Good morning. I'm Richard Crawford, fund manager of TRIG and senior representative of the InfraRed team. TRIG's performance in the first half of 2023 has been robust, characterized by high levels of cash flow generation, good progress on construction projects, and a continued delivery of the company's dividend. Taking each of these in turn, resilient portfolio performance. The portfolio generated a very healthy operational cash flow in H1 of GBP 264 million, reflecting the higher power price environment and inflation-linked government subsidies. The company's NAV per share at 30th of June was 132.2 p, decreasing by 2.4p in the period. This overall result was primarily driven by an increase in the portfolio weighted average discount rate to 7.9%, but with value increases from active management, such as securing attractive power price fixes and increases in inflation assumptions. This results in a portfolio valuation of GBP 3.7 billion, representing the largest diversified renewables portfolio in the investment company sector. Strategic investment activity. Key to the company's investment strategy is its capital structure. We have repaid GBP 119 million of project debt in the six months. More on this crucial component of our capital allocation approach later. We have progressed our construction projects in Sweden and Spain, where we have spent GBP 65 million in the period and commissioned 301 MW of capacity. This takes our total of our completed construction assets to over 20% of the company's generating capacity. Construction and development activity remains a key element of active management that can deliver capital growth for shareholders. Sustainable dividend. This robust financial performance and strategic investment activity continues to support the company's ability to provide a sustainable dividend. The dividend in the period was covered 1.7x by net cash generation, that is to say, after the repayment of debt. This figure would be 3x if the company were not amortizing its debt in a structurally disciplined manner. The company is well on track to deliver its 7.18 p per share dividend target, which now offers a higher than usual 6% dividend yield to prospective investors. On this slide, we lay out the key themes in the period that are driving increased returns for the company. The company benefits from resilient cash flows. We can say this with confidence against the uncertain economic backdrop for three key reasons. The company's cash flows are positively exposed to inflation. Over 50% of the expected revenues over the next 10 years are directly linked to inflation. The company has low cost exposure to changes in interest rates. This is a key feature of the company's capital structure. Project level debt has fixed interest rates, which means that interest costs on this debt is not increasing. Another key feature of a company's capital structure is that we amortize debt at projects in line with subsidy periods. We do not have the debt associated with projects that do not have fixed revenues. This disciplined approach to debt means that TRIG's balance sheet is robust and de-gears on a structural basis over time. We're also highly focused on delivering shareholder value through active management. These are initiatives undertaken by InfraRed and RES to outperform TRIG's base case expectation for financial performance. In the period, we've achieved this through entering into attractive revenue price fixes, such as a corporate PPA signed at Blary Hill, taking Grönhult's onshore wind project in Sweden through construction, and improving the amount of energy we are producing at selected sites through technical enhancements to turbine blades. We take this active management very seriously and see it as a key lever to deliver shareholder value. Finally, portfolio optimization. Our investment strategy includes diversifying across several technologies and jurisdictions with an asset base that spreads from North Sweden to Southern Spain. We now expect the portfolio overall to deliver higher returns, supported by positive inflation correlation, elevated power prices, also higher returns from our battery storage developments. Overall, these themes continue to support our investment strategy and offer investors a rare, pure-play, diversified renewables infrastructure investment. On this slide, we lay out the significant benefits we can expect from higher power prices and inflationary increases compared to 18 months ago. Our latest forecast, we expect the portfolio to generate 22% more revenue over the life of the projects compared to 18 months ago, as shown on the graph. This, of course, has a significant financial impact, which has been recognized in two ways. The net asset value of the company has increased by 0.13p per share over the 18 months. That's an increase of 11%. The portfolio discount rate has increased by 130 pips to 7.9%, reflecting an increased expected return in our base case. We are focused on outperforming the base case, which is now 7.9%. Additional cash generation will enable further active investments. Active management will enhance the returns from existing investments. Also, when calibrating TRIG's return, this should be done in the context of its positive inflation correlation, which we'll look at on the next slide. On inflation, we have increased our long-term assumptions in the U.K., where inflation looks to be more entrenched. The chart on the left-hand side shows our revised inflation expectations for U.K. RPI as a solid line, starting at 3.5% for 2024, reducing to a long-term assumption of 2.5% from 2030. The dotted line on the chart shows what the U.K. government debt market is implying for the same measure. We continue to be prudent in our assumptions. Importantly, TRIG's return is positively correlated to inflation and offers a real return. That is to say, it offers a return that we expect to be well in excess of inflation. If we break down the yield available from a U.K. 20-year government bond, at current rates, it offers a real return of about 1%, as shown within the first bar on the chart. TRIG offers investors a return of in excess of 5% over our portfolio-wide inflation assumption, which includes our European assets, as shown within the second bar, and we believe this spread is appropriate and offers good value. As I have said, we aim to outperform this return and to deliver capital growth in the base case assumptions, giving both a growing income and a growing capital base. With the joint team of a specialist infrastructure investment manager in InfraRed and a highly accomplished operations manager in RES, with unparalleled experience, we believe that TRIG is uniquely well-placed to offer the prospect of income and capital growth from the renewables infrastructure sector. I will now hand you over to Phil, who will take you through the financial results for the half year. Thank you, Richard. I'm Phil George, and I carry out the CFO role for TRIG. I'll take you through the financial highlights and the valuation movements for H1 2023. Cash flows in the period have been strong, reflecting the inflation-linked subsidies and the high power price environment. The portfolio valuation has reduced slightly. This includes the impacts of reflecting increased valuation discount rates, partially offset by the positive valuation impact of increased inflation. Being an investment company, this valuation movement reduces earnings, which in the six months are +1.1p, which means after dividends paid in the period of 3.5p, the NAV is reduced by 2.4p per share to 132.2p. Stepping through the valuation bridge, which shows a trail from the opening valuation of GBP 3,737 million to the closing valuation of GBP 3,671 million. Starting from the left, investments of GBP 65 million have been made in the period, funding our construction projects, bringing the Ranasjö, Salsjö, and Grönhult wind farms in Sweden, and our four new solar farms near Cadiz in Spain. The Grönhult and Cadiz projects are now operational. We have had strong cash flows up from the investments in the period, leading to dividend cover of 1.7x for the six months, or 3x if calculated before repayment of project-level debt across the portfolio. After adjusting portfolio value for the GBP 65 million of investments made and cash distributions from the portfolio of GBP 171 million, the rebased portfolio value is GBP 3,631 million. The rest of the bridge represents the operating income shown in the profit and loss account. We're now going to cover each of these in the following slides. Turning to the slide on power price forecasts. The overall movement in power price forecasts, net of the impact of government windfall taxes in the U.K. and the EU, has had a negative valuation impact of GBP 86 million. Overall, power prices remain high versus historic norms prior to the reduction in the use of Russian gas. Forecasts expect it to take several years for gas and power prices to normalize as new gas supply comes online. Having said that, as you can see from the graph in the top right of the slide, there's been a significant reduction in power price forecasts over the near and medium term since those included in the valuation six months ago, following a relatively mild winter and lower demand for gas, leading to higher-than-expected gas storage levels. On the chart, the dotted line shows the power curve from 18 months ago, and whilst pricing has reduced over six months, it remains high versus historic norms. The valuation impact of reduced forecast power prices is mitigated by the impact of government windfall taxes. At the end of last year, governments implemented taxes on income above high wholesale power price thresholds at rates of between 70% and 100%. As a result, the majority of the impact of prices reducing will flow through to reducing windfall tax payments. Longer-term power price forecasts remain largely unchanged, with additional power demand from electrification and forecast use of green hydrogen generally counterbalancing increases in the assumed build-out of intermittent renewables. As before, when incorporating power price forecasts into our valuation, we take into account the power price forwards at the valuation date. At this point, near-term forwards were below the forecast of projections, and so we adopted these more cautious figures. We then apply a discount to the forwards of around 20% to allow for price volatility, and also to reflect the renewables tend, on average, to capture a discount to the market price. Before I leave this slide, we continue to provide data on our average assumed wholesale power prices. The donuts show the proportion of our forecast revenues that are fixed per megawatt hour and exposed to merchant pricing of a short, medium, and long-term horizons. The point to note is the high proportion, which is fixed, 68%, over the next 10 years, for instance, providing protection against variation in power prices and good inflation linkage. Discount rates and inflation are addressed on the next slide. At the 30th of June, reflecting the higher returns environment, and particularly the increase in government gilt rates in the U.K., we have again increased the discount rates used to value the portfolio. We applied an average increase of 0.5% across the portfolio, with 0.8% applied to U.K. investments and 0.3% to non-U.K. investments, recognizing the higher long-term government bond yields in the U.K. versus EU countries. Increasing discount rates has reduced the valuation overall by GBP 142 million. Alongside the discount rate increases applied at December 2022, this leads to overall increases in applicable discount rates over the last 12 months of 1.6% in the U.K. and 0.6% in Europe. The overall portfolio weighted average discount rate has increased during the half year from 7.2 to 7.9%, This reflects the 50 bips increase in the discount rates and changes in the portfolio age and mix, including higher returning battery assets. Applying a blend of U.K. and EU risk-free rates, reflecting the portfolio composition, leads to a weighted average risk-free rate of around 3.7%, with an implied risk buffer from the portfolio return to the risk-free rate above 4%. The company carries out an independent valuation exercise each year and also commissions a review of the valuation discount rates. The independent valuer has again confirmed the discount rates used in the valuation are appropriate. Moving to inflation, with over half of the projected portfolio revenues over the next 10 years being directly linked to inflation, and most of the balance being indirectly linked through wholesale power revenues, TRIG's income is highly correlated to inflation. Changes to actual and forecast inflation have added GBP 97 million to the valuation. Actual inflation this year so far has been higher than forecasted at our last valuation, on a weighted average basis by around 1.8% in the U.K. and 1% in the EU Inflation for 2024 is also expected to be a little higher. We've adjusted our valuation accordingly. These adjustments have added 0.75% to the 2024 inflation we have applied. We have increased the long-term assumption for U.K. inflation to 2.5% for CPI and increased RPI to 2030 also, reflecting the market expectation of stickier and higher inflation in the U.K.. The U.K. longer-term inflation increase is equivalent to a weighted average increase of around 35 basis points when considering wholesale power prices, RPI and CPI. We've left long-term EU rates unchanged. On the bridge, we show the movement in foreign exchange on our Euro-denominated assets. Sterling has strengthened 3% against the Euro in the period, resulting in a loss before hedge offset of GBP 45 million, as shown in the bridge, this reduces to a loss after hedges, which are held at company level, of GBP 26 million. The final item on the bridge portfolio return for the six months is GBP 216 million, represents a 5.9% increase over the rebased valuation of the portfolio. This is appreciably ahead of the expected return represented by the opening portfolio discount rate of 7.2% per annum, or 3.6% for half a year. Portfolio return includes the impact of actual generation, which was lower than budget, with lower wind speeds in the period. It also includes several value-enhancing items that together benefit NAV by around 6p. This slide bridges the NAV per share between the start and end of the half year, and analyzes the movement split between the macro items we've already covered, the impact of low wind speeds in the period, and NAV gains made from active management, which we will address on the next slide. The point to emphasize here is the positive impact of this active management on the NAV, which totals some 6.4p per share. Going into some items within active management, we have asset-specific value enhancements, including entering into a corporate PPA at the Blary Wind Farm for 10 years at an attractive fixed price. We have price fixes at several other projects, including Valdesolar in Spain and some of our U.K. solar and wind projects. Value has been realized as we release construction phase discount rate premia as construction projects move into operations and are de-risked. The French government has ceased its action against the older solar projects Feed-in Tariffs that they had intended to significantly reduce. Following successful appeals against that action, an initiation of international arbitration from parties including TRIG, which has allowed for the release of the provision made here. Finally, we have realized a good upside in relation to guarantee of origin income, where RES have actively managed this income stream, including reviewing PPA contracts and, in many cases, negotiating a higher price from power offtakers. The market price of the certificates in both the U.K. and the EU has also continued to increase in the period. We have assumed a significant discount is applied to the current and forward prices of these certificates in our valuation, and we assume future prices reduce quite quickly to a lower level. That brings me to the end of the valuation items, and I shall now hand over to Manesh to talk about our approach to capital allocation. Thank you, Phil. As Richard and Phil have each highlighted, we have had strong cash generation. Operational cash flows in the first half of 2023 totaled GBP 264 million. That is 3x the GBP 87 million dividends paid to shareholders. GBP 119 million was used to repay project-level debt principal, which, as a reminder, is amortizing within the subsidy periods, so no refinancing risk, and fixed rate. The repayment of project-level debt is business as usual for us and core to our investment philosophy. Servicing debt interest is included in the operational cash flows. GBP 65 million was spent on construction and development activities in the period, which was funded GBP 54 million from organic excess cash flows and GBP 11 million from the revolving credit facility. Strong operational cash flows, healthy dividend cover, and a focus on balance sheet management. A bit more on debt within the group. The majority of our debt is at project level. Our project level gearing is 37% and continues to trend downwards. It is being repaid to the tune of GBP 200 million per annum, meaning, as the charts show, it will be repaid within the blue subsidy fixed revenue period. The average interest rate on our portfolio debt is 3.6%, and it is fixed rate, leaving the group's cash flows with low sensitivity to changes in deposit and borrowing interest rates. We also have a revolving credit facility, which we use to complete the build of the four Cadiz solar projects and the Grönhult wind project. That were all commissioned into operations in the period. It is also funding our ongoing construction activities. The expected cost to finish the construction of the Ranasjö and Salsjö wind farms, and to build our development stage, Ryton and Drakelow storage projects, is GBP 146 million, spread over the next two years. We expect excess cash flows over the same period to exceed this construction spend. Summarizing our current approach to capital allocation, our priority is balance sheet management. That is, continuing to reduce project-level debt, which is business as usual, and reducing borrowing on the revolving credit facility. When appraising the use of excess cash flows, which in the first instance is organic cash flows and may also include divestment proceeds, we consider and compare reducing borrowings and new investment activities. We also naturally consider share buybacks when benchmarking new investment activities and thinking about capital allocation. As we fulfill our priority of balance sheet management by repaying project-level debt and reducing RCF borrowings, this will position the company well to make new, accretive investments, particularly higher returning development and construction stage investments. This may include those that are organically generated, such as repowering or expanding existing sites. Turning to our portfolio in more detail and looking at areas for capital growth. First, the portfolio. The portfolio remains largely unchanged from December 2022. We have good geographic diversification, with a significant proportion, 40% of our portfolio, outside the U.K. in Europe. The portfolio remains dominated by wind investment, with 14% in solar and 4% in flexible capacity, specifically battery storage. Over time, we'd particularly like to see a greater proportion of both solar and flexible capacity in the portfolio. Our development and construction percentage is 7% of the portfolio, following 300 MW of new generation capacity being commissioned in the period, and 165 MW of battery storage projects being added to this measure. Finally, as you can see on the right-hand side, our largest single investment remains less than 10% of the portfolio, continuing our approach of low single asset concentration and good portfolio diversification. We often talk about active management. Here, we unpack what that means and link it to opportunities for capital growth. First, the management of the portfolio profile. This is the mix of investments in the portfolio, seeking to add investments selectively and creatively to enhance returns or diversification. We also regularly screen the portfolio for divestment candidates. When thinking about investments and divestments, we think about whether we are the owner best placed to maximize value. Second, the development and construction. This is building new generation capacity or enhancing or repowering existing capacity. Consistent with our 25% development and construction limit, we see this as our investment focus. They increase the portfolio's expected returns and create opportunities to deliver capital and earnings growth. Finally, value enhancements. These are both energy yield and revenue enhancements. With that, I'll hand over to Chris to provide an update on our development, construction, and value enhancement activities. Hello, I'm Chris Sweetman, Operations Director, to talk through the operational highlights in the period. We'll start with the development and construction pipeline. The Cadiz solar sites in Spain and Grönhult onshore wind farm in Sweden are now both fully operational. The Ranasjö and Salsjö construction in Sweden is progressing well. First turbines are now erected, with tip heights of 200 m and a rating of 6.2 MW each, reflecting the increased scale of the newer turbines and sites. We've progressed the development of the battery storage projects, with construction due to commence on the first of the four recently acquired projects in the second half of the year, utilizing RES long experience in storage development, construction, and operation. We're also progressing repowering opportunities in France, with grid connection now secured at Clave, and are beginning to assess the repowering potential of sites in Northern Ireland. There may also be opportunities to enhance existing sites. For example, expanding or adding storage capacity, or exploring the potential to add wind turbines to solar sites in Spain. Moving now to the operational portfolio. During the period, we generated 2.9 TWh, equivalent to 1.7 million homes powered. That's a 7% increase on the same period in 2022. The portfolio of 90 projects are spread across the weather systems and markets of Western Europe. These are in onshore wind, offshore wind, solar, and batteries, using a wide range of equipment suppliers across many different models, limiting our exposure to any one turbine type. The newly constructed Cadiz Spanish solar sites and Grönhult Swedish wind farm add further diversification to the portfolio, with more to come. The portfolio performed well commercially, whilst at slightly lower pricing than in the same period last year, electricity prices remain elevated compared to the long-term average, alongside the index-linked Feed-in Tariffs, which benefit from the high inflationary environment. Safety remains a high priority at all of our assets, where it is actively managed to reduce the risk of accidents. Generation is 9% below budget in the period, which you can see split out by region in the table. Generation was reduced by poor wind, particularly across the U.K., Ireland, and Sweden, coupled with grid outages and some maintenance activities, offset by good weather resorts in France and the solar portfolio. Ultimately, the low GB wind speeds were mitigated by the other geographies and technologies in the portfolio. You can see in the graph how the weighted average wind and solar irradiation varies over time in each of the regions compared to the long-term mean. These long-term averages are based on a period of 20 years, so variances are to be expected in a shorter period. You can still fundamentally see the weighted average dashed line smoothing out the regions, delivering a better result than would be available with concentrated geographical deployment in a single technology. Notable events in the period include proactive leading-edge protection works on Merkur's blades to minimize long-term wear to the blades, with the costs borne by the manufacturer and compensation for lost generation. End of warranty inspections were performed on multiple assets as they approached the warranty end date, typically at year five. These targeted works help identify any activities to be performed at the turbine manufacturer's cost, with availability warranties in place, helping to preserve long-term asset integrity. Turning to value enhancements. Proactive management of TRIG's portfolio by the managers continues to preserve and enhance the value of the portfolio in a wide range of different areas. I'll now take you through a few of them. Our focus on energy yield enhancements continues. Following a successful blade and hardware trial on Hill of Towie in 2022, a phased rollout to a number of other GB onshore wind farms is scheduled over the summer. RES developed refinements to the turbine control system are now also planned at Hill of Towie to ensure that the new aerodynamic properties of the blades are maximized. As Phil touched on earlier, we continue to actively manage the revenue contracts across the portfolio for best value. In addition to signing our first corporate power purchase agreement at Blary, we've capitalized on the increased value of REGOs and guarantees of origin, achieved by negotiations on existing contracts and the implementation of new contracts. We continue to utilize TRIG's portfolio purchasing power to secure competitive contracts, most notably on operations and maintenance, which is typically one of the biggest cost items. In the period, we secured a material saving, improving upon the investment case at one of our offshore wind projects through extensive negotiations in close collaboration with our co-investors. TRIG's sustainability report was issued in May and is available on our website, demonstrating our commitment to sustainability and engagement with stakeholders. It sets out how we're working to mitigate adverse climate change, preserve our natural environment, positively impact the communities we work in, and maintain ethics and integrity in governance. It also provides lots of information on the various sustainability regulations that we adhere to, such as SFDR and EU Taxonomy, as well as our commitment to the Science-Based Targets initiative to actively reduce emissions, considered to be the gold standard of voluntary sustainability frameworks. Please, do take a look at it. I'll now hand back to Richard. Thank you, Chris. In this concluding slide, I want to reflect on some key themes which have emerged in what has been a tumultuous period starting 18 months ago. These are energy transition, inflation correlation returns, and active management. Firstly, energy transition. The Russian invasion of Ukraine 18 months ago has turned energy supply to Western Europe on its head. This has ratcheted up the importance of renewables for energy security, as well as for decarbonization. This increase in the necessity of renewables is a positive for us as governments address the challenges of cost inflation, slowing down deployment, and market design, with renewables as the dominant energy source. The power price environment is materially higher as a result, and we can see this, together with the indexation of subsidies, clearly flowing through into TRIG's cash generation. In 2022, our gross dividend cover was 2.6x, and in this period, it is 3x. This means in 18 months, we have generated operational cash flow approaching GBP 700 million. We have used this to repay project debt of nearly GBP 300 million, pay dividends of GBP 250 million, and reinvest into portfolio equity, nearly GBP 150 million. Now, the second key theme over the last 18 months has been the increase in return requirements as inflation has reared up and taken hold. We have increased our valuation discount rate by an average of 1%, 1.6% in the U.K.. Notwithstanding this, due to our inflation correlation and low exposure to interest rates on borrowings, as well as the power price environment, we have a NAV per share, which has increased since the start of 2022 by 11%. In NAV terms, an investment in TRIG is proving to be highly resilient. Finally, active management. I want to stress the importance of this and the difference it can make. As managers, we work tirelessly to extract value from the portfolio, and I hope you have seen the emphasis we have put on this during the presentation, adding 6p per share in the half year. When investing, we are focused on enhancing returns. That means development and construction activity, and increasing portfolio diversification, such as our battery investments, as well as unlocking value from life extensions, repowerings, and co-location opportunities, all of which we are working on in the background. We are excited about the opportunities for operating assets, especially increasing energy yield on some by applying the latest aerodynamic thinking to older blade designs. We see further value enhancement coming from this. In conclusion, TRIG's returns, when looked at in real terms, remain attractive. We have a diversified portfolio mitigating risk, we have inflation correlation, and we have low exposure to interest rates costs and cautious balance sheet management, with systematic repayment of project debt. This makes TRIG a differentiated, and we believe, compelling investment proposition. That concludes the presentation, and we thank you for listening. We will now take your questions. Good morning, and thank you, everyone, for joining us. My name is Mohammed Zahid, Director, Listed Investor Relations at InfraRed. For the Q&A, we are joined by two directors from TRIG's board: John Whittle, Chair of the Audit Committee, and Selina Sagayam, Chair of the ESG Committee. Also in the room from the managers, we have Richard Crawford, Phil George, Minesh Shah from InfraRed, and Chris Sweetman from RES. Moving on to our first question, which we have received from an investor, and is one for you, Phil. Is a 7.9% discount rate high enough? One wind-based peer has moved up quite a bit more. The TRIG portfolio is a blend of U.K. and EU assets, and the interest rate environment has been less severe in the EU, and the capital return requirements have escalated less in the EU. We've increased discount rates twice, at the end of last year and now. The combination of that is a 1.6% increase in U.K. rates, 0.6% increase in EU rates. Quite a significant move in both, but certainly in the U.K.. You always have to take into account the assumptions in your cash flows as well, and we note when we look at our power curve assumptions, particularly in the long end, that our assumptions after cannibalization look like they're more cautious than most peers. That's something also to take into account, and that can add quite a lot to the discount rate you would apply for a curve which was higher. Cannibalization for us, typically 20% or higher, and that's across all assets, being onshore wind or offshore wind. We had an external valuation performed for this valuation, and they saw us at the more cautious end of their range. We also should comment that the blend of assets includes assets with Contracts for Difference in Feed-in T ariff, and we've got quite a large proportion of those sorts of assets, especially in our EU portfolio. We've also have solar projects in there as well. I think you have to take into account the blend of assets when looking at the 7.9, and not just look across to someone with a different source of assets, and consider the power curve assumptions as well, I would say. We have moved quite significantly in the period and have had external verification as well. Thank you, Phil. Another related question, this is coming from Ian Scoular at Stifel. What is the basis of the discount rate, levered or unlevered? It's, it's a mix of assets. 60% of the assets are geared and 40% ungeared, and so it reflects that, that mix. The discount rate that's applied relates to the gearing that's in, in each asset. The 7.9 is a, is a blend across the piece and includes those assets with gearing in it. Thanks, Phil. Another question from Ian, this time for you, Minesh. You added back the provision on French projects. Has the government abandoned the change to the Feed-in Tariff? Yes, they have, thankfully. It's been a long road over the last two years, including domestic and starting international action by us and others in the sector. And it's, it's good to see this outcome. Thanks, Minesh. Next part of this question is for you, Phil. Scrip dividends. On Tuesday, TRIG announced a scrip dividend, however, this is unlikely to be offered if the discount is in, in excess of 10%. Surely, any shares issued at below NAV are NAV dilutive. Yes, that's fair. We won't be issuing the scrip dividend below the, below the NAV. What we changed our policy to and set out with our scrip dividend circular this year and got approved in the AGM, was that the scrip dividend would still be offered if the share price is below the NAV, but that it would be issued at the NAV. The 10% threshold is that if the share price is below, is a larger than 10% discount, then we would tend not to offer that scrip dividend alternative, because you could buy the shares cheaper in the market. At a discount between 0 and 10, we think it's still in many, many, especially retail investors' interest for maybe a tax advantage or the convenience of being able to get their extra shares through that mechanism. We had quite a lot of feedback from retail investors that they wanted us to carry on offering the scrip dividend, but it is done at NAV rather than below the NAV. ... Another one for you, Phil, this time from Charles Murphy at Singer. Do power price forecasts still assume that government targets for renewables will be met? They do, yes. The power price forecasts tend to be quite believing of the government targets. They do build in a substantial increase in the build-out of renewables in all geographies. It's the U.K., I suppose, that has the biggest impact and the one that we're closest to, and it's the build-out rate of U.K. offshore wind, which has higher capacity factors, that will make the biggest difference to future trajectory of power prices. They're assuming that we get to 40 GW, which is a massive increase from today's level of around 12, by the early 2030s, and even higher than that, 50 GW, by the early 2040s. I think government have got those targets a bit earlier. Many in the industry don't really believe that they can be hit that fast. We think that's a very cautious outlook, and we think particularly events in the last few months could lead to slowdown in build-out. The economics, we've heard Vattenfall canceling a project, talk by Ørsted and SSE of canceling projects, and then might take some time for the market to settle as to what is the new appropriate CFD price for this to work. Also, we know there's a lot of stress on the grid, which is also a constraint in building out projects faster. If it's the case that build-out is slower, that might be helpful for power price forecasts. The other side of the equation is the, the increase in the electricity demand as economies decarbonize, and certainly the forecasters are more cautious on that side, as in they've got lower rates of electricity use than the government assumes. The government assumes that the economy decarbonizes faster than the forecasters do. I think on both sides of that, they're, they're in a fairly cautious place. Thanks, Phil. One for you, Chris, also from Charles Murphy: What is your longest operation life for a wind farm, and are expected turbine lives extending? Within the wind portfolio, we have an average life of 31 years, with a maximum of 35 years. Those greater than 30 years tend to be the newer turbines, such as some of, some of the offshore sites. To support these lives, we perform commercial assessments for planning and leases, plus technical assessments to ensure that the turbines remain safe to operate. Brilliant. Thank you, Chris. A final question from Charles Murphy, and this one is for you, Minesh. What is the transactional evidence telling you about the investment trends? Yeah, it's an interesting question. Volumes are down a bit from previous periods, but we are still seeing quite a few transactions in the market despite the volatile macro outlook. Albeit fewer buyers, but where there are buyers, they're mostly from unlisted funds or corporates, which does mean that there is less visibility of underlying assumptions and availability of information. Where we do have visibility, I think it's fair to say that fewer parties are involved. Transactions are moving to bilateral quicker, but the asset class does remain in demand, and transaction prices are supporting our valuation levels. Over the last six to 12 months, inflation has pushed up cash flows and discount rates, return expectations are increasing as well. The two are generally offsetting net, slightly softer. If you go back to the start of 2022 and compare to then, prices are, prices are up. Thanks, Minesh. A question from an investor: Are you exposed in your onshore wind farms to the Siemens Gamesa WTG 5.X? Chris, one for you. We've got a wide range of turbine manufacturers and models within the portfolio, which includes some Siemens 5.X. We also have a range of O&M contracts, including long-term, all-inclusive contracts with availability warranties. Regardless of which, we perform detailed end-of-warranty assessments, providing strong commercial protections against any deficiencies. Brilliant. Thank you, Chris. Moving on to our next question, we've had a few questions in, in the policy area, this is representative of a few that we've had. Richard, for you, following the government's announcement this week on new oil and gas licenses, are you concerned that the U.K. is about to row back on its net zero commitments, in particular for investments in renewables? If so, how does this impact your business in the U.K.? Thank you, Mo. We don't support the move to increase gas development, but we don't think significant rowback or indeed any rowback on net zero ambition is likely. Indeed, I think the government would argue that along with carbon capture and storage, we will be needing some gas for some considerable time on the system. That, that's probably not an unreasonable assumption and consistent with what we said earlier about the challenges of building out renewables. I think overall, the evidence is for strong support still to get to net zero 2050 and 2035 on the electricity system. Renewables, we would say, more important than ever, not just to get to the carbonization, but also because energy security is such a big factor now. Of course, we have very strong wind resource in the U.K.. Thank you, Richard. A couple of questions on this topic, Phil, for you, that have come through. What's your long-term cannibalization assumption? Cannibalization, we have different characteristics, different technologies in different countries. We follow the forecaster's advice in that, and we, and we take the full cannibalization that is recommended. On average, it's around 20% across time, but it's increasing across time. The wind farms, it's typically 20%-25% over the longer term, and Spanish solar is a higher cannibalization rate, which is taken into account in our cash flows of nearer to 40%-45% over the longer term. Quite a substantial provision made for cannibalization and in line with the forecaster's recommendations. Thanks, Phil. Staying with you, I've got a question here from Nicola, from BNP. Good morning. Can you tell us where you think the cost of project debt for new projects would sit today? Well, if it were 10-year debt, then I guess 10-year SONIA is gonna be, if in the U.K., in the low to mid-4s, and I suspect your margins would be 1.5 or so. I think you're gonna be, you know, getting around 6%. It could be more expensive if you did shorter term debt because of the shape of the, the curve with the nearer term being higher. Thanks, Phil. A question from another investor for you, Phil. Then, sorry, for you, Minesh. Do you have any ambition to enter other generating asset types, for example, hydro? Yeah, good question. So the way we think about our portfolio construction from a technology perspective, we've been talking about kind of the four buckets, the onshore wind, offshore wind, solar, and flexible capacity. Within the flexi, flexible capacity bucket, we see that as technologies that can respond to price signals, and in the first instance, that's battery storage, and we have those projects within the portfolio. It could indeed be a hydro, particularly if it's pumped storage, effectively a longer duration battery. Clearly, this is an area where technology is developing. For us, we would clearly want to see a well-established technology, as a technology being well-established, before we started looking at it. Thanks, Minesh. Another question on power prices, for you, Phil. What power price capture discounts are you assuming in valuations, and how has this evolved over the last three years? I think that's the same question on cannibalization, isn't it? Have I missed the point? I, I think... Yeah ... we've, we've, we've got rates of 20 to increasing over time across technologies. It's higher in, in Spain for the solar, and we, we look at what the forecasters tend to put in, and we, and we adopt that in our valuations. Has it been increasing? Yes, probably it has been increasing, but I wouldn't say it's markedly increased in the last few years. I think it's always been a feature of, of their forecasts. What we tend to find is that if forecasts assume more build-out of renewables, that number increases, and if they assume more electricity demand, that will tend to moderate that, and we tend to see forecasts increasing both the rate of assumed build-out of intermittent renewables and the electricity demand as decarbonization's become more of a feature of government plans. There's tend to be a bit of an offset. I think probably slightly increasing over time would, would have been the trend. Thank you. We've had a few questions around cost and inflation. Chris, on operational projects, are you seeing increased costs, and are they having any impact on secondary market valuations for those projects? Yeah, as I mentioned earlier, we have got a range of different contracts in place, which includes some long-term contracts. Those have, yeah, established inflation rates within them. So we can see those changes coming in the long term, and as was referenced earlier, we've got a lot of our sale prices are linked to inflation as well, yeah, particularly the FiTs. There has been some increases in major components for those contracts where it's not all inclusive, but there's, yeah, nothing, nothing exceptional that the projects can't manage. Thanks, Chris. A question here from Elliott Hardy at Winterflood, one for you, Minesh. You mentioned part of the active management philosophy is to place TRIG in positions where you are the owner of best place to maximize value. How are you ensuring this is the case in battery energy storage systems, whereby some would argue it requires specialists to keep on top of developers? Yeah, I think investing in battery storage does require expertise, and InfraRed and RES are well placed to do this. RES brought batteries to the U.K. to provide support services to the grid, and that first project, Broxburn, is actually within the TRIG portfolio. On the InfraRed side, we've been investing in flexible capacity and battery storage for nearly a decade now on the development side of our business, and therefore, we feel between InfraRed and RES, we're well placed to both invest in and operate battery storage projects. Thanks, Minesh. We've had a few questions in on the RCF. Just to summarize, Phil, for you, the question is: What are the costs of the RCF drawings, and how long do you think it will be until the RCF is repaid? The RCF's drawn in Sterling and Euro. The Sterling component is SONIA plus 1.8%, and the Euro element, EURIBOR, plus 1.8%. The EURIBOR element, clearly much lower. On the Sterling side, would be, what, around 7% now. On the Euro side, I haven't got my latest EURIBOR in my mind, but I imagine about 1.5% lower. The blend might be in the low to mid 6s on that cost of debt. We are generating surplus cash flows beyond the beyond paying the dividend and the cost of the company. We are applying that to meet construction commitments, but we would anticipate that, that those surplus cash flows will exceed the construction commitments, and we will start eating into that RCF. We will consider disposals, and that's also another, another means to repaying the RCF if we can't raise equity in the markets. Of course, we've got a lot of capacity to introduce term debt into our ungeared projects, which we could, could take advantage of, and something we need to consider, but not in any rush to consider, because I think we've got quite a lot of time on that RCF. There's no sign that the RCF banks aren't very enthusiastic to continue supporting us. The current facility at GBP 750 million is substantial. Even if you lost a few banks, you would still have a lot of cover, and we're not anticipating that. I think we've got quite a lot of routes there, and, and we're, and we're not particularly concerned about that. Thanks, Phil. Just sticking with you, if I may, we've had a few questions on inflation and the general theme being: how does the inflation correlation work for the portfolio, and how much of the portfolio's cash flows are? We have subsidies which are linked to inflation in the U.K. and France, the German subsidies are not linked to inflation. Of course, power prices have a long-term link to inflation that tend to have a positive correlation to it. The proportion of cash flows the next 10 years, which are linked to inflation, is over 50%. I think it's some 54, 56. I've got a sign off from the other side of the room, 56%. We've got a good correlation to inflation that way. The inflation through the subsidies tends to come through slightly in lag. For U.K. ROCs, for instance, it's the whole average for every single month of one year divided by every single month of the calendar year before. So it can take quite a long time for that inflation to flow through to your numbers, but it, but it will flow through. Of course, our financial modeling takes that into account and, and puts the inflation into the periods in which it's, it's actually feeding through into cash flows. Brilliant. Thank you. That, though, that concludes kind of the main areas of questions we've had. We thank you for joining us. For those questions that we have not come back to, we've not been able to address here, we will come back to you directly. Thank you very much.