Good morning, ladies and gentlemen, and welcome to the Premier Miton Global Renewables Trust plc investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged. They can be submitted at any time via the Q&A tab that's just situated on the right-hand corner of your screen. Please just simply type in your questions at any time and press Send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today and will publish those responses where it's appropriate to do so. Before we begin, as usual, we would just like to submit the following poll, and as usual, if you would give that your kind attention, I'm sure the company would be most grateful. I would now like to hand you over to Head of Investment Trusts, Claire Long. Claire, good morning. Thank you, Jake. Good morning, everyone. Good morning to those who've joined us before, and a warm welcome to anyone for whom this is your first presentation with the Premier Miton Global Renewables Trust. I'm Head of Investment Trusts at Premier Miton, and I'm here with James Smith, who is the Manager of the trust. Previous presentations, we've talked more generally about the trust. This time James is going to focus on a particular area of the portfolio, renewable energy developers. As you'll see there, the title of today's presentation is The Case for Renewable Energy Developers. We do need to give you due time to read this slide through from a risk perspective. If you bear with me. Now just to remind you briefly what the trust is designed to achieve. It offers differentiated global renewables exposure of investing around the world. It's aiming for both high income and long-term capital growth and, as I say, the manager, James Smith, who's presenting today, he's been managing the trust since June 2012. Without further ado, I will hand over to James to take you through the presentation. Thank you, Claire, and thank you to everyone online for joining us. I think this presentation is particularly timely in the sense that for anyone who's been following the trust, you'll know that the last few years the renewable energy sector has been a fairly poor performer, particularly in comparison to wider markets. That's left all kinds of renewable energy companies trading, I think, at levels which are below fair value, but in particular, those companies that we call renewable energy developers. On this slide this is a kind of construct of the entire sector because there's different sorts of companies and they get involved in this in the timeline of a renewable energy project at different times. Now, I think most people are familiar with what we would loosely call the YieldCos and investment companies. These are the, you know, several quoted in London, for instance, like Greencoat UK Wind, of course, which we own in the trust. They tend to buy renewable energy projects usually when they've recently completed construction. Increasingly nowadays, they're going into construction and buying assets at what we call ready-to-build stage. The companies we want to focus on today are what we call the developers. These are the companies that take a project from first inception, from a concept stage, right through to the end of its life. Now, a typical renewable energy project, be it a wind farm, solar farm, whatever it is, may usually have a lifespan of, say, 40 years, perhaps a little longer, but let's just say 40 years. The first may be five to 10 years upwards in some cases, but maybe say around seven years on average, is what we call the development period. This is a very high intensity period, but with relatively little capital outlay. It's all about site identification, planning the resource, planning the shape and the structure and the design of the project, all the relevant permitting. Later when that's all done, thinking about the more financial aspects, so choosing a turbine supplier, choosing a finance partner if there's gonna be some bank debt, perhaps agreeing a sales contract for the power that's going to be produced, and then through to a final investment decision. Now a pure developer, and we don't really own those in the trust, but a pure developer, so typically a small company with relatively few employees and a small balance sheet, would kind of then sell the project at that point. They wouldn't then go on and build it. In the main, the companies that we're talking about today are what we call integrated developers. They do everything. They do all the development work, they will then construct, and they will then operate the project through to the end of its life. The way they finance that is they may well sell some projects or sell down. They might either sell a completed project in its entirety, or they may sell 49% of a project, for instance, to an investment company or a financial investor. Those are the kind of companies that we're talking about. Now, the interesting thing about all this is in terms of returns, as a project goes through its life, it de-risks. The highest risk period is that upfront development period, because you may spend several years developing a project that never even gets through to final planning permission or for whatever reason it can't get a grid connection or whatever the reason is. It's quite high risk. You may end up with a project that simply doesn't get built. To compensate for that, it is naturally then a higher return activity, particularly in light of the fact that, you know, you know, through the development period, there isn't a great deal of capital that's been spent. Those are the kind of companies we're talking about today. If we look at, on the next slide, what proportion of the trust portfolio these companies make up, it's currently about 30%, and you can see them there, the second largest. The YieldCos that buy ready-made projects are a larger sector at 38%, and then we have the developers. The renewable-focused utilities at just over 8% there, they also tend to be full developers. They don't buy ready-made projects. They will develop a project from first inception. You could kind of add that 8% to the 30%, but it's just the 30% we're looking at today. Move forward. Okay. Here's a list of the renewable energy development companies that we own within the portfolio. Now, I'm obliged here to put in third-party, in this case Bloomberg forecasts. Now some of these companies you'll see they are fairly small, and the analyst coverage is relatively thin. Some of these estimates actually aren't that great. Some of the PEs that you see here, I think are fairly inaccurate. For instance, Bonheur, based on my own expectations, this year should be on about a 7x earnings multiple and next year about 6x. Sometimes, you know, we can't really use my estimates in here, we have to use third party Bloomberg figures. It is what it is. Now, one other thing I would point out is that because many of these companies are fairly young, they naturally have a fairly high PE. They tend to be lower in terms of EV to EBITDA. A lot of these projects, they tend to have quite high upfront levels of depreciation. It tends to kind of make earnings artificially low. Now, what we're gonna do for the rest of the presentation, we're gonna go through some of these in more detail. We're gonna go through the top five in a bit of detail, but there's a good spread here and there's some quite interesting companies. Ones that we're not going to talk too much about today, which I'll just give an extra mention to now. For instance, Acciona Energía, that's quite a large one of our larger developers. That's a Spanish company. We've got it located in Europe there, but it's increasingly now an international business. They're about to build one of the world's largest onshore wind farms in Australia, the MacIntyre Wind Farm, which is almost now complete. They've got a lot of solar developments in the States not performed particularly well recently because the market is very worried about power prices. We can come on to that. Power prices in Europe have actually been stabilizing and in fact going up over the past couple of months. I think there's a lot of opportunities there. Another few interesting ones. We have a couple in Latin America there, Polaris and MPC. Polaris is an interesting company. They have a large geothermal plant in Nicaragua with a long-term US dollar-based offtake contract with the government, producing very high levels of cash flow, which they are using then to build out solar projects in other Central American countries and into the Caribbean. You know, really high growth, very high investment returns because it's an energy-starved region in the sense that most of the electricity is still produced with diesel or oil. Very expensive way, particularly on the islands, to generate electricity, very high levels of growth in solar projects. Let's move on to some of the larger companies that we own. We'll start with Bonheur. Now Bonheur is probably a company that I'd be surprised if anyone's heard of it, although you may have heard of the name Fred. Olsen, maybe through Fred. Olsen Cruise Lines. This is a company with three divisions. They have a wind energy business, largely in the U.K. actually, with projects jointly owned with TRIG, The Renewables Infrastructure Group, but also in Norway and Sweden. They have three wind turbine installation vessels. And that's a very interesting market that perhaps we can spend some time on later. We have another company within the portfolio called Cadeler, which is the market leader in that particular sector. But suffice it to say, the supply of vessels that are equipped to install the very largest offshore turbines in the 15 MW plus class is very undersupplied. We're seeing very high levels of what we call day rates or the rate to hire one of these vessels. It really is a business that's seeing improving returns. On the cruise line, Olsen Cruise Lines is a relatively small part of the overall group, and is currently recovering quite well from COVID. Why do we hold this company? Well, firstly, they are about to start building over the next couple of years a large Irish offshore wind farm. It'll be Bonheur's first offshore wind farm, Codling Wind, and that's a joint venture with EDF. It's a very large wind farm off Ireland, and it looks like they're gonna make an extremely good return on that because it's very shallow, it's quite close to shore, and they've been given... They were awarded a very good, long-term power purchase price, from the Irish government in the most recent Irish offshore wind auction. The other reasons why we hold, we've briefly discussed the wind turbine installation vessels. It's a fantastic business, but also it's got very low net debt. On a group level, net debt to EBITDA is less than 1x. It's very well-funded to progress its growth ambitions. Now just looking at more detail of the company in terms of its operating profit split, for last year, you can see that renewable energy is slightly over half, with the vessels at 13% and crews at about 12%. You can see a very good long-term trend upwards, in renewable energy production. If we look in the bottom left there, you'll see that the company's currently operating 805 MW of capacity, but is about to either start building over the next few years or actually in construction 530 MW of new capacity. That doesn't include Codling Bank, which is a 1.3 GW project, of which they own a half. Again, that project on its own will almost double the company's renewable energy capacity. With a very reasonable valuation as well. Yeah, that's one. It's a great company, very well-run. The family ownership is still strong within the company, so it's run on a very long-term conservative basis. A good long-term, I think, hold. I'm sure will produce good results for us in the future. Now the next company, very exciting, a Spanish business called Grenergy. It's a solar developer in Spain and Latin America. This is the typical integrated developer model whereby they, I say, sell some and they keep some. They sell some projects and the profits from those fund the equity for the projects that they keep. We'll come onto this in a moment, but they're about to start building the largest integrated storage and solar project in the Atacama Desert in Chile. The world's largest solar plus storage project. Why do we hold it? It's gonna generate extremely good growth in coming years. We'll have a look at that in a second. It's very contracted. About 90% of its revenues are subject to long-term power price contracts, so very little market exposure. I think the developments they're doing in Chile in this project, Atacama, which we're gonna come onto, the returns are gonna be extremely good because they signed up all the sales contracts a while back, and since then the capital cost of installing solar and the capital cost of battery storage have continued to fall. The returns on that project as it goes through its construction period look to be improving all the time. Early mover advantage in Chile. Chile is a big solar market, and they've got a strong track record of developer gains, which we'll come onto in a moment. Looking in slightly more detail, the company currently operates 848 MW of solar PV. They also have a 24-MW wind farm as well, which I haven't included there. They are currently constructing 823 MW of new solar assets in Spain and Chile, + 1,000 MWh of battery storage. Then about to go into construction, 624 MW of solar and another 2.1 gigawatt-hours of battery storage. A lot of that is in Chile in this what we call Oasis de Atacama, which is 950, so almost 1 GW of solar power, + 820 MW of five-hour battery storage capacity. This is a colossal project and you'll see of itself it's gonna more than double the size of the company. The company estimates an IRR on that project of 11%-14% and just to bear in mind, they've pre-sold all that power or most of it, anyway, pretty much all of it, to local companies in Chile, mining companies for instance. Obviously it's a very big area for copper production of course. Since they've made those contracts, the prices have been falling to actually build the project. We'd expect the returns to actually be at the top level of that or maybe even slightly higher. That project will come online over 2024, 2025 and 2026, which is what's gonna drive the earnings. You'll see in the top right there, you can see very strong earnings progression. Now the reason that they have solar PV plus battery storage is that they're gonna be able to offer what we call baseload contracts from solar, 24-hour a day renewable energy supply. Now people, you know, particularly in the U.K. think renewable energy is very intermittent, and it's off and on depending on the weather. Well, the solar resource in northern Chile is of course excellent all year round, and combined with battery storage means they can actually offer contracts in the same way that a gas-fired power generator would. Premium price contracts to supply power overnight, which is currently very undersupplied in Chile. Now just one extra thing. They have been to fund some of the equity that they need for this, they've been selling projects over the past couple of years, building them and then selling them. Some examples in the bottom left there, what they call asset rotation. They've been doing that on a fairly profitable basis. They've been able to get valuation uplifts of about between 30% and 50% over and above the capital that they've actually spent in building projects. Yeah, that's been pretty good. Okay, that's Grenergy. The next one, RWE, is a business that you're probably more familiar with. Very much now a global renewable energy business. I think it's the world's second-largest offshore wind energy business behind Ørsted. It's been doing particularly well in recent years from energy trading and the high levels of gas and electricity commodities. It still has some legacy coal, lignite, nuclear. Actually, they've just closed their last remaining nuclear, so not nuclear. Some legacy thermal generation, although those are now being operated, basically in conjunction with the German government. We have a timetable for closure of those. Following that, it will be a pure-play renewable/flexible generation company. Why do we hold it? A very high-quality, fast-growing renewable energy business. This is one way in which the trust gets its exposure to North American renewable growth. I think it was last year. Sort of last year, they finalized the acquisition of Consolidated Edison's renewable energy business in the States, which gives them a huge platform to really expand their North American operations. Just to put some detail on the company. We can see how the company expect their earnings makeup to move from last year to 2030. Offshore wind, by 2030, is expected to be something like 20% of total EBITDA, with onshore wind and solar being another 30%-40%, so that three-quarters of the EBITDA by 2030 is expected to be from renewable energy assets, with about a quarter from what we call flexible generation. Gas peaking plants, combined heat and power, hydro, for instance, and those kind of things. You'll see last year, energy trading a large part of the makeup. They are a company that's really benefited from the current level of high level of commodity price volatility in Europe. We can see the very strong renewable energy growth over the past few years. What else to say? They're spending, you know, just to put this in context, they're spending EUR 55 billion on CapEx over the next six years. Their current market cap is EUR 25 billion. You can see it really is a strong growth business. One of the things I want to say about RWE, just looking at this, and we have a slide in our sort of general deck about this. They hold capital markets days every other year. Between the November 2021 and November 2023 capital market days, RWE almost doubled their estimate for 2030 EBITDA. The shares over that period have been totally flat. The market is giving them absolutely no credit whatsoever for the huge growth that we're seeing. Okay, move on to Northland Power. This, I always say this is, you know, one of the world's largest offshore wind companies that no one's ever heard of. They currently operate three projects in the North Sea, not in the U.K. sector, but in the German and Dutch sector. They are currently in construction, actually toward the latter stages of construction, on an offshore wind farm in Taiwan, and about to start the early stages of construction at one off Poland. They also have onshore renewables in North America and Spain, some gas generation assets in Canada, and also building a large battery storage project in Canada as well. Why do we hold it? Well, pretty much everything Northland does is contracted. It's very visible earnings, all with government off-takers. The large constructions that we have in Poland and Taiwan are really gonna drive earnings forward over the next three or four years. The shares haven't done that well over the past couple of years, I think because of the market perception of offshore wind. You could also apply this to RWE as well. The sector leader, Ørsted, has got itself into a bit of a mess in the States, having to take large write-downs on some of their U.S. offshore assets. Northland Power has totally avoided that area. You know, whenever I've asked them about, you know, are they gonna go into U.S. offshore, they've always said, you know, that it's just crazy. We'd never do it. The risks are just off the scale. That hasn't stopped Ørsted doing it, for instance. This is a company with a very high level of risk awareness. As I say, everything they do is contracted in regions where they can see the supply chain and build projects with a relatively low risk. Just looking at the company in a little more depth. The operating profit split for last year, offshore wind was 57%. Onshore renewables, mainly solar, but some wind in North America, was about 10%. Wind and solar in Spain, 8.4%. Combined heat and power gas generation in Canada, about 16. They also have a small utility in Colombia, which I think now they've classified as non-core, and I'd expect to see that being sold over the next year or so. In terms of the size of the company, currently 2.2 GW of operational capacity. They are constructing 900 MW. That's their share. The project in Poland is 1.1 GW, but 49% owned. The one they're building in Taiwan is just over 1 GW, 1000 MW, but 31% owned. So about 875 MW is their equity share. They're currently building a large battery storage project in Canada. Again, unlike the U.K. battery storage projects, for instance, the revenues from that are contracted to the local grid company. Again, very much an infrastructure-type return. You can see the record of production growth has been very strong over the past 10 years. I'm expecting that production to go up by maybe 50%, as they bring these two offshore wind projects in Taiwan and in Poland online. Then lastly, Enefit Green. This is the largest renewable energy company in the Baltic region. It's 77% owned by Eesti Energia, but it operates throughout the Baltic region. Extremely high growth. We'll come onto that in a moment. One reason we like this company is that whole region is in very much an energy deficit. It's a region that has historically imported energy from Russia, and of course, that's all now stopped. It's not a region that's had massive natural thermal resources like coal or gas, so renewable energy fits in quite well. Just looking at the company in more detail. The growth here is very strong. They currently operate 514 MW of capacity, and they're currently constructing 709. Over the next 18 months, the company will more than double in size. We have near-term development. This is projects that they expect to take a final investment decision on this year of a further 511 MW. The company have actually provided some generation forecasts. You can see that last year's energy production of 1,343 GWh, so 1.3 TWh. They're gonna triple that over the next three years, as you'd expect they would do looking at the size of the growth. This is a company in my, according to Bloomberg anyway. Sorry, jumping around a bit. Enefit Green's on a P/E of 16 for next year. On my numbers, it's on more like eight. You can take that with a pinch of salt, but that's what I expect they will achieve for next year. Extremely strong growth with a very favorable valuation. That is our top five energy developers, and I hope that gives you a feel for what they do, and where they are and the sort of growth that we can see. With that, I'll hand over to Claire, and hopefully we have some questions. Hand over to Jake, sorry. Over to Jake. Thanks, guys. Claire, James, if I may, just jump back in there. Thank you very much indeed for your presentation this morning. Ladies and gentlemen, please do continue to submit your questions just by using the Q&A tab that's situated on the right-hand corner of your screen. Just while the company take a few moments to review those questions that were submitted already, I would just like to remind you that a recording of this presentation, along with a copy of the slides and the published Q&A, can all be accessed via your investor dashboard. Claire, James, we obviously received a number of pre-submitted questions ahead of today's event, and as you can see, they're in the Q&A tab. We have also received a number of questions throughout your presentation this morning as well. Firstly, thank you to all of those on the call for taking the time to submit their questions. Claire, at this point, if I may hand over to you just to chair the Q&A with James, and then I'll pick up from you at the end. Thank you. Thank you, Jake. Thank you everyone for your questions. We'll do our best to get through as many of them as we can. There are quite a few. First of all, a question, how does the trust value pipelines in each of the companies it invests in? The questioner acknowledges operational assets are easier to value, but there's a lot of skepticism over the value of pipelines. This is a really interesting question. If we were to answer this question a few years back, most of the companies, there was an element of the share price that could be attributable to future growth to the pipeline. Now, I would say in pretty much all cases, there simply isn't. When you're buying these shares, you're effectively paying the price which might value existing assets, but in most cases doesn't really take into account future growth. The market there is implicitly assuming that future growth either doesn't happen, which obviously is unrealistic, or that it doesn't create any value, which again, I think is unrealistic. How do we value it? Well, you know, there's fairly broad brush, easy ways to do it. You can simply say, well, stuff in construction, you can apply a certain rate per megawatt of capacity. Near term pipeline, slightly lower rate, kind of ignore everything beyond the next three or four years. That's probably one way to do it. But yeah, I think it's true that, you know, within the market is quite happy looking at valuation multiples. Valuation multiples, by definition, if you're looking at short-term valuation multiples, do not capture future growth. Now, funnily enough, over the past 12 months, when I speak to most companies they tell me that the returns on new projects have actually gone up. Not just having gone up, but the actual spread over and above risk-free rates have also increased. For instance, AES, which is a U.S. company, we actually classify that within our integrated renewable focus utilities rather than a pure developer. But they said the other day that they are now targeting 15% returns on new renewable energy assets, but there is nothing in the share price for that. They can actually be quite accurate about that because they're signing up PPAs with U.S. technology companies, for instance. They know what the revenues are gonna be, and they know what it costs to build this stuff. You know, they can be fairly accurate. Like with Grenergy, for instance, they can give a fairly accurate assessment of what they believe the IRR on that project will be in Chile because they've already signed up the revenue. It does seem odd to me that the market is ignoring the growth. Okay. Sticking with valuations, but slightly different question here. How do you evaluate the risks associated with investing in emerging renewable technologies versus the more established ones? Okay. The established renewable technology, I would say are wind, particularly onshore wind, solar, biomass generation, and to a lesser extent, offshore wind. We don't really invest in anything more exotic than that. They are all fairly well established now. We don't do tidal power or anything like that. You know, I think the risks of that would be in excess of what we're prepared to do really. Does that answer the question? Yeah. Yeah. I think that's fair. Another question. How do you decide the allocation between renewable energy developers and renewable energy investment companies within the portfolio? If we go back to slide 3. If you can recall a slide showing our different types of companies. Here we go. No. Yeah. Apologies. It's important to understand here what we're trying to do within the portfolio is generate a balance of risk and reward. We do have slightly more of the YieldCos and investment companies, so slightly lower risk, lower return. I think given that, without trying to complicate things, the trust has a geared capital structure. We have ZDP shares, so we have some additional risk because of that. What we don't want to be doing is loading up more risk within the portfolio. We have a fairly low risk portfolio, I'd say, on a fundamental basis. Obviously, the share price have moved around with interest rates, but the actual earnings of the company is a fairly low risk. We have more in YieldCos. Of course, the other thing about the YieldCos is they give us the higher yield, which our shareholders tend to like, and it allows us to pay a higher dividend. Really within the portfolio, the developer segment is there to give us the long-term growth. Perhaps we might have slightly more developers in future, if I had to guess. Perhaps because their share prices might increase at a faster rate. That's how we do it. We're fairly evenly balanced, but slightly more weighted to the investment companies at the moment. Okay. A couple of sort of slightly, I guess, more political questions, U.K. focused. Will we see more renewable energy being built onshore in the U.K., onshore that is in the U.K., now that we have a new Labour government which has loosened the planning restrictions? Okay. The planning restrictions, particularly regarding local objections, were very tight. We're talking about England here, not Scotland. Scotland has their own planning regime, unaffected by the change of government. The restrictions in England have been loosened somewhat. We may well see more, but I think in the overall context of the U.K., we're gonna see far more offshore wind. You know, the offshore wind farms being built, like Dogger Bank, for instance, almost 4 GW, are just colossal. It doesn't really make much sense to be building more into onshore wind in England because the planning is just, it's still gonna be quite difficult. I don't expect to see a great deal more, although you may start seeing some more. Now, one thing I think that Ofgem are trying to encourage is more generation being built closer to where the demand is, i.e. closer toward the southeast. That might mean we start getting a few more wind farms in East Anglia, for instance. I don't think it's gonna be significant in the overall scheme of things. Okay. Just coming back to offshore, but staying with the U.K. Will the U.K. government, in your opinion, meet its targets for North Sea offshore wind development? That's yeah, that's quite a hot topic at the moment. So we've just had an auction round. We haven't had the results yet. We're gonna have another one later this year for offshore wind, where the government gives what we call CFDs, contracts for difference, so effectively a price guarantee. Some people call it a subsidy, but given that the actual strike level of the CFD is not gonna be a million miles away from the current spot price of electricity, it really is more of the government taking on price risk rather than actually giving money. Over the past few years, those CFDs have earned money. I'm quite skeptical. I think the target, I think, I believe is 50 GW by 2030. We're currently at, I think, about 15 GW. That's a long way to go, and given the timelines in building offshore wind, I just don't think there's enough time to do it. It's still worthwhile having the target. I just think it's probably a little unrealistic. Now, what I would say is if we are anywhere close to the target, then companies operating offshore wind installation vessels are going to do extremely well. Bonheur, for instance, which we've already discussed, and Cadeler, which I mentioned earlier, are gonna be very good investments for us if the government gets anywhere near those targets because those vessels are already in short supply. Okay, just a final question to finish up with. What are the biggest challenges renewable energy developers face today? I guess it depends on where they are. If we're talking about offshore wind, I would say it's access to installation vessels is a big one. Being able to access the turbine suppliers who are trying to rebuild their margins and are increasingly looking just to do larger deals with the more established players. I think that's a challenge. Planning is always a challenge, particularly onshore. There are some areas, like in the States, that just seem to be growing really well and a lot of the barriers that we face in Europe just don't seem to exist quite so much, not offshore in the States, but certainly onshore for solar is growing very well. I think the Americans are really understanding that they need to build some sizable renewable energy projects over the next few years to be able to power their investments in data centers, artificial intelligence, whatever it is. Yeah, I think all the planning stuff is always the biggest issue. You know, whenever you talk to companies, they usually say, "Look, if the government just gets out of the way, we could build this stuff. Overall, you'd say opportunities far outweigh challenges? Absolutely, yeah. Yeah. Yeah. Look, we're gonna see a lot of growth. Yeah over the next six, seven years, undoubtedly. Okay, great. Thank you for your questions. Perfect. Jake, back to you. Perfect. Claire, James, thank you very much indeed for addressing all of those questions that came in for investors. James, perhaps before really just looking to redirect those on the call to provide you with their feedback, which I know is particularly important to yourself and the company, if I could please just ask you for a few closing comments to wrap up with, that'd be great. Okay. I guess I'd just leave you with the thought that if we look at total global energy, primary energy, whatever you wanna call it's been largely flat over the past five years. What we've seen is renewables just constantly increasing market share. The reason they're doing that is, now despite what you might read in some of the papers, this is now an economic argument. You know, we can produce bulk electricity at a reasonable cost without carbon emissions, and we own the companies that are doing that. It's very difficult for new entrants or oil companies to come in when, you know, you've already got companies like RWE or Northland Power that have been active over many, many years in securing the best sites. Hopefully, you know, we've illustrated in the presentation that this is certainly a growth sector, and returns are good, and if anything, on an improving trend. Perfect, James. That's great. Thank you once again for updating investors this morning. Could I please ask investors not to close this session, as you'll now be automatically redirected for the opportunity to provide your feedback in order that the management team can really better understand your views and expectations. This will only take a few moments to complete, but I'm sure it'll be greatly valued by the company. On behalf of the management team of the Premier Miton Global Renewables Trust plc, we would like to thank you for attending today's presentation, and good morning to you all.