Good morning, everyone. Thank you for being here for the full year 2023 results presentation. As usual, I'm joined by João Manso Neto and a bunch of people from Greenvolt that will help answer the questions you may have at the end. We will do the presentation, and as I said, then we can open the floor for the questions you may have. João, would you like to start? Okay. Thank you very much, Ana. So good morning to everybody. So the idea of our today's presentation will be basically twofold. From one side, to give you our views about the evolution of the market, and second, to present specifically the results of 2023, as well as the forecast for 2024. Regarding the market, I think the first idea that we would like to discuss is the following: what's really the future for the renewables? As you know, the market has ups and downs, and at this moment there is a feeling of certain skeptical people, many people very skeptical about the renewables, which we can see in most of our comparables in the market. Because people say that renewables are today not fashionable no more, that politically they are not being accepted, because people say that there are too many products in the market, so that interest rates are very high. So many things that are more superficial analysis than to say that renewables today are not what they would look at. We've clearly, based on objective analysis, fully disagree with this, and for several reasons. Firstly, I'm going to this first page. Firstly, we need renewables, so no decarbonization without renewables. Never forget, renewables are not only environmentally friendly, but they are the cheapest way of generating power. Second, are there many and are there, in most of the countries, too many products in the market? This is not true. In most of the markets, the problem continues to be exactly the same: permitting. So in fact, if you have not pipelines, but if you have really ready-to-build projects for 2024, 2025, they have a very big value. You cannot extrapolate from one market, which is basically the case of Spain, in which perhaps the balance between supply and demand is not the same. Most of the markets, really permitting is the issue. So firstly, they are needed. Second, they are a scarce good. And the way we see it is that sometimes people say, well, again, based on one market, that the expectations of the prices in the long term are at the levels of 2021. They are not. In fact, what we see in most of the markets where we are is that the prices continue to be much, much higher than we do or before. So they are needed, a scarcity of products, keeping long-term prices high. I would say a 10-year period should be, should be our reference. So we see all these, so they are needed. They are needed. On the other hand, we are not having supply chain constraint. I would say each transformer to have certainly delay, but it's something which is not getting worse. On the contrary, we begin to see all those still with delays, nothing very a problem which is being contained. In that case, not new supply appear. And so with all of this, we see positively the evolution of renewables. Having said that, what we see today is that the trends show that the renewables, and we are not saying anything new, the renewables that we should look at are not only the traditional Utility-Scale renewables. We have to think more also of decentralized generation, and this is clear enough. And what we see there are countries, like France is a good example, in which they know that they will not reach their objectives only based on the Utility-S cale. They want so strong measures to oblige the investors, then the consumers to go to decentralized generation. This is a trend. Second trend is that the need for flexibility, the need for storage, in particular, is clearly a must, and this is something which is should not be a surprise. But need to say that recent months have proven to be that renewables are there. Utility s cales are important, but they are not the only thing in the world. We have also to use DG, and you have also to think about batteries. All of this together, I would say that we are seeing, looking at market like this, we are in fact seeing what is and why that Greenvolt is spread. Having this view of the market, so a market of renewables, strong, provided you choose a proper market, but you cannot just rely on the traditional way. How was our 2023 year? We knew already from the beginning that it was going to be a challenging year, because although high, much lower prices in 2023 than 2022, which has directly impacted our Biomass plant in the U.K., as you know, a minimum of GBP 70 plus market price, and the market price was good in 2023, but not as good as it has been in 2022. Second point is that important is that we knew that back in 2023 we had to be involved in a strong EBITDA CapEx program, which was already expected, and that has impacted the timing of those sales. But it was a year that we knew that we had to do important CapEx, so lower price, important CapEx. And finally, that DG, Distributed Generation, is still on the ramp- up. All in all, those features that we expected materialized. And having said that, with this evolution, and namely with a decrease of about 40% of the EBITDA in the U.K., even with that, we were able to have a small increase, but increase in the EBITDA, about 3%. Which really went wide because, notwithstanding the challenge, we were able, through the performance of the Utility-S cale, to be able to compensate the decrease in the Biomass and the fact that DG did not reach yet the break-even that we will for sure reach in 2022. On the other hand, in terms of net profit, of course, that resilience of the EBITDA was not possible in terms of net profit. Normal, because that you are investing in CapEx, the financial costs go up with them. If you are solidifying our structure, before we will have additional financial and operational costs than before being able to extract value from the investment. So it's normal, but nonetheless, the fact that the EBITDA has increased, notwithstanding a decrease of more than 40% of the Biomass results, I would say it's a positive achievement. Also important that we were able to, in terms of financials, to keep a solid balance sheet with a liquidity over EUR 600 million, a 6.3 net debt to EBITDA, which is perfectly reasonable in the phase of investments that we are in. And finally, in terms of big numbers, I would stress that in terms of financial numbers, so I can get those four numbers, I would say: net liquidity, adjusted net debt to EBITDA. It's solid numbers. On the other hand, and more important than the results of 2023, is that in 2023 we were able to strengthen our business case in terms of the business plan. So from one side, we kept the expectation of selling 200 MW, which was done. We reached. We had spoken since last month, that in the last month, that we will be able to have about Ready to Build, at least Ready to Build it in the end of the year, and we did it. The pipeline increasing was pretty better materially from 7.7 GW to 8.4 GW. We improved in terms of quality, and finally, we had from one side, we identify, not only theoretically, but in practical terms, that storage can be a business for us, and we did important steps. As I told you in the beginning, the market requires more renewables, but also more flexibility. So having the, perhaps the biggest contracted portfolio in Europe will make sense. And finally, in fine-tuning all require including, approaching new markets, but also requires that we should, focus in the market. This makes sense, and so we decided this year to discontinue the operations in which we felt that... It's not because they are bad markets, but because they should not be in our core business. In 2024, we are very realistic in saying that we could have a very expressive increase in results in EBITDA. For me, it's very clear, and why? Not because of Biomass, but because of the Utility-S cale, in which we expect to sell at least 700 MW. And on the other hand, in terms of having expressive results already, in terms of the Distributed Generation. So all in all, I would say, challenging year, but with strong achievements, not only in terms of resilience of the EBITDA, but also in terms of strengthening, our business market case, and being able to, not lose and, understand what the market situation should be, and understand also where the market in which we should not be developing from there. So this is basically the global picture, and, we now will, take us through the big numbers more in detail. Ana, please, you go. Okay. Thank you, João. So, basically, on page eight, you have a summary of the most important numbers. And the only one that is coming down is net income. And it—one of the reasons why net income is coming down is because, obviously, financial results were more negative than they used to be, because we have a higher stock of debt and a slightly higher cost of debt. But, the reason why the stock of debt has increased is what we write on the left-hand side. 2023 was marked by strong investments, so we are very confident that with the investments that we made during 2023, we paved the way for 2024 and 2025 and beyond to have an increased profitability. And this is something we would like you to focus on. Another thing is that the Utility- Scale segment, well, in terms of size, being now about 50% of the group's EBITDA, benefited from the fact that the prices in Biomass, in electricity, the electricity prices in the U.K., hurt the Biomass business. Otherwise, Biomass would still be more than 50% of the group's EBITDA, but, nevertheless, it's where we are. You can see that Utility- Scale is growing to where it should be in terms of size. Hopefully, Biomass will continue to be stable going forward, and the Utility- Scale business will, in its own right, become more and more, will have more and more weight in the results. But they were strong enough to offset the decrease we had in the Biomass segment. In DG, I think we would like to focus your attention on the fact that we are, as we said we wanted, we are growing our pan-European platform. We're already in 10 countries, nine in Europe and one in Asia. And that's another reason why we're still not positive in terms of EBITDA in DG, but we'll talk about that a little bit more in detail later. So in a nutshell, EBITDA had a slight increase of 3% to EUR 103.1. Still, it was better than 2022. We were able to keep the commitments that we had with more than 200 MW that we were able to sell in the Utility- Scale, and at the same time keeping a liquidity position that allow us to look at 2024 and 2025 with confidence. And basically, I think in these two slides 8 and 9, this is what I wanted to say. Now, going to slide 10, I mean, I think the numbers speak for themselves, but you can see that, yes, Utility- Scale had a big increase in revenues, supported by the margins of the assets that we sold and the operating assets that we have operating in Portugal, Romania, and Poland. But as important as that, as you see that DG, even though you will see in the next slide, it's still, negative in terms of, of EBITDA, there was an increase of EUR 40 million, in revenues. So you see that it is—this is strengthening the business, and it will be, a nd, and we're quite confident that it will be positive in 2024. Well, Biomass decreased, obviously because of the, of the prices in, in the U.K. Slide 11. I mean, we've spoken about this. Biomass is what I just said. Utility- Scale, again, a positive, a very positive EBITDA evolution coming from, build-to-sell and build-to-own activities. And DG, yes, it's, it's still slightly negative, but in terms of the size of the business, I mean, it's the delta is 3.6. The total amount is EUR 6 million negative, but it's going to be close to zero. And if we had Solarelit and Enerpower, so our businesses in Ireland and in Italy with us from day one in 2023, the results would be very close to zero already. So that's another reason why we're quite confident with what's going to happen in 2024. Moving on to the business segment with João. So again, the business evolution, going one by one, I'm not going to repeat what we have said. Biomass, so importantly, 40% decrease as I told, basically because of the decrease in power prices in U.K. In terms of availability, we kept very high level of availability in Portugal, not so high as last year because in the oldest plant, we had some longer stoppage than usual, but it is a 25-year plant, so it's normal. Nevertheless, the performance in Portugal is strong. In Tilbury, we had less lower availability because of the delay in the first half of the year. Nevertheless, it's interesting to say that in the last three months of the year, the operational performance of Tilbury was very strong. But all in all, our Biomass is and will continue to be a strong cash cow of the company and business that we dominate. And again, never forget, we only work with sustainable Biomass, and so these are have long-term agreements here in most—in almost all the cases, with the exception of Mortágua, all the others. So high availability, high load factor, and again, directly operationally perfectly controlled, and the prices are what they are, but it's a question of having very, very good or very good. So really, and it's something that we like to have in our portfolio. But again, Utility- Scale, here was the, the, really t he big, a bigger improvement. We did. We multiplied by 3x the EBITDA because of the asset rotation profits and because of the profits from the operating wind farm that we have today. We have about, during this moment, about 246 MW of operating capacity. But more important than that, the pipeline we reached, as I told you in the beginning, we not only increased the pipeline to 8.4 GW, but we firstly fulfilled the objective of to have 2.9 GW this year. On the other hand, we were able to improve the quality of this 8.4 GW, as we'll see in a few moments, that the new pipeline or the enlarged pipeline is going to have the time to market even than what you have before. As I told you, we discontinued operation in the U.S. We keep an involvement there in which market, but we don't share the same views as our partners. So in that case, we prefer to be alone and to develop a niche approach. In France, it's a very good market, but you need to have a lot of time. In France, you have to have a ten-year time frame, and I believe that having a financial somebody who has a longer-term view that don't want, don't expect to have results in the short term will help. So our idea, likely scenario, is that we'll keep a position there without expertise, but this is not a market in which, until this case, for us, requires long- term. But as I told you, on the other hand, France, and we will come back to that, seems to be and will be a very important market for short-term results in terms of decentralized energy. So about anybody who knows France understands this perfectly well. Everything which is intrusive will have objection. Anything which is not intrusive, case of DG, everybody will support. Really, France is going to be a very important surprise there. Very important, and we will speak a bit more about this. It is that we were able to have to reach one. Having a pipeline of batteries is very nice, but what we did this year was not that. What we did this year is transformed the pipeline between effectively 1.2 GW of contracted assets. So going more in detail in the following page, you can see that as I told you, we have now 2.9 GW of projects Ready to Build or already, and/or already full. We are in several countries. Poland, of course, continues to be the most important market, and the batteries have a role here. But besides that, we have 300 MW in construction, 200 MW in operation, and 300 MW already sold, which is really important in several geographies. And again, one thing important as we are speaking about this, last year, we signed globally 5 PPA. We have already 2 other exclusive agreements in discussion or almost signed. And what I can tell you is that the prices are not on the low for this, as we are used to see in America, in Iberia. Nothing to do with this. The prices are much higher on that, and you have PPA signed all exclusively in Poland, in Greece, in U.S.A, another one or two European countries, and Germany, and another one or two European countries. As I told you, we did not just increase the number of MW of the pipeline. The value of that is valuable if it's a long-term one, but it's not the case. From that, what we say is that we expect to have more than 50% of that pipeline at least Ready to Build in the end of 2024. 2024, 4.5 GW, which has to do with what I said before. We are not building a pipeline MW. We are, in fact, improving this possibility and improving the quality. The one of the way of improving the quality is, when, when there is opportunity, utilize the moment in which there are some developers which cannot have good projects, but then I take a bunch of cannot have take it to the until Ready to Build, that we can step in and, and buy projects not yet Ready to Build, but with a quick time to market, and that helped us to reach this more short-term pipeline than you had before. So 50% of the pipeline at least Ready to Build till the end of the year, meaning 4.5 GW. I think this is a important number. On top of that, we keep our very strong expectation that we'll be able to reach sales over 2,000 MW during 2024, which is important not only in terms of credibility for our strategy, but also important in terms of the certainty that we have that we will have expressive positive evolution results this year. First glance, regarding 2025, we expect to have about 7 GW at least Ready to Build. 7 GW is, I would say, 80% of our pipeline. Again, we are not putting MW over MW. We are having MW that will be Ready to Build rather quick. But 7 GW, we have time to see it, but the 4.5, we will see it very shortly. Finally, in terms of Utility-S cale, I would like to give you some call about our storage pipeline. In Poland, we reached, contracted 1.2 GW for us, with 17 years, guaranteed return, then about EUR 55 million per year, during 17 years, plus inflation should be here, written here, plus we-- post inflation, from 2028. So which, again, this gives us a very big basis, either in terms of risk, either in terms of bankability to, develop, this project. I'm not saying I'm going to-- we are going to build all this, of course we are not, but my intention is to begin building the first one already in 2024. Yeah, one of them, about 200 MW, the intention is to build it. And, on top of the guaranteed return, extracting value for the first-mover approach. Well, now, DG, I would prefer perhaps Miguel can take care, help you in reading this. Okay, João, thank you very much. So, about DG, then already following. So we are present currently in 10 countries, nine in Europe and plus Indonesia, which is a joint venture with Prudential. Effectively, we installed last year 91.5 MW all over, which accounts for 200% increase versus the previous year. We reach a total operating income of EUR 71 million, with 130% increase, but we are still negative. So EBITDA reached EUR 6 million negative EBITDA. If we deduct the transaction cost, because we acquired some companies along the year, that number will be around EUR 4.2 million negative. And if we take a closer look at the Q4, the negative EBITDA would be excluding the transaction cost, around EUR 2 million. And, well, most of there are countries that are already positive; there are small. With some of the countries that were developed last year are still very early stage, so it's normal that they are on the ramp-up stage. But I would say that most of the reason why Q4 was still negative in this amount was due to some performance below what is expected in Spain, due to the market conditions. What I wanted to say as well is that in Q1, we are already seeing very positive signs in several markets, and we are seeing several positive wheels in the Spanish market, which reassures us that Q1 will be probably a turning point. So currently, moving to the slide, we have like we're not 84 MW, 89.4 MW, but 91.5 MW. The number that should be there, there's a small typo, so apologies for that. But we have a backlog of 215 MW, which also reassures us very, very much. And I want to stress that currently, we are probably the largest Distributed Generation platform in Europe, or at least one of the largest, with a wide presence all over. And we see this as a huge advantage to several client, namely transnational and multinational client, in which we are seeing a huge commercial traction. Thank you, João. Okay, and I'll just add about the DG, is that in this chart, in terms of countries, there is one. We are in it, but it's not here, which is Germany. So it is in Germany, MaxSolar. I would call attention to that. Although we have for the moment only 40%-45% of our capital, this is, let's say, if you want to be a multinational and multi approach with Germany, without Germany, it's not exactly the same thing. And so this is an area which is important, and in fact, MaxSolar is not also in t he numbers of MaxSolar are not also in the rest in the MW that I showed you before. And if you want to add for the things to it, for the MW to be Ready to Build this year, you could add about 300 MW that should be Ready to Build also this year in case of MaxSolar. So just this small. Let's see. It's important to have solid business, but it's also important to have a solid shareholder structure. And one of the reasons, let's say, besides the intrinsic feature of each, of each business that we have just covered, with Utility-S cale, with the Distributed Generation, Biomass, I would say that the prospect in terms of a change of control of Greenvolt, with the presence of KKR, is something that will, I'm sure, will fuel our capacity to continue to have a profitable growth. So, our shareholders until now have been fantastic, they enable us to reach where we are, but with such prospects of growth, and again, as I told, we not only k eep with the business plan, we keep with the strategy, but we are able to identify new areas of growth, either in DG or in utilities, as I've referred before, the batteries, entering into advanced brownfield, Greenfield projects. And for that, we, I would say that I'm sure that the KKR will help us in terms of being even more effective in our strategy. In terms of timetable, as you know, we are in this moment. We know the company is entering the process of in the end of January of December, the sale purchase agreement subject to CPs were signed. In this moment, those CPs are being solved smoothly, as far as we know. So we strongly believe that, what will happen is that, I don't want to, but not very distant from the end of March or of May, I believe that it can be o f course, I cannot control this, but it would be not unlikely that, not very far from the end of May, that some news can happen there. Nevertheless, as far as we know, the things are moving reasonably well, and then the Greenvolt presence will be another sign to reinforce our whole effectiveness in our mind. But even without KKR, we have kept strong, a very strong financial position, so I would say that the other end could perhaps give us some color about the financial situation. So we are not waiting for PPR. We expect KKR to help us, but even without KKR, we are where we are. So if you need help, drop on that. Okay, thank you, João. So, regarding our financial position, we maintain a very strong liquidity position, fostering a faster execution of our projects that are already pipeline, taking them from that build through COD. So major highlights, regarding 2023, it was already referred, cash and credit lines amount to EUR 584 million. If you consider the cash-like items, that amount raises to EUR 683.2 million. During 2023, we managed to raise more than EUR 400 million, of which more than EUR 300 million are medium to long-term. In the fourth quarter of last year, in November, we managed to contract a EUR 90 million RCF, Revolving Credit Facility, to finance our utility project in Poland. In the following month, we contracted a EUR 36 million construction facility to finance utility projects in Hungary. Both of which were in use as of December 31st. Regarding bank guarantees and surety bonds, we managed to close the year with approved lines over EUR 500 million, of which about 73% were available. Already in February 2024, we issued our second retail green bond amount of EUR 100 million, with a 4.65% coupon rate. In a nutshell, though, average life of our debt about 3 years, cost of debt 4.3%. One fourth of our debt is green, and our pro forma net debt over adjusted EBITDA amount of 6.3x. Moving over to the next line, so on the right-hand side, we have our usual debt maturity profile graph, and on the left-hand side, we can see that we maintain very comfortable interest rate exposure. So our fixed rate amounts to about 60% of our debt, either issued at fixed rate at inception or using hedge derivatives. Regarding the debt side, over half of our debt is issued using bonds, followed by one fourth of payables, and then, like, finance and loans. So a very strong liquid position, fostering our business plan, and while having a very solid debt maturity profile. So thank you very much. We have to wrap up. Firstly, first idea that I would like to share with you, confirm with you, those who are skeptical about renewables are making a too quick approach of the situation. Renewables are needed, they are cheaper. If they are difficult to permit, provided through the market. And with renewables, we should look not only to the traditional one, but also to the different markets and the different segments, DG, flexibility. This is crucial. 2023, I'm not going to repeat, very resilient in terms of EBITDA, notwithstanding the decrease in Biomass, which was, in the past, the only source, practically only source of EBITDA. And for the future, really, the trends in terms of renewables are strong, provided we choose provided we choose the proper markets, as we do. Provided not take the congested one, provided we have a short-term pipeline, as we do, and provided we are able to, to show results in terms of asset sales, because the, the pipeline is mature, as we are. Because we are able to understand new business in terms of DG, as Ricardo has explained, very clear, a very clear strategy that is going to be profitable already in, in 2024, and perhaps already in the first quarter. Let's see. Having a consistent approach to batteries, and I believe batteries contracted are a different story, are a different situation. And keeping Biomass as a strong basis for the company, technology that, that we control, and where the competition is much small. Many people who don't know, and we, and we do. And finally, keeping a financial policies that will be reinforced KKR, but which is already so solid. And this is the point I would like to make, KKR will help to grow more with keeping, between other things, keeping the solid balance sheet and cash flow, but we are departing from already a comfortable situation. So that's what we would like to share with you. Now, we'll be delighted to answer any questions you may have. Ladies and gentlemen, the Q&A session starts now. As a reminder, if you wish to ask a question, please press star followed by five on your telephone keypad. Our first question comes from the line of Enrico Bartoli from Mediobanca. Please go ahead. Good afternoon, everyone. Thanks for taking my question. Actually, I have three. First of all, if you can provide some details on the 189 MW that you agreed to sell in the fourth quarter. We are going to reach the Ready to Build phase, I guess, during 2024. So if you can provide some details on the timing and on when the capital gain will be booked. And if you can also provide some indication of the capital gain that we can expect from the transaction. Second question is related to the outlook for the M&A in general that you are seeing in Europe after the recent drop of power prices in several markets. What you are seeing in terms of demand for projects and in terms of possible pricing compared to what the market conditions were in the past quarters? And lastly, a few details on the EBITDA in the utility-scale business. Particularly, you indicated EUR 38 million from the assets in operation, including EUR 25 million from the virtual PPAs. So if you can confirm that the EBITDA from the asset was EUR 13 million in 2023, and if you can give us the contribution to EBITDA in this division from MaxSolar. Thank you very much. Okay. So regarding the 189 MW, most of that, I believe, or all of them will be Ready to Build in 2024, and the capital gain will be recognized in the moment they are. So throughout the year, I would say it's, the amounts I prefer not to refer about this, but it will be recognized throughout the year. M&A acquisitions, as soon as each project, so it, it's not going to be everything at the same time. So there are how many projects? 6. Seventeen. 17 projects. So, when they reach each of them Ready to Build, the income we recognize, the capital gain we recognize. Regarding the M&A, let's see, the prices of the power. Again, the prices are completely different between countries, but if in Spain, you can speak about low EUR 40s. And let's think on a standard solar-based product. If you think about that, you can have EUR 40 in Spain, but you think about the U.K., you can have more than EUR 70s, or in Germany, the same level of prices, high EUR 60s, low EUR 70s. So have nothing to do. But with the condition provided, they are available effectively on COD, I would say 2025, beginning of 2026. Yes, and this is really the secret. When people say, "When the prices are very low, is because either they are very long-term PPAs, and nobody is going to commit for things that can happen in 2027, end of 2026, 2027, long time for the prices. In fact, they are very theoretical. And this is not a very liquid market. This is not a dollar, euro market. Just so normally the prices that people use are prices that are given by traders, and the traders can only be very expensive because they have to fight. If you go directly to the off-takers, the story is different. And please keep in mind, prices that you have in solar, in Germany are high EUR 60s, in U.K., high EUR 70s. In Greece, I would say EUR 50, EUR 55. And I'm speaking about the basic one, solar pay-as-produced. Because if you think about wind pay-as-produced, the numbers will be completely different. In the case of Greece, we can speak about, I would say, much more than EUR 70. Again, 10 years pay-as-produced. So I would say that, sometimes the ratio between private prices, the prices that an M&A can pay for a company, and the prices that do not actually change, is because the M&A of a company looks really to the fundamentals, and the fundamentals are this: the prices, provided you choose properly the market, and provided your pipeline is not a long-term one, is going to be completely different. So in terms of the EBITDA, this year, the numbers are, more or less what you said in terms of operating and, and virtual PPAs. In 2024, it will be completely different because we have much more operating assets, operating assets in our portfolio. So I would say the numbers of the virtual PPA will tend to be much lower, and but what is going to happen is that the weight of operating is going to be much higher. So that's simple as that, and we have today how many MW operating in this moment? 250 MW. So we have 250 MW moment. So of course, the this impact of the virtual is going to be totally compensated by the more standard operating revenues from PPAs, mainly in this. Okay. I think I answered all the questions or did not? What? MaxSolar. So MaxSolar this year had a negative impact of EUR 3 million in our accounts, and why? Because there were delays in terms of the of the execution of some EPC deal business. As you may remember, in Germany the weather was terrible in December, so many works were all postponed for the beginning of 2024. And as you know, in case of EPCs, the margins are recognized according to the work which is done. That's one of the reasons. Second one is that the impact is everywhere. Last year, I think we obtained Ready to Build about 80 MW. So last year, just to have an idea, we reached 80 MW Ready to Build in 2023. In 2024, we expect 300 MW in series. So I would say the main evolution of results of MaxSolar is going to be dramatically changed from one year to another. And frankly, I appreciate very much that you asked that question because my intention was really today to give you a bit more flavor of this company, where although we only have 35%, firstly, we participate in all material decisions. So second, it's a very important platform in terms of our DG international approach, and third, is a very strong originator of the of projects in the utility-scale basis, and this is really a an important area. Okay. Thank you. Ladies and gentlemen, please be reminded that in order to ask the question, you must press the star key followed by five on your telephone keypad. Our next question comes on the line of Jorge Guimarães from JB Capital Markets. Please go ahead. Good morning, everyone. I have three questions. The first one is related to the batteries in Poland. What type of gross margin could we expect if you finally sell some of this portfolio? Because I assume that you want to keep part of that, because you just said you want to build the first 200 MW in 2024. So that's the first one. So we generally to understand the monetization strategy of these assets. The second one, it's also related to the project development division. If you can give us some idea about how gross margins or capital gains per MW should evolve in 2024. Namely, we should still expect those very high margins that we saw in late 2022. And finally, the more conceptual one, and it's a bit related to what you said in the beginning of the presentation. We are seeing a major decoupling between equity market, private market, and government objectives on renewables. And I would like to hear your view on how far can this go, and for how long can such decoupling exist? Thank you very much. Okay. So regarding batteries, I would say I prefer not to guess numbers. I'm sure they will be much more profitable than solar projects. But if you want to have a proxy, conservative, I believe the recent transaction of Enel with the batteries can give you an idea. But frankly, I would rather let's see. The way we did was not. As we don't know exactly the prices of acquisition, the way we did, think the option was to reach certain target and project IRR, and what non-leverage. And so what I can tell you is that the project IRR of these batteries standalone are between 10% and 14%, after taxes. Project IRR with no leverage standalone. So let's see, if you assume that somebody, this could take, no, but can put you easily in the equity IRR on the middle, middle tier, middle level list. So if you think that somebody can buy this, with a 40%, and with this contracted at 11%, and so you can have expect margins over in terms of equity, 4% return. Real. It's a question of making, but what the-- objectively, what I can give you without speculating is that project IRR between 10%-15%, with no leverage. We believe that we can, in a project like this, which have partners, part contracted, I would say 60% should be bankable, I believe. I believe with those numbers and, and, and using your heading in the back of your mind, the Enel's deal, you can reach a number. But really, objectively and not speculating, 10-15 project IRR. Banking, I would say, educated guess, 60% leverage, and from there, I believe we can reach a number. And again, and this is excluding something, which is the possibility of co-locating other technology on those projects. We have six projects, as we thought, in at least three of them. We have projects that behind, and those which increase the value of this. So this was the first question. The second- Capital gain per MW in 2024 compared to 2023, what we are seeing? Let's see. We are having... The volume will be at least 7 MW, and in absolute terms, we will be- The trend, whether the prices that we are seeing are higher or lower than in 2023. Let's see. Depends on, w e are not in the same market. We are not in the same market, so we cannot. I believe we cannot extrapolate on that. But again, the prices depend on the country. If country have case of Spain or something like that, I don't see. I don't see any problem, very strong. I see a stabilization from the prices, and from now on, I would say there are two trends. One is the supply and demand, and I was telling you, there are no, not many projects, really rare to build in the most of the market. On the other hand, what we see, and very likely, it's that if the interest rates really go down, that can be a, a positive news. Plus, if you want to be conservative, I would say, keeping the EBITDA levels, but in most of the markets can be 10%. And third, regarding the coupling between equity markets and private markets in terms of the price. Let's see. What I believe, very frankly, is that, when somebody has to—the value is there of renewable. As I explained in the beginning, we cannot live without renewable. We have to choose the market, and what a private investor does, if you want to, to buy, is to look really to the asset, look really to the platform, and not just using benchmark based on major company, many of them, Spanish-based. And I think this is a major, most real. If the public market looked at each name, each name, as our case, what we see now, okay, the market looked at us in a certain way. The investor look at us as we are real, and if we do this in-depth analysis, the value appears. But again, I would stress this, people say very, very well that pipeline is not a value per se, but the maturity of the pipeline, yes, it is. And we proved that we said 2.9 GW Ready to Build the end of last year. We did it, and we are saying 4.5 GW the end of the year, and then we are going to do it. But at the first moment, we can at least rely on what we had already said and shown. There are no further questions, so I will hand over the session to Mr. João Manso Neto, CEO of Greenvolt. Let's see. My message is from the beginning, a certainty that we knew what are needed, provided the truth in terms of countries, markets, and third business lines. In particular case, with our, after the, with the effort which has been done in terms of CapEx, with the advanced degree of our, of our pipeline including scale, with a much more mature degree of the decentralized generation, and with an in, an enhanced, strength that, the likely, change of shareholder structure will give us. I can say I cannot be have a different position than being, I don't like optimistic because I'm just being objective, and, and confident because I'm objective, not because I'm optimist, and because I'm not. I'm objective. So, I do believe that we have all the conditions to not deceive anybody, and in fact, perhaps to surprise for the positive side. Thank you very much for your presence here.