Good morning again, everyone, and welcome again to day two of the summit. Our next fireside chat is with Altus Power, and with us from the company is Gregg Felton, Co-Founder and Chief Executive Officer, and Dustin Weber, Chief Financial Officer. Altus Power is a developer, owner, operator of large-scale solar, energy storage, and EV charging systems that serve commercial, industrial, and community solar customers. The company is a market leader as the largest owner and operator of commercial-scale solar, with nearly 1 GW of capacity installed across about 25 states. It stands out for its ability to scale its platform through construction and acquisitions, its positive EBITDA generation, and I want to say positive to make sure we clarify that, because not a lot of the companies are positive EBITDA positive at this point. It is differentiated by two key relationships, so one with Blackstone and the other with CBRE, that streamlines customer engagement and enables scalable financing. So Gregg, Dustin, thanks for joining me today. Thanks for having us. Absolutely. You know, we've talked a lot about and written a lot recently about rising U.S. power demand for the first time in really decades, and could you talk a bit about as you guys think high level, about the demand drivers, how this benefits Altus, which is fundamentally what I think of as a distributed green IPP, and how you're gonna be able to help manage kind of this load growth that the system's gonna see? Yeah. I think it's worthy to pause on this question because, first off, thank you all for coming today to hear about Altus Power and our story, and thank you again, Evercore, for hosting us. I think it's a profound point that really needs to be reiterated, that it's been three decades of something like 0.5% load growth or increased demand for electricity. That statistic, if you asked anybody blindly, "What do you imagine has been the growth in in demand for power?" they would give you a substantially higher number. So it's been pretty modest, and it is going to be, you know, a few percent a year, certainly cumulatively, something like a 30%+ increase over the next decade. That's dramatic. The reason it's worth pausing on that is nobody's ready for the demand that's coming. Where is the demand coming from? I think it's hopefully somewhat self-evident that first off, the artificial intelligence that we're seeing, that is a massive consumer of power, and the associated data centers that are needed to support artificial intelligence proliferation. Obviously, Apple announced just yesterday its incorporation into consumer products, and ultimately, we're gonna see huge, I think, huge demand implications there. There's also everything from crypto mining to demand reshoring associated with manufacturing, excuse me, manufacturing reshoring. This is a pretty big deal. It's a pretty big deal because we, as most know, have exported manufacturing abroad, and now we're bringing it back. And the CHIPS Act, as well as the Inflation Reduction Act, are encouraging reshoring of manufacturing facilities that are going to also increase demand. And then we have, just generally speaking, the electrification of everything. I'm sure, ChargePoint and EVgo are talking a bunch about what they're seeing in their space, but, all of this is contributing to a significant increase in, in power demand. We are a, in, at the core, a power company. We're a clean power company to boot, and we do not have a view that renewable resource is going to be the sole source of the solution to meet all this power demand, but it is certainly an important ingredient, and if you looked at forecast government data, what you'd see is that solar energy is expected to be a material contributor to the supply growth of electricity, to support the rising demand. So we are in the sweet spot. We'll talk more about commercial-scale solar and why we think that's the sweet spot for solar, but I will leave it there. Sure. Well, let's go ahead and dig into the C&I market, the commercial and industrial market. It's always a piece of the business that's not talked about as much as the residential solar or the utility-scale solar market. What attracted you and your co-founder when you decided to start Altus to the C&I market, especially one that there's been... You've been successful, but there's – it's been littered with a lot of unsuccessful companies- Yeah ... to be honest, over time. Yeah. That's right. And, you know, maybe for context, my background is I spent my career as an investor, investing institutional and high-net-worth capital into any number of different investment opportunities. And so the goal is to identify investment themes, that frankly work, and, I would have characterized much of the renewable space as uninvestable, 15 years ago, and when I got involved in 2013, there was clearly, evidence to suggest that this space was gonna be increasingly attractive. What ultimately drove that? A dramatic decline in component costs. So the cost of a solar module is, you know, a few percent, 3%-5% of what it might have been 20 years ago or 15 years ago. Dramatic decline, in actually the ability to create electricity from the sun. That's a really important point. So on the cost to create assets going down pretty dramatically, and the price of power going up. So this is a point that I think we should pause on, which is: we are actually in the business, as a commercial-scale company, of selling retail power.... meaning that everybody in this room is an individual, what you pay for your power at your home or what businesses pay at the workplace, they're paying a retail rate. Utilities, to the extent that you're selling power, utilities are buying at a wholesale rate. So we observed the opportunity to effectively build facilities, solar arrays, close to areas where the consumption was needed, so on the top of a school or a hospital or municipal building, and we could effectively deliver power directly to that consumer and save them money and also produce an attractive return. So if you start with the thing that we're selling, which is power, retail power, and you observe the price trajectory of retail power over the last decade, you'd see, if anyone focuses on their power bill, you'd know that it's up and to the right. Historically, even when we were in a more deflationary environment, the rate of inflation would've been 2%-3% a year. And so the macro point is, you've got declining cost to build, and you've got increasing cost to sell your thing that you're creating, which is power. That's a very attractive long-term secular formula. And you add to that, of course, government policies, whether they be at the federal level or state level, designed to encourage Altus to come into these markets. That was really what we saw and the opportunity. So we build commercial scale facilities. We build and produce power that we sell behind the meter, which is the industry term to refer to selling power into a building. If you sat on the roof of a building and you sold power in that building, you're a behind the meter contract. The contract that we engage in with the tenant of a building, for example, would be a long-term power purchase agreement, where the tenant would be obliged to take or pay that power. So we have long-term contracted buyers of our power. And then we have a number of other solutions that are again, state and locally supported, which allow us to send that power into the community in what's called community solar. I won't get into that yet, but that as a headline, tremendous secular opportunity for us to meet the growing need, and save people money, and earn attractive return for our investors. Well, question for both of you. You know, you have a gigawatt of installed capacity, 25 states, 450 enterprise customers, 24,000, I believe, community solar customers. You know, what advantages does this scale provide you? And maybe Gregg, from a commercial standpoint, and Dustin, maybe from the pure financial kind of standpoint and how it drives kind of the Yeah, yeah Leverage in the business. Good question, and I'll start. You know, I think for our business, scale probably means what it does for other businesses. And you mentioned our almost gigawatt portfolio, 25 states. That diversity and distributed nature of our assets provides us first off a potential operating leverage. You know, as we built our platform, and people on our team that are tasked with maintaining and operating these assets, there's certainly economies of scale that can be realized over time. I think the second piece is just it helps mitigate risk. When you have a portfolio that's as spread out as ours, excuse me, we have greater visibility to the financial results as a whole because we have, you know, more assets that are contributing to the overall results. I would just add, 'cause I think that, having come from a investment world and a financial world, there's often a simplification that happens from the outside looking in, and I would just say this is a very complex industry with a lot of moving parts. One of the things that we have, by virtue of our scale, is tremendous domain expertise in a variety of different areas that would be hard to replicate, not impossible, but expensive and hard. This relates to the ability to service assets across 25 states currently, and service them well and make sure that these power plants are appropriately producing the power as expected. Or if we're building a new facility, making sure it's designed and engineered appropriately so that it can perform for the next 25 years or 30 years as expected. That is not a trivial thing. We think we're very good at that particular thing, but I feel like it bears saying because, again, this business, we tried to, on an Investor Day, really dig in and talk about some of the complexities of the business so that the investor base was aware. We think that's a source of strength for the company, the fact that we have all these competencies, and it does allow us to confidently look forward about, you know, some of the growth opportunities that are available to us, that frankly are less available to some smaller players, that that don't have the scale and opportunity and capital access, and all the things that matter. So we talked last month at your Analyst Day there. You guys talked, and we asked questions about your underwriting principles, and not everybody... While it was very well attended- Mm-hmm. Not everybody in the room was there. I'd love if we could revisit that topic and, and how you've chosen to manage your, you know, your capacity growth and these underwriting factors. Yeah, so we have a few core principles that are paramount to any new potential investment or new solar project. And maybe just to back up a minute, we have an end-to-end platform, which really allows us to step into a project at any stage. So that could be early engagement with the client. It could be either partially or fully developed project, but yet pre-construction. It could be mid-construction, and it could be all the way at the end, where you have a completed project or a portfolio of projects that somebody else placed into service but doesn't have the intention or the ability to own and operate that for the life of the asset. So we have a team in place that can do the technical diligence, and all the underwriting associated with interconnections, securing land rights, who's gonna buy the power for the life of the asset? So those are some of the key factors that our team is focused on—what regardless of when we enter that potential opportunity. Maybe to drill down a little further, some of the underwriting principles that we focus mostly on are production. How much is a particular system based on size, geography, equipment specifications, how much is that system gonna produce in year 1 and in year 35? And so we have a very scientific approach to that, but that is the key piece of underwriting. Another is, which may be obvious, the price of power. How much are we gonna be able to sell this power for? And so we have a variety of different arrangements, but I think one commonality is that we're selling power under a long-term power purchase agreement in almost all cases. And so we have to determine what the appropriate starting rate is. Is it a floating rate contract, where as power prices escalate over time, are we structuring a contract that way? Or is it a fixed rate, where it's every year the same cost per kilowatt hour? So that is definitely a key factor. I think maybe the most important decision that we have or key piece that we have to get right is securing land rights for the life of the project. You know, we want to be in locations that are in congestion zones, back to building power where people are using power. That's an important ingredient. We need to make sure that we have the right to be there and right to interconnect to the grid and sell power for that a long duration. So you also laid out some financial targets for 2026 at the Analyst Day. I wonder if you could talk about the glide path to get there. Yeah, that's right, James. So, a month ago at our Investor Day, we put out a three-year forecast, which calls for 20%-30% growth in terms of megawatts. And so that we project would equate to $270 million-$305 million of revenue, and $160 million-$180 million of non-GAAP adjusted EBITDA. And so, that, to put it in context, would represent at the high end, a doubling from 2023 realized results to those numbers in 2026. So the glide path to get there is us prosecuting the same opportunity set that that we have been successful at over the last couple of years. That includes new... Developing and constructing new build assets, and leveraging corporate relationships, as well as channel partners that are doing some portion of the development work and ultimately bringing us a project that we can then either construct or step in at some point to ultimately own and operate it for the life of the asset. We've also been successful in the last couple of years in acquiring operating portfolios. We're in a very fragmented market. We're the largest owner of commercial scale solar, and we're approximately 5% of the total market. So there's a lot of these assets are held in a lot of different hands that may or may not be set up to maintain them properly and to frankly the overhead associated with owning them for 30 years is something that you kind of need scale to really make it work. So that's when coming up with our 3-year forecast, certainly feel good about the opportunity set that we have, and feel like that's that range is where we see things right now. And it's very much informed by our recent history. Sure. One of the big competitive advantages that I see with you guys is the Blackstone and CBRE relationships, both from a financing standpoint, but also a lead generation standpoint, as well, and as two of the largest real estate owners in the world - Yeah ... that want to move into more sustainable, clean energy. They've got a lot of their own properties- Yep ... that they want to partner with you on. So could you talk a bit about those relationships and how you're leveraging those relationships to drive, you know, higher than market growth? Mm-hmm. Yeah, sure. So one of the starting points maybe to create the picture, it gets back to what is the value of our market position and scale, and I would submit that the current higher interest rate and higher cost of capital environment has produced or maybe accelerated some consolidation opportunity in the market. So Dustin referenced it's a fragmented market. I think a lot of folks three years ago might have looked and said, "I wanna model my business after Altus," which is certainly developing, but ultimately a long-term owner. That's a really hard thing to do, certainly from scratch. We've been at this for 15 years. We got to critical mass or the type of scale that allowed us, for the first time in 2019, to be able to work together with Blackstone to create a securitization style financing, which basically means we had enough critical mass to portfolio finance our portfolio for the first time. So think about that as moving from either high-cost capital or project-by-project financing to portfolio financing, which is super important and super valuable 'cause it allows us to run faster and efficiently fund our business. So now we've got a business with scalable platform, with financing access that leverages the existing scale. What do I mean by that? If we have a new asset or portfolio of assets that we buy, we are not individually financing that. We're adding them to the collateral pool that already exists, so there's... The lenders get the benefit of diversification. We get the benefit of efficient funding. And so we've built this financing architecture that is super competitive, very valuable, really hard to replicate. And if you are a smaller player in the market, we've worked hard to develop a reputation as a very high-quality partner, who you might come to and say, "I've developed a really attractive asset, and for a number of reasons, I don't want to own this or can't own it long term." We become a go-to call. And so the reason I wanted to start there is that we have a network that we've developed, and we certainly have leads that we're regularly originating that are adding to our pipeline. And we're working with our real estate partners, with CBRE in particular, to leverage their network, and their network comes from the fact that as the largest... I don't know if folks are familiar, but they are larger than the next five, JLL, Newmark, and all the others. Really large network, therefore, covering 92% of the Fortune 100. So they represent an access point for the company to engage in fill-in-the-blank corporate. That's excellent. It is still a process to convert, and we're gonna talk about development challenges, so I don't wanna sugarcoat that point. But what I would say is that the branding value that CBRE and Blackstone provide is significant. Blackstone, much more so as a financing partner in terms of creating a differentiated funding model, which, again, is very valuable for both of us. CBRE is a somebody who can facilitate excellent access to any opportunities that might present themselves across the country. One of the things that I've come to appreciate about Altus, as we've covered the company, is your ability to, you know, build assets, monitor them, then service them. How is your in-house construction and project management team a competitive advantage? Yeah. So, you know, this is a pretty important point, again, getting back to looking under the hood and understanding what it means to have a, a competitive position in the market. So what I would say is that without the technical expertise, domain expertise within physical assets, which include the ability to design, engineer, construct, look at someone else's development activity. So again, we have a network of people who might bring us a project that might have entered into a lease. We gotta look at that lease. They might have started construction. We have to look at the materials they're using and understand the permitting that they've gone through, and so on and so forth. So there's a lot of complexity, the skill set that we possess internally that allows us, if you're going back to Dustin's point earlier, to step in anywhere along the continuum. Whether we are initially engaging with the real estate owner and doing the site assessment work directly to understand... The specific example might be: What's that roof membrane? And to what degree can this rooftop support rooftop solar, which, again, has to be supported for 20 or 25 years. That's the duration that we're talking about. Or we're gonna build a parking canopy, and there's a geotech that we're gonna basically do analysis of the soil and understand what it means to construct this facility on the particular location that we're intending to. These are all things that ultimately impact the cost to build. There's a whole lot of work associated with working with that ultimate real estate owner to make sure it's consistent. If you're obviously coming onto somebody's roof or going to their parking area, it's pretty critical that you orchestrate that well. We have a site that we just are about to operationalize at Morgan Stanley's Purchase campus. It's a parking canopy, meaning it's covered parking. It's a 2.7 MW system... and you would stand under that and look up, as James did, and you'd say, "This is an awesome system. It's a win-win." Morgan Stanley made available to us space to build this site, and they are going to be the beneficiary of a bunch of the power coming from that site. That power is also gonna be available to the community. We can talk more about that. Mm-hmm. But there's a lot here to orchestrate everything that it takes to either build, certainly design, engineer, and then build, or partner with someone else who's brought a project through, 'cause you've got to do all the diligence backward and make sure that it's been brought to you with the appropriate development done. And so that is necessary. We obviously spend a lot of time when we engage with real estate owners directly and talk to them about the virtue of dealing with a long-term owner/operator. As you might imagine, Morgan Stanley or any partner like that, likes the fact that Altus is a permanent partner as opposed to a temporary partner. It doesn't mean that we're not happy to work with developers who might have got that going. We are, but we certainly represent somebody that can be a long-term partner and ideally grow our relationship with that corporate over time. Meaning, are there other campuses? Are there other sites? What is the credibility that we've developed with that, relationship and our ability to leverage that, over time? Could you give us a sense of the typical... I know there's no typical, but, a project timeline, you know, given the lack of a national standard? Yeah ... for building this and then some of the gating items that you have to deal with, when building assets? Yeah, I'll, I'll start there, James. So there is no national standard, as you noted. It is a very, in some cases, local and bespoke development process. So, some of the, some of the key constituents that, that we have to, you know, make sure, we, we check off are engagement with the utility. We, we have interconnection agreements where we have to, design and build a system to certain specifications that will ultimately plug into the utility's grid. So, that is very utility-specific process. I would say on the permitting side, you know, there's a lot of engagement with town local electrical inspectors, and other constituents within the town, to make sure that they understand what it means if we're building a solar array in a particular area. And so as you can imagine, again, dealing with a municipality and their local inspectors, that's. There's no streamlined process there. And so, it's very much boots on the ground. It's having conversations and education. And then maybe the third piece there is on a program. So, take you know, every state kind of has their own program for how they look to incentivize investment in solar. Some will have community solar as a means to do that. There are other similar programs out there that we need to apply to and wait for the regulators to ultimately, you know, either approve an application or if there's tweaks to it. So there's a process there as well. And so it's certainly a local and, you know, it takes time. So that's some of the front-end flavor of some of the front-end development work that needs to be done. That's kind of skipping past the ones we've already screened an initial lead or- Right ... there's an initial engagement with the client that says, "For us, in our own underwriting, it makes sense for us to build the solar system on this roof or on this piece of land." And so that has its own timeline before we even get to that development part. So, I would say, just to maybe to bring it to the end, there's also the construction piece, which, you know, once everything's fully developed, okay, we can build the system here. That part's typically six to nine months. That's kind of the part that we have the most visibility on, and is probably the most streamlined. The earlier pieces are the ones that are very engagement specific or site specific. And so if you add all that up, the whole project journey or the whole life cycle from initial lead to completion can take up to three years. As I mentioned earlier, we're stepping in and oftentimes at other points in that life cycle that it is not day one. There's some development activity that's already occurred when we step in. And so, you know, it can vary by project. I would say the whole life cycle can be up to three years, but for us, you know, we're stepping in at various points. One thing maybe to add, just to make a macro comment. We led with demand for electricity and how we're gonna need to meet that at the national level. The timelines to develop and build commercial-scale solar are substantially shorter than any other generation source of consequence. So if you compared it with utility-scale solar, much shorter, 'cause we have much less consequence for the grid. There's all the moratoria that you've read about, where PJM or other markets are saying, "You know, I need to slow this down." Certainly nuclear, right, which there's a lot of discussion about, is a very long timeline from a generation perspective. And the relevance of that is that from a policy perspective, we are, we don't view us, as I said, our industry as being the solution. We are part of the solution. But our timelines are particularly in the context of an industry that's working together, right? Everyone in the value chain, we do everything, but we don't necessarily have to do everything. And so we can step in to somebody else who's spent the last two years working on something, and we'll take it from there. And if you add all that up, in the aggregate, there's material growth happening in solar, utility scale, residential, and commercial, where we sit, and certainly our view is that that will continue to be a big part of the generation source to meet the demand growth. Right. We've talked a bunch about development, but acquisitions have been a big part of the strategy for the company, and we're now, I believe, in much more of a buyer's market. So I think that's me. A buyer's market right now, and I'd love to hear from your perspective, kinda what you're seeing out there. It is a buyer's market. It's not... I won't make a dramatic point. You know, rapid rises in interest rates, and rapid being a very important term, are consequential because what that does, as you all know, is it often catches people, in an awkward position, right? Their capital access goes away. You know, it could be bank funding, could be equity, capital, whatever it might be. The speed of the rate rise was fairly historic, right? The fastest rate rise ever, right? And that was not widely predicted. We know a lot of banks that obviously, imploded as a consequence of that. But small businesses certainly are feeling that. What I would say, just to create the picture for you, would be any number of market participants, who are in the commercial scale business, who maybe don't have line of sight to being at the scale of Altus Power, are exiting or have exited. Right. And that really is a good thing, and, and I can give you some public examples of that. You know, Duke Energy sold its 200+ MW commercial scale portfolio and exited, and I, I think it's fair to assume that they might have done that because they couldn't get to a relevant scale for Duke Energy, which is a massive company. A lot of other utilities, PPL and, and so forth, have exited. But the same is true if you work down the market into smaller market participants. If you don't have a path to scale and you understand the complexity of this business and the value of scale, you might ultimately say, "I'm going to participate in the creation of value," which is identifying a site and developing it, and maybe even bringing it through construction or certainly to construction-ready, and then ultimately, that is your value creation model. And so what we would say is that there's a lot of activity and opportunity that Altus is seeing by virtue of the current environment. The interest rate environment, again, has not been helpful for valuations, but it has been helpful for consolidation. And we see many market participants who are deciding even at the larger scale, people who are financially sophisticated and have plenty of capital, that perhaps this is actually a business that's a little subscale for them. A recent example that's public would be Vitol. Vitol is the largest private company in the world, I've come to know. Excellent people. We have a great partnership with them. We bought the entirety of their commercial scale operational assets, and we're working with them on an ongoing basis as well. Why did they sell? Somewhat small for them. Meaningful for us, but small for them. And so on both sides of the market, both the smaller players, who are maybe a little constrained by virtue of the cost of capital, and the larger players for whom utility scale assets, which might be 10x or 20x or 50 times as big, are far more relevant if you're trying to deploy meaningful capital. So we sit in the middle of this market. We like our position. We embrace all the complexities and challenges, and obviously, we represent a platform of scale that we think can be an excellent partner for both sides of that equation. Right. Well, one of the more underappreciated opportunities that's, I think, out there is community solar. We alluded to it earlier, but it's a trend that we see evolving very quickly in various states. Not every state has a great plan yet, but some do. Could you maybe discuss kind of how you participate in that market and the value that you can bring to community solar? Yeah, I'll, I'll kick it off. So it, it's an excellent way to expand the market or democratize access to clean energy, and the reason for that is that what community solar represents is an opportunity for anyone who is a household, whether you're a owner or renter, if you just have a utility bill and you live in an area that has a community solar program, you can participate in a project, and participate does not mean paying any money. It just means being a power buyer and being a power buyer at a discount. So to specifically use the Morgan Stanley example, you can see that on our website. We have a brand spanking new system that's up in in Purchase, New York, Westchester... and I mentioned 40% of the power is gonna be taken by Morgan Stanley. In New York State, the program essentially allows for a corporate or other large enterprise to be an anchor, meaning by a significant portion. But the policy is also geared to creating access, and so 60% of the power is gonna be made available to the, quote, unquote, “community”. What does the community mean? It means any Con Ed customer, 'cause it we're building a site in one part of Con Ed, and you can be a customer if you're in any other part of Con Ed. So anybody in this room who is a New York City resident, can go on the App Store, download the Altus Power app, and you can subscribe to participate in our Morgan Stanley community solar project. What, what we ask is: give us your name, upload your bill, and we're basically going to deliver you the savings, by the way, in one consolidated bill. Your same utility provider, Con Ed, is gonna deliver you a bill, and it's gonna show a net savings of some percentage relative to the power that we're producing. It's as simple as that. One of the challenges is you might say: "Well, what's the catch?" 'Cause our antennas all go up when we get these solicitations, and we have to tell people there is no catch. It's just we're required to actually go find you and deliver you to the utility and give them your name, and we're done. It's an excellent program. New York has been very focused on proliferating or supporting the proliferation of solar, and they're using community solar to do that. To give you other examples, which are somewhat important, why community solar is so meaningful. Landfills or brownfields, more generally, that are not suitable for other development, are excellent sites to build solar, but there's no buyer of power at that landfill. Or an industrial building that's an Amazon distribution center that uses very little power, is an excellent rooftop for solar, but not... There's no local buyer there. So community solar essentially unlocks the generation site from the consumption site in a very local way. It's still in the same community, but we're not actually required to sell it at the location. And that's a very powerful market expanding function, and it's why we're so focused on community solar. There's often confusion about, "You do community solar, too?" We get the question. Community solar is just an off-take. The system we build, you would look at one system or another, you'd say, "These look exactly the same." The only difference is who's buying your power. Is my power that I'm producing at that carport gonna go on-site to Morgan Stanley, or is it gonna go off-site to an apartment building in New York City? And nobody would know for looking at that system where the power is going. That's all behind the scenes done at the utility. So that's the power of community solar. So maybe, moving on to the next topic that I wanted to discuss is the digital, and particularly, Altus IQ. Could, maybe for our audience, could you talk about Altus IQ, what value it provides to your customers, and how you're also using digital to streamline community solar customer acquisitions? Sure. You want me to start? Yeah, yeah. I'll start. Just to kick it off real quick, one of the biggest challenges for a real estate owner, if you think about most real estate not being owner-occupied in the commercial context, homes are different. In the commercial context, you own this building, but you don't occupy the building. The tenant knows its power consumption, the landlord does not. And so if we are going to lease a building, we often need look through, and frankly, that landlord wants look through, because with the sustainability goals and SEC reporting and so forth, there's kind of a need to know what's going on, and that information is hard to access. So what Altus IQ represents, is a way for us to empower real estate owners to understand the level of consumption, the frequency of consumption, and the frequency matters for things like battery storage, and the level matters for things like: Is this a good solar site? I can tell you that any cold storage facility is an excellent site for solar, as would a data center be. But another building that's just a warehouse would not be on-site consumption. Again, relying us to look to a community solar program, if one exists. So what Altus IQ does, is to provide visibility, carbon reporting, and all other sorts of value to our relationships, which, as you've heard, are predominantly corporate, in order to facilitate and allow them to frankly achieve their objectives, and it creates more glue between Altus and that customer. That's really what we're doing. We're increasing or enhancing the connectivity and the value, and as you might imagine, I don't know that there are other solar development companies- Right. - that are providing similar technology, so that's a, that's a very nice, differentiating feature, along with the other competitive, aspects of our business. What is the opportunity set in the market today to either repower or enhance existing systems? Yeah, I think it's huge. Going back to our underwriting principles, and we have this long-term lease in place. We have an interconnection agreement, which allows us to connect at that point to the utility. And so, if you think about it, if we have a long-lived asset, that technology is changing, technology is you know, improving the efficiency and the costs are coming down. There's certainly an opportunity at some point in the life cycle of any particular project, where it's going to make sense to either add additional capacity or update the current... or the older technology with new technology, enhancing the production- ... which ultimately will enhance our returns. And importantly, the Investment Tax Credit that, you know, we get on a new project also applies to any new repowering. There are certain, you know, specifications that you have to, you know, fit within, but for the most part, we're able to get a new ITC on any new investments that come from repowering. Right. Right. Well, Gregg, I know you, you've recently kicked off a review of your development process and the pipeline process. I guess, first off, you know, why undertake the review? Second, what have been the learnings so far? Yeah. So, what's important to note, because the question's been asked, we do have a lot of activity going on. So there's not a lack of pipeline. What we've been challenged by, in general, is: how do we accelerate the pace with which that pipeline can move forward? So in particular, the question becomes, as you've heard, there's an engagement that goes on with a client. That engagement, ultimately the goal of ours and theirs should be to get that concept, that opportunity, that site into operation. And what we've identified is that the pace or the velocity with which those assets are moving through the pipeline is just slower than we would've anticipated, than CBRE would've anticipated, and the market anticipated. So we thought it appropriate to spend time reviewing and getting to the root, and understanding what can we be doing in order to speed up that conversion process. It's early days. We are committed to coming back to the market and updating the market with our, you know, what conclusions we reach, and what type of retooling, if any, we do in order to achieve that objective. That's, that's where we are. And last question for me, guys. How do you think Altus can benefit from the reshoring of U.S. manufacturing? I mean, we touched on it earlier, just the power needs- Yeah ... are increasing. But are there any other additional underappreciated parts of the business? Yeah ... that I haven't talked about? Well, there definitely are. I mean, I think that anybody who's an importer of product from other countries would tell you that they'd far prefer to buy domestic, not just because you're buying USA, but because contractually, it's far better to face a domestic manufacturer, both in terms of the contract as well as in terms of the visibility into the timeline associated with receiving those materials. And so supply chain was a very big theme during COVID and post-COVID. I'd say there's certainly an ongoing focus with a few components. Modules are not a supply chain issue any longer, certainly from our perspective. But the idea of having a domestic supply chain, where manufacturers have been incentivized to produce domestically, which is why they are, and we are being incentivized to buy domestic in the form of an adder to this ITC. We haven't talked a lot about it, because the market tends to be quarter-by-quarter focused in the public markets, as you know. But, we expect later in 2025, so next year, the predominance of our materials are gonna come from domestic suppliers. And why that's important is that every project we build from then on will be a 40% ITC project rather than a 30% or greater, by the way. The greater than 40% tax credit would come from building community solar sites that provide power to low and moderate-income communities, or building on landfills or brownfields. There's a lot of other potential incentives, but the idea of a base 40% incentive on any new build, including the redevelopment of existing projects, is very material and something that, again, we don't think is particularly far away. Again, probably a year, year and a half away in terms of having that domestic supply chain available to support all activities. Yeah. Great. We probably have time for one or two questions in the room. Sure. [audio distortion] Thank you. [audio distortion] There are lots of things that I can think of in the way that's done, but the bottom line is, what's the impact to your existing projects? Yeah. [audio distortion] is, was that used to pay off the financing on the previous projects? Were the swaps involved? I see. Yeah. So this is a great question in terms of just diving deeper into the securitization, how we use that. So I called it a private placement-style securitization, and just let me be very specific in what we do. We work with Blackstone as essentially the lead on behalf of insurance companies, and if you haven't followed the insurance space, one of the biggest challenges for life insurance companies is they have really long-dated liabilities, we hope, and they look for really long-dated assets. And so we are effectively the partner that is sourcing new opportunity for life insurance companies to lend us money. What we're doing with that capital is essentially using it to finance about 60% ±, of the capital that we need for projects. Another on a new build, another 30%-35% would come from tax equity, leaving a small slice of equity. And if you were to say, well, if you're getting that capital later, once an asset's been built, how are you funding it? We have a construction facility that is $200 million in size. The drawings are modest. I don't- Currently $32 million. We have a scalable balance sheet that we've been able to effectively use, our internal balance sheet. We generate cash flow, so we're in a strong position from a balance sheet perspective to be able to create the flywheel, where we are either building or buying assets and dropping them into that private placement, long-term, fixed-rate financing. So your swap question, we actually predominantly don't have to swap rates because the life insurance companies like to lend us fixed-rate, long-term money. So the only swaps we would have is if we... And we do have one bank loan outstanding, where we would swap rates because banks like to lend in floating-rate, and so that's where the swap comes into play. But, it's really an excellent structure, and there's a lot of capacity to grow that funding structure. [audio distortion] In your contracts, the previous contracts and two buckets here, the previous contracts and the new one, do you provide any clauses that give you the ability to refinance or make other changes [audio distortion]? Yeah, so the financing happens away from the project, so every project we own, the financing is behind the scenes and not visible. And by the way, our financing is callable, so we have deliberately designed it in a way that we can refinance it, should rates ever come back down. Hopefully, that will happen. A very big, valuable, piece of opportunity. At the asset level, as Dustin mentioned, we have long-term site control, and what's important about that is that it gives us the opportunity, because we own the asset, to redevelop the asset. If it makes sense to upgrade the inverters or fully reset or redesign this asset, we can do it. It's within our right. If we wanted to add batteries, depending on the lease, we may have to engage with the landlord on that particular add-on, but we're predominantly paying lease payments, and to the extent there's some incremental lease payment, that would be appropriate for some additional upsizing or whatnot, that would be, that'd be terrific. So from our perspective, there's a lot of optionality embedded in the portfolio. I will say, just to make sure it's clear, battery additionality, from our perspective in commercial scale, is pretty, today, few and far between in terms of economics. It hopefully is gonna go through this cycle that solar's gone through, where costs will come down, where battery additionality will be significant. Today, we own batteries in places like Massachusetts and Hawaii and maybe California, in markets where the use case is particularly compelling from an economic perspective. Gregg, Dustin, thanks for your time this morning. Thank s, James. Thank you.