guidance. Specifically, in Q3, our revenue returned to positive growth driven by the strong performance of our Australian batteries. We are also proud to continue expanding our secured capacity beyond the 10-gigawatt milestone. In Q3, we added new landmark projects, mainly in Ireland, with two solar projects and in Australia with the stage two of Western Downs Battery backed by a new 10-year corporate PPA. And looking ahead, the arrival of Brookfield as our new majority shareholder represents an ideal solution for Neoen. As one of the world's largest investors in renewable power and transition assets, Brookfield will be able to efficiently support and accelerate our development pipeline, thanks in particular to its access to capital. The process, as you heard, is well underway, with most of the regulatory approvals already obtained, and we remain confident in the timeline initially provided, and we are looking forward to opening soon this new chapter in Neoen's history. Thank you very much again, and see you soon. Thank you. Ladies and gentlemen, that will conclude today's conference. Thank you very much for your attendance. You may now disconnect. We wish you a very good evening and goodbye.