Hello, everyone, good afternoon. Welcome to the ACWA Power Financial Results conference call for the nine months period ended on September 30th, 2023. My name is Alicia, and I'll be your moderator today. All lines will be muted during the presentation portion of the call, with an opportunity for questions and answers at the end. If you'd like to ask a question, please use the raise hand icon on your screen if you've joined us via Zoom. If you've joined us via the telephone line, please press star followed by one on your telephone keypad. Also, for those joining us here, you may submit written questions using the Q&A tab. I would now like to pass the conference over to our host, Mr. Ozgur Dogan, Head of IR at ACWA Power. Please go ahead, Mr. Dogan. Thank you very much, Alicia. Good morning, good afternoon, good evening, everyone, wherever you are joining this call. It's a pleasure to meet you again, yet in another quarterly earnings call. My name is Ozgur. If you know me, or for those of you who don't know me, I'm the Head of Investor Relations at ACWA Power. Together with me today, we have Mr. Marco Arcelli, who is the CEO of ACWA Power Group, and he is virtually joining us as he is traveling. Also we have Abdulhameed Al-Muhaidib, who is the CFO of ACWA Power Group, who is sitting next to me here in IR. Thanks for joining the call, and as you know, this is to discuss and answer your questions in relation to ACWA Power Group's financial results as well as operational and business development performance for the three months and nine months ended 30 September 2023. We will be going through a presentation that is prepared for purpose, and Marco and Abdulhameed are going to take you through this. At the end, we will receive your questions. Please note that the materials in relation to our results have already been announced to the Saudi market and to the international market as well. They are available on Tadawul's website as well as ACWA Power's website. We will be using some forward-looking statements, and as you all very well know that there is a disclaimer around all of these forward-looking statements. Without further ado, I just would like to pass it over to Marco. Marco, it's all yours to you. Thank you, Ozgur, good morning or good afternoon and good evening, everybody. If we start from our safety track record, that is the biggest theme that I have today in my mind. As you know, we run very complex projects and operations, the most important thing is to make sure that all our people and people working at our site go home safe. I am pleased to report that we have a lost time injury rate that is stable at a level that I find significantly good within the industry. Although we had three injuries in the recent quarter, which is three too many. Fortunately, they were all minor, I think it strengthened the importance within the whole organization, we're taking very important measures, including removing people or subcontractors from site when we have observations that they're not following, adhering to the guidelines and policies that we ask them to respect. Please be reassured that this is a big area of focus that we will continue to monitor closely, even from my level. On the availability, we have positive results, very positive, in power, in water, in renewable power. If you see the numbers here, this is a good testament to the progress that we're making with the reliability of supply task forces that were put in place to offset some of the issues that were in the past. On the renewables, we were also happy to be blessed, basically, by weather that was better than we experienced in some regions compared to last year. I'm talking about the solar irradiation in particular. We're today at levels that I consider good, we're still working to improve them further. If we move to the next page, moving from the operation to the overall portfolio, you see here a summary of what we have today under our management. You may notice that last time we presented 77 assets. That is due to the fact that the two small assets in Jordan were actually decommissioned. They reached the end of life. Those were quite small because it was less than 300 MW in total. I would focus more on the column on the right, which shows basically the big growth that you see in all technologies. We added seven new assets, worth around SAR 28 billion of total investment costs, six GW of power, all of which are renewables, 1.4 million cubic meter per day of water desalination. This is all in our core technologies, we're working hard basically to bring the next green hydrogen also to fruition, hopefully in the next few months. Also, you may have read recently, in fact, it was during the FII conference that we had in Saudi last week or 10 days ago, that we were awarded the two CCGT of Taiba and Qassim in Saudi Arabia. Saudi Arabia, as you know, is going through one of the boldest decarbonization projects in the world. Not only the renewables, where together with PIF, we're delivering 70% of the program, but also through tenders in combined cycles that we expect will be a sustained activity over the next few years. It's very important to start well. We won two of the four projects that were awarded, it's a very positive development. Moving on to the next slide, this kind of sustainability in terms of new business that we're bringing in the portfolio. We are pleased to see also a good track record in terms of the performance that we do on the bids. Of course, on the negotiated, we basically got 100%, but also on the competitive side, we are at a level where we continue to win our fair share. We continue to be selective. The two go hand in hand. The more competitive you are, the more you give support to local governments to partner with ACWA Power. The more you have negotiated deals, the more you can be selective on the rest. You may have seen that on some recent bids, we were not successful, but I don't really despair or take a particularly harsh stand. We see that with increase in interest rates, in some cases inflation, or disruptions to the supply chain, we want to make sure that we are still conservative in the assumptions that we take. The result that we showed here, I think, is a very positive result. The next one is what we see ahead. Looking at the history of our tenders and the success rate, this gives you a little bit of an idea of the activity over the next two months. This in particular, what we expect in the six months that we will have, and also the financial closes that we expect to reach in the next few months. On this, Abdulhameed will certainly give you some more information. Again, I think that here, when we focus on quarters for some of these, it's not maybe particularly relevant, as you know, that conditions might change by a few weeks or a month or so. Again, I wanted to show you more the trend of activity that supports. If we move to the next page, the strategy that we have put in place, and in particular, our target to more than triple the assets under management by 2030 and to be one of the top three desalination, renewable energy, and green fuel company globally, reinforcing our structure with great talent, great development programs, to be sure that we can be successful in a market that remains competitive, as you all know. The expansion continues to see Saudi Arabia at the center. We're making progress in all our core markets. We are starting also to work on due diligences in China that, as we mentioned, is a market where we intend to enter, and I hope that in the next few months, we will be able to give you some announcements or progress on the activities that we do there. Moving to the next slide, which is actually the last slide that I would like to take before moving to the numbers with Abdulhameed. I think that I am very pleased after seven months here at the company. I see the transformation and the evolution of the company going at the right pace, solid, and confirming our competitiveness and ability to deliver good results. At the same time, we know all the context that we live in. High interest rates, inflation, which is subsidizing in some parts, but in some parts remains acute, particularly when we go to EPC contracts and so on. The disruptions that are still to be processed from all the COVID-19 and the geopolitical tensions, particularly between Russia and Ukraine, that affected some of our Central Asian projects, and COVID-19 that affected a number of projects throughout the portfolio. With that caution, the good results we will continue to deliver, but of course, we live in a context that remains, in terms of tailwind, quite considerable. We want to make sure that we deliver good results within this environment. With this in mind, I would move it to Abdulhameed. Abdulhameed? Thank you. Thank you, Marco. Good afternoon, everyone, and good evening. We would like to take you quickly through the numbers first, and then we'll go to a deep dive on the entire space to the business that has resulted to achieve the numbers. Overall, good progress in terms of overall year to date as against our targets for 2023. Alhamdulillah, we have achieved on nine months a net income above SAR 1 billion, which is a 22%, and has increased as compared to the Q3 of last year. That is excellent progress. Also, we have a double-digit increase when it comes to the operating income. We are hitting the SAR 2.1 billion in the nine months. When we talk about this, I would say progress and improvement, that has multiple factors. Definitely the units that have came into operation since Q3 of last year up to today has impacted our operating income and helped provide high growth. A few projects also that have came online that contributed to the overall operational or development fees that we'll be also talking about in the next slide. Finally, this also has been affected by two main components. One is that on the D&A cost, there has been increase in overall cost and also the interest rate as an impact to the market as the same for the unhedged position. There has been impact on our overall financial cost, together with the Sukuk tranche two that we have issued in February 2023. Let's go through the details of that, and I will start with the point that have mentioned by Marco, but I would like to go through the details. Year-to-date, there has been eight financial close, which is an impressive, I would say, achievement for the company. If you look at the history of ACWA Power, this is definitely the best year-to-date when it comes to financial closing. One of them was actually also one of the largest financial close that we have. This is the new Umm Al Quwain IWP project. We have also achieved a few financial close during the Q3, which is Shuaibah one and Shuaibah two, Layla, Rabigh four which is the water project. Subsequent to our reporting period, we have also achieved the financial close, the dry financial close of Sadr, which was signed during the FII last week in Riyadh. That is what has been achieved when it comes to financial closing. Moving to the project that has been moved from the development phase to the operational phase. This is also a significant improvement as against last year picture. We have more or less 10 different units that came into operating during the last nine months. Also when you take into account the subsequent events also, there was an additional capacity that added to the grid on Saudi when it comes to Badan IPP. Here, what is important to highlight is that, talking first on Dubai, we had 3 different units that came online on the solar side. We have Sharq one and Murrieti one participating in 3 different units. We have also Dubai in the water side, sorry, in the power side as well, but in the conventional, which is Hatta IPP contributing the third unit, 600 MW, which brings the asset very close to the final operation. Finally, Tuwaiq also participating in the water side, which also brings the unit very close to operation. The significance here is remarkable as well, as this is the first mega project in operation solar in Saudi. That is today contributing 1.1 GW to the grid of Saudi Arabia, and this is the first mega project in the kingdom grid. That's definitely a testimony to ACWA Power leadership on the energy transition on Saudi Arabia. Moving to the next slide. We take a quick look first on the operating income. This is a quick waterfall describing the achievement has been on the operating income from SAR 1.8 billion to SAR 3.1 billion. First SAR 270 million mainly contribution from the existing assets. Here I would like to give a bit of background that if you recall same time last year, we had some challenges in 4 business assets, 2 assets in the CSP assets in Morocco and the other 2 assets are conventional assets in Saudi Arabia. All these assets came into operation and stability this year. One out of the 4 assets still getting on and off, but generally out of the long outage that it had suffered from last year. We had around SAR 100 million contribution from the new assets that we just explained to you. These assets that came into operation have already contributed around SAR 100 million. When it comes to the negative part, there have been approximately SAR 4 billion additional cost of development provision and write-offs from the projects that we have been successful with or provision from past debt that we had in our books. Also, there has been other costs that have been impacting our operating income. If we take that into net income, which is shown through this slide. First, we have explained that SAR 233 million upside on the operating income. I will take you through the other components that have impact the net income. The first one is related to lower tax and cash and tax charges, which is around SAR 200 million. This is again, mainly related to the different tax credits that we have as against similar period of last year. When it comes to the finance cost, this has increased to more or less around SAR 200 million. The main impact is first increase in interest rate as against last year for the unhedged position. The second one is related to the second tranche of Sukuk that has issued in February 2023. There has been also other immaterial cost increase, which brought the nine-month bottom line to around SAR 1 billion. Before we go to the Q&A, I will just hand it over to Marco to give his concluding remarks, and then we will open it up for Q&A. Thank you, Abdulnimer. I think that, as I mentioned, very pleased with the first seven months in the company. On safety, LTIR remains at industry benchmark levels. As I mentioned, I'm not satisfied until it really goes to zero. On the availability of the plants that we saw the increase of availability in all technologies, that is very pleased. On the growth, which is the engine of our company, I am happy with the progress that we have made today, basically in all technologies. I am really of the opinion that this company is solid, has a bright future ahead in all the countries where it operates. I'm just back from South Africa, for instance, where I met with the minister of electricity, and he's very supportive to our growth in the area. That is the message that I get from every country that I visit, and you've seen that I've been quite mobile recently. With this, I would like to close it and move it to you for any questions and answers. Everyone, we will now move on to the question and answer session. If you'd like to ask a question, please press star followed by one on your telephone keypad if you have joined us via the telephone line. If you have joined us on Zoom, please use the raise hand icon on your screen to register for a verbal question, and you may also submit written questions using the Q&A chat box. As a reminder, if you'd like to register for a question, please use the raise hand icon on your screen if you've joined via Zoom, or the Q&A chat box to register a written question. If you've joined us via the telephone line, press star followed by one on your telephone keypad. Alicia, we have some questions coming on the chat window while you call. Can you see them, or do you want us to read them out? Yes, of course. I can see one question that has come through. It's from Sajid Al Ghamdi, "How often is your dividend distribution? Yes. In back in 2021, we have paid a dividend around SAR 560 million. That is, basically in annual basis. Similarly, also for last year, we have paid annual one-time dividends of around SAR 606 million, that is the practice that we have followed. Currently we are following the practice of annual dividend. For the year end 2023, we will announce it together with the financials of December 2023. If you allow me, I may probably add that the dividend policy that the company going to follow for the next three years following the IPO is covered in the IPO prospectus. Actually, whatever we have been doing in the past three years are perfectly in line with what we disclose to the market in terms of our dividend policy for the three years following the IPO. Yes. We have announced at that time that together with the SAR 560 million, we are expecting the dividend for the upcoming three years since IPO to be increased from the range from 6%-9%, or let's say 7.5%. We have covered that practice in 2022 and definitely once we review the audit advice of 2023, we will take that into consideration. We also have a follow-up question from Sajid Al Ghamdi, "What is the EPS? Yes. The earnings per share, definitely that also is going to be presented in the annual report and the financials. For 2021 it was SAR 0.77, and for 2022 it was SAR 0.83. Thank you. We will now move on to the audio questions. We have the next question from Oliver Connor. Please state your company name and proceed with your question, Oliver. Hi, it's Oliver Connor from Citigroup. Thank you for taking my questions and for the presentation. Two questions if I can. First one, it was interesting to see the auctions on the gas facilities that you mentioned, Marco, and you were successful in two of those. Could you perhaps give some guidance on where you see the growth potential of gas capacity within Saudi Arabia? Because clearly we know about the targets on the renewable side, but just interesting if you have a sense on that growth towards the end of the decade of gas capacity. The second one will be more on sort of the NEOM timeline. It looks like a lot of work's happened in the last few months in terms of contracts in place, both for the wind turbine and plant facilities as well. Just trying to get a better sense on sort of how you see construction progressing into 2024 and the timeline that you've guided to before. Thank you. Yeah. I'll take maybe the first one. The second one I'll leave to Abdulaziz. We continue to remain committed basically to decarbonization of every economy and community where we operate. We consider that since we work in growing economies, and some of these are very high speed, gas is a transition technology that will continue to operate for the next 30 years, if not more. That's why we continue to remain interested in developing these technologies. In Saudi Arabia, Saudi Arabia is going through a massive decarbonization program, and I think we can provide you some more details maybe via Osgoode, but we expect that there will be several more tenders similar to what we have seen recently. As you know, basically, the goal is to go from substantially being 100% oil-fired in 2019 to be 50/50 gas and renewables by 2030. The other two countries where we are seeing right now assets in development is Uzbekistan, where we are building 1,500 MW. We are looking at potentially doing one more of these plants. In some of the other geographies where we already operate, we look at potential for something in that magnitude. Saudi Arabia will be significantly the biggest area where we employ combined cycles, but to a small extent, also potentially other countries. To the medium construction? Colin, what was the question again on the construction? The question was just sort of an update on the in-construction, because it feels like a lot of the contracts have been put in place now. Just wanted to get a sense on how that timeline is evolving. Yes, definitely. First of all, allow me to correct, I think the team, the first question was on the earnings per share and not the dividend per share. The number I gave earlier is the dividend per share. If you are looking at the earnings per share year to date in the financials, SAR 1.48 for the three quarters. If you would like to have the number for the similar period of last year, which is Q3 2022, it is SAR 1.21. That's on the earnings per share. On the construction, if you look at the COVID-19 era, we used to have six to seven projects under construction at the same time. This definitely has increased in the last couple of months significantly. More or less today, we do have around 20 projects under construction. That gives you the magnitude of the projects that is being progressed to the construction is significant, and require a lot of our, let's say, resource attention. Definitely the project that has been impacted during COVID-19 is for us very relevant to the achieving commercial operation and moving them away from the construction phase to the operational phase. Because these projects have been impacted during COVID-19 with delay. That's where I see the slide I shared with you earlier, that tenders and finished projects to operations is very relevant and important, because not only I'm bringing them to operations, I'm also taking out projects with a heavy certain amount of risk out of the construction to operations. For me, by June 2024, more or less, we will be out of the COVID-19 era when it comes to construction projects. These projects for us is challenging projects. These projects do have cost overrun, some of them. These projects we do have to engage and discuss with the EPC contractor or the offtake when it comes to the extension and completing the project on time. Definitely, we are progressing on completing these projects and by June 2024 or half of next year, we will be in much comfortable position and start bringing these projects into operation. When it comes to the current projects that just moved into operation, we are fairly in a comfortable state because in reality, these projects have already factored all the challenges that will be coming when it comes to the increase in interest rates, when it comes to inflation and increase of cost of material, when it comes to the existing challenges. All this has been factored in before we achieve financial close. We are in much more comfortable position as against the other projects. The next question from- Just to make sure that the answer given is Did I answer your question, or you still have some? No, that's pretty comprehensive. Thank you. Thank you. We will now move on to the next question from Faraz Al Jasari. Please go ahead. Please make sure your line is unmuted locally, and state your company name when you proceed with your question. As-salamu alaykum. Yes. Am I audible? Yes. Yes, please go ahead. From Sedco Capital. First of all, thank you for arranging this call, and thank you for taking the time to give us such an amazing presentation, and congratulations on the outstanding results. My question is regarding the strategy that you previously mentioned during the presentation regarding interpreting the assets from 2023 until 2030. Just I want to get some deeper look. Where are we looking at the concentration of the assets? During the presentation, it was mentioned that Saudi Arabia is one of the main contributors in that growth, also Uzbekistan and potentially might be China. Are we looking into a further geographical expansion? I just wanted a glimpse on that. In the short term, what we expect is to focus on the geographies where we already operate, plus China. The geographies where we already operate include, for instance, Central Asia or Southeast Asia. It might be one country or two countries where we enter, where we might not have invested the capacity today. We do it through a very clear screening that basically starts from what is the total potential in the country. What we want to try to avoid is to go into a country where we then have a single asset with no further growth potential, which is, by the way, why we selected China as the first priority, because of the huge capacity that needs to be installed there. I think that with the current discussions that you hear about in terms of a slowdown of the economy, I think that there are great opportunities in 2024 basically to use investments in renewable that the country really wants to do to support growth of the economy through investments and positive investments in climate change friendly technologies. That's more or less the strategy today. Don't expect any major new countries outside of this. Thank you very much, Samir. That was very clear. That was mainly it from my side. Again, thank you. Thank you. Thank you. We have another question from Yazeed Al-Rajhi. Please state your company name and proceed with your question. Yes. Hi. First of all, thank you for the amazing presentation, management team, and congratulations on the results. I have two questions. The first question is regarding the Chinese project, the 7 billion one. Will it follow the loan recourse through the SPV, or will it go through a different process, and when does it go live? For the second question, can you share the full capacity, if possible, right now for the power and the water? Thank you. In China, we don't have I don't know the reference to the 7 billion. In China, basically, we're now at the stage where we have originated a good pipeline of opportunities that we're now scouting. We intend to do it with the same model, to use no recourse project finance as much as possible and to have an active role. Both in the operation, the development, the construction of the project. It will be similar role with local partners. It's hard for me to give you a clear split between technologies and gigawatt and megawatt because, of course, it depends on what are the best projects that we find that we would like to start with the lowest risk and highest return, like everybody. Kind of like the low-hanging fruits. Although, going in with partners that we have known for the past 15 years already in itself is a way to de-risk them. We are currently looking at all technologies. If I were to place a bet, probably the most advanced that we are looking at are in the regular renewable space, so solar and wind. That's clear. For the second question, what is the company standing at currently for the capacity in power and water? Is that available for you guys to share? Yes. It's 50.1 GW when it comes to the power and 7.6 million liters per day for the water. This includes the percentages. If ACWA owns a percentage of a project, the percentage will be deducted from that? Basically, ACWA Power business model is built on development. Only assets that we take the leadership on the development side and also we take the responsibility and accountability for the operation of it. Definitely we consider the asset as a whole to be ACWA Power, let's say, operating assets. It's very important from a leadership when it comes to the development side and also the operation side to take accountability and responsibility for the whole asset. That number is not our percentage only, but of the total assets that we are managing, whether it is under that development or under construction or operation. This is the total, not the net equity. Yes. Thank you very much again. Thanks. Thank you. We have another written question at the moment from Sir Jeremy. Do you plan to continue your dividend on annual basis? Yeah. Sorry, can you repeat the question? Thank you. Of course. Do you plan to continue your dividend on annual basis? Yes. I think we already answered this question earlier in the first segment. Definitely, look, again, we are going back to what we have announced during the IPO, that we have kind of a guideline for the first three years after IPO for the dividend payout. We did mention that. On the base of $560 million a year, we are expecting that to grow between 6%-9%. By the year end, we will take a recommendation to the board, and that recommendation will also go to the shareholders for consideration for FY 2023. Thank you. Another question from Mohammed Aloraini. What are your expectations regarding a potential upgrade of ACWA Power's ESG rating? If you want, I can take this one. ACWA Power has an ESG policy that was approved in 2021, which is basically part of our D&A, that is reaching net zero by 2050 and 50/50 renewables and other technologies by 2030. We are well advancing that. That is mainly for the portfolio. I think that there are reports about our ESG performance that will require us to take a look and update not just our ESG policy, but in reality, improve also our communication. What I notice is that we continue to do better, but I think that we do much more than we communicate, in a sense. I think that the recent inclusion in a water ETF is a case in point. Many people did not know that we are the largest private desalination company in the world. I don't think it was made clear enough, and now I think it is more visible. What we plan to do is to start with improved communication also of some of the great things that we're doing, for instance, in Red Sea Global, where the first resorts were opened, where we have developed and operate the largest, fully sustainable grid in the world, with 500 MW of capacity installed, 100% of the desalination coming from renewable energy and circular economy solution for the wastewater treatment system, or the reconversion of Shuaibah from MSF technology to reverse osmosis, which will save 22 million barrels of oil equivalent per year. These are just a couple of examples of things that we do, and I'm talking here environment mostly, but also on social and governance. I think that we're doing more than we communicate. That will be the first focus of the activity, and I hope that people will start to realize better our performance. Thank you. Another question. What is your policy on technology transfer and your contribution to the local economy? For example, PV panels manufacturing to be localized. With the scale that we have, we can be a great channel for governments to attract manufacturers to produce locally. We do this in Saudi Arabia, and I think we were instrumental in a couple of Japanese membrane manufacturers to site their activities in Saudi Arabia. Some of the other productions also follow suit. Of course, the scale of our operation in Saudi Arabia is much bigger, but we're now having similar progress also in Uzbekistan, for instance. It is something where we continue to look how we can contribute to the growth of a local supply chain, which in a way is also a way to, on one side, support the goals of the local government to create employment locally, and on the other, is also to potentially de-risk the construction activities because of the lower logistical constraints. On our side, of course, we are not manufacturers ourselves. We try to be the first ones to go out and scout new technologies, new manufacturers, new suppliers, new EPC players who can work with us. That's part of our activity to continue to be innovative and competitive. That's why in our organization that we rolled out in June, we established this group that is called strategic sourcing, and basically they take care of the three elements. The EPC, the strategic supply agreement, and the local content. That's how we do it. Maybe if you allow me, Martha, I can add on another example that we had actually specifically for Saudi Arabia when it comes to building these large-scale renewable projects. We've been able to actually work hand in hand with local manufacturers, where, for example, in one of the KACST plants we build nearby Saudi, I would say, we have been able to activate more than half a billion Saudi Riyal of local content within Saudi into that specific project. On top of that, actually, and to be honest, that was the greatest kind of result for ACWA Power, is that this local manufacturer started to build these structures, trackers and other equipment, not only to ACWA Power, but also to other developers outside of Saudi Arabia. Basically, after developing the first batch of the manufacturing, they were able to start exporting to much larger number of developers outside of their comfort zone and comfort situation. That's exactly a great example of localizing specific content. As we are building multiple projects now in Saudi and outside Saudi as well, there will definitely be a lot of local manufacturer development that will take them to another level also of production capacity to serve countries beyond Saudi Arabia. We have received another question. Are you involved in NEOM mega projects? No. In NEOM, we are only involved in the green hydrogen project. Basically, it's a similar location. The three partners is NEOM, ourselves, and Air Products, as you know. We are just developing the green hydrogen project, which has a monopaxillic arrangement, which is separate from the, let's say, the NEOM city itself. One specific industrial zone that we are. Thank you. As a reminder, if anyone would like to register a question, please use the raise hand icon on your screen, or if you have joined us via the telephone line, please press star followed by one on your telephone keypad. We have received another written question from Rayan Zahid. When can we expect the company to officially announce and share details of Strategy 2.0? Ozgur, do you want to take this one since you're organizing it? Yes. Yes, Marco, thank you very much. We are preparing a strategy workshop. Actually, we're calling it as kind of a capital market day for ACWA Power, which is going to take place on December 12th, and it will take place in Dubai. We massively announced it through the relationships that we have with the bankers and the analysts and the capital market teams of several banks. This will happen again in Dubai. It will be tagged to the tail end of the COP28, and it will take place in our new Noor Energy 1 plant. It is actually going to be a fantastic one. We do believe so because the participants are going to have the opportunity of seeing one of the most magnificent solar and EPC events in the world, I would say. Yes, the answer to your question is yes. We will be covering our Strategy 2.0 in this session that will happen on December 12th. definitely, the summary of the investor presentation session. Correct. -presentation after the meeting. The physical participation is going to be limited, or we should be just a site, but there's going to be a live virtual link to the event. It will be physical and as well as virtual live transmission. We have no further questions. I will hand back to Mr. Ozgur Sahin, Head of IR, for any closing remarks. Thank you very much, Alicia. Thank you very much, everyone, who participated in the call and also asked questions to us. Any further questions you may have, usually we announce that the investor relations team of ACWA Power is ready to answer all of them as much as we can. Thanks again. Have a wonderful day or night or whatever in front of you. Thank you for joining us. Thank you, everyone. Thank you, everyone. This concludes today's webinar. You may now disconnect your lines. Have a lovely evening, everyone. Thank you. Bye-bye.