Hello, ladies and gentlemen. Thank you for standing by for ReneSola Power's second quarter 2021 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there'll be a question and answer session. At that time, if you wish to ask a question, you'll need to press star one on your telephone. Please note that we are recording today's conference call. I'll now turn the call over to Mr. Gary Dvorchak, Managing Director of The Blueshirt Group, Asia. Please go ahead. Thank you, Tara, and hello, everyone. Thank you for joining us on today's call to discuss second quarter 2021 results. We released our shareholder letter after the market closed today. It's available on our website. There's also a supplemental slide deck posted on the website that we will reference during our prepared remarks. On the call with me today are Mr. Yumin Liu, Chief Executive Officer, Mr. Ke Chen, Chief Financial Officer, and Mr. John Ewen, CEO of North America. Before we continue, please turn to slide two. Let me remind you that remarks made during this call may include predictions, estimates, or other information that might be considered forward-looking. These forward-looking statements represent ReneSola Power's current judgment for the future. However, they are subject to risks and uncertainties that could cause actual results to differ materially. Those risks are described under risk factors and elsewhere in ReneSola Power's filings with the SEC. Please do not place undue reliance on these forward-looking statements, which reflect ReneSola Power's opinions only as of the date of this call. ReneSola Power is not obliged to update you on any revisions to these forward-looking statements. Please note that unless otherwise stated, all figures mentioned during the conference call are in U.S. dollars. With that, let me now turn the call over to Mr. Yumin Liu. Yumin? Thank you, Gary, and thank you everyone for joining the call. I will summarize our financial performance and review our operating highlights in the quarter. I will then turn the call over to Ke, who will cover financial results in more detail and will also provide 2021 guidance. We will then open the call to questions. In Q2, we again focused on profitability and delivered excellent bottom-line performance. Gross margin of 61% was well above expectations, which demonstrated solid execution of our strategy to focus on project sales at NTP. GAAP operating income was $7.3 million, up significantly both sequentially and year-over-year. EBITDA of $9.5 million increased by more than 140% from Q1. Importantly, we reported our fifth consecutive quarter of profitability with net income of $7 million or $0.10 per ADS. Q2 also marks the most profitable quarter since we divested the manufacturing business to become a pure-play project developer in the third quarter of 2017. You will notice that revenue was down both sequentially and year-over-year. Why are we so excited about our results when revenue was lower? Our excitement emphasizes the most important point we want to make about how we run our business. Pure and simple, we focus on the bottom line. While we can never guarantee it, we intend to be profitable every quarter, whether our revenue is up or down. We are confident in our ability to do this because of our unique fortified business model. First, NTP sales drive growth in our business. We have realigned our strategic focus to make more sales at NTP when margins are better. Project sales are large and somewhat unpredictable and will vary as you saw this quarter. Over time, as we grow our pipeline, we expect project sales to drive strong and sustainable growth to the bottom line. Second, our IPP segment provides a baseline of stable and highly profitable electricity sales quarter in and quarter out. This foundation delivers consistent income and enables us to plan our business. As shareholders, you all should judge our performance the way we judge ourselves. We should be profitable whether the revenue is up or down. Pipelines should be growing handsomely over time, and gross margins should be trending up over time as we shift more project sales to NTP. In addition, you should see our operating expenses growing in line or a bit lower than pipeline growth. Pipeline is closely tied to the investment we make in development and sales. These two metrics will always be closely correlated. Let me now discuss recent operating highlights in more detail. First, our development pipeline remains strong. We grew our mid to late-stage project pipeline from 1.3 GW in Q1 to 1.6 GW by the end of Q2. Expanded pipeline of business activity indicates greater demand for projects, as well as greater execution by our team in a still COVID-challenged environment. Our focus is profitable markets, including the U.S. and Europe, where we see tremendous growth opportunities with high-quality projects. Second, we successfully closed the sale of our 38 MW portfolio of solar projects in Poland and a 5 MW portfolio of projects in Maine, and recognized revenue for both sales in Q2. The Poland projects were sold to Obton, a leading international solar investment company based in Denmark. The projects were sold at NTP stage, and ReneSola Power is responsible for EPC management, project financing, and final delivery of the projects to Obton at COD. Against that success, closing of the Spain project sale was delayed from its scheduled time in the first half of 2021, causing our revenue to be lower than originally planned. The sale is expected to be closed within the next months and will be recognized for revenue in the third quarter of 2021. Third, we were awarded 29 projects with a capacity of 1 MW each and one small utility-scale project with a capacity of 4 MW in Poland Renewable Energy Sources Act auction in June. These 30 projects are under Poland's CfD regime and eligible for a 15-year guaranteed tariff. The projects are expected to be connected to the grid within the next two years. Fourth, we further strengthened our financial position by paying off short-term debt of $11.8 million in the quarter. As a result, we further enhanced our capital structure with a debt-to-asset ratio of 16%, down from 19% in Q1. We have a healthy balance sheet with a strong cash position of $286 million. We intend to use our cash to expand our solar project pipeline for working capital and for potential strategic M&A opportunities. Speaking of M&A, we are actively pursuing several opportunities. We are making progress and intend to provide more details on our next earning call. We believe the capital raised at the beginning of 2021 will enable us to execute our long-term strategic growth plan as we further consolidate our transformation into an asset-light solar project developer. Fifth, subsequent to Q2, we signed a strategic partnership agreement with Emeren, a U.K.-based project developer focused on the development of renewable energy power plants. As part of the JV agreement, ReneSola Power and Emeren intend to develop projects in a broad range of sizes across Italy with a target of reaching 110 MW sovereign projects by 2022. We are excited to partner with Emeren. The co-development agreement aligns with our growth strategy, enabling us to expand our project development activities in Italy. Italy is the first market for the JV to tap into. We look forward to pursuing other opportunities to co-develop projects across the rest of Europe. Moving on, I will now update you on our project pipeline. At quarter end, our mid-to-late stage pipeline was 1.6 GW, up from 1.3 GW last quarter. As we grow our pipeline, we are allocating resources to the markets with the best profit potential. Our objective is to add incremental project pipeline in our core markets to reach 2 GW by the end of 2021, and we are on track to achieve this target. Let's review highlights from certain key geographies. First, let's turn our attention to the U.S., shown on slide seven. Our late-stage pipeline are 470 MW, of which 82 MW are community solar in Maine, Minnesota, and New York. Additionally, we have projects under development with a mix of corporate, municipal, and utility off-takers in other states, such as California, Pennsylvania, Florida, and Illinois. Meanwhile, we operate 24 MW of small utility scale projects in North Carolina. In Poland, shown on slide eight, our key assets is a portfolio of project rights. We have a pipeline of 339 MW of ground-mounted projects under development and construction. Slide nine refers to Hungary, where we also invest in small-scale DG projects. Our pipeline has a combined capacity of 42 MW in the country. Those projects are under development. Slide 10 and 11 detail our pipeline in France and Spain. We have 100 MW in France and have expanded our pipeline in Spain from 180 MW to 216 MW. We continue to gain traction in Germany, where we are building quality projects. As shown on slide 12, we have a project portfolio totaling 62 MW up from 50 MW last quarter. In the U.K., shown on slide 13, we have a project pipeline of 281 MW, including solar-plus storage projects. We intend to capture opportunities in other European countries, such as the Czech Republic. We will provide more details on these new opportunities when they're appropriate. In China, as highlighted on slide 14, we have a late-stage pipeline of 88 MW of commercial rooftop projects located in various provinces. In addition to our development pipeline, we operate a portfolio of 170 MW of solar projects that generate high-margin recurring revenue. As you'll see on slide 16, our operating assets, including 146 MW of commercial rooftops in China and 24 MW of utility solar in the U.S. In China, we intend to expand our IPP assets in the Yangtze Delta area, which has attractive electricity tariffs. We are being cautious and deliberate as we prepare to build and operate commercial rooftop projects. We are very disciplined about profitability and are only selectively pursuing high-quality, profitable projects. In summary, the momentum we are seeing in our business continues to reflect solid demand in the markets we serve, the resiliency of our business model, and the outstanding execution of our team. In addition to growing our business, we are also looking for ways to build a better ReneSola Power for our employees, customers, partners, shareholders, and society in general. We recognize that our role in shaping a future of sustainability brings important responsibilities. We are committed to building a sustainable and fair future. We are helping address global issues such as climate change and focus on the need for social justice, equality, and human rights. Importantly, we are making progress in the areas of environmental stewardship, social solidarity, and corporate governance. With that, we believe that now is a good time to provide our first ESG report, which we will issue in the second half of the year. Taking such initiative reflects our commitment to becoming a more sustainable and socially responsible business, and we look forward to your input once our report is publicly available. Let me now turn the call over to our CFO, Ke Chen, for comments on our financial performance. Ke? Thank you, Yumin, and thanks again, everyone, for joining us on the call today. Our shareholder letter and the supplemental slides contain all the figures and the comparisons you need. I'm not going to repeat every number. Instead, I'm going to focus on the factor that influence results. As I speak, please keep in mind that we will discuss certain non-GAAP financial measures. We use non-GAAP measures because we believe they provide useful information about our operating performance that should be considered by investors along with the GAAP measures. Non-GAAP to GAAP reconciliation is included in our shareholder letter. Let's begin with our Q2 financial highlights on slide 18. Revenue of $18.5 million was down both sequentially and year-over-year. The decline was due to the Spain project sale moving into Q3 from Q2 as we originally planned it. As we noted regularly, our revenue can vary quarter-to-quarter because of timing of sale closings. Most importantly, we judge our success over long time periods based on bottom-line profit and pipeline growth. Revenue this quarter was mainly from the sale project in Poland and in U.S., and from power generation in China. More than 70% of revenue was from the U.S. and Europe. Gross profit of $11.3 million was up from last quarter and up from the same period last year. Gross margin was 61% compared to 30% in Q1 and 28% in the same period last year. Q2 gross margin came in well ahead of our guidance range of 36%-39%. The increase was due to higher contribution from NTP sales. Moving down the P&L. Non-GAAP operating expenses up 30% sequentially and up 66% year-over-year. G&A expense were up due to the increased employee-related expenses. Notice that G&A expense were up just 9% from Q1 level, while our middle to late-stage project pipeline grew by more than 20%. This demonstrates significant operating leverage in our business. Non-GAAP operating income was $8.8 million compared to $4.6 million last quarter, and $6 million in the same period last year. GAAP operating income was $7.3 million, and GAAP operating margin was 39%. Non-operating income was $0.2 million compared to non-operating expense of $2.9 million last quarter and non-operating expense of $0.9 million in the same quarter last year. We had a foreign exchange translation gain, which caused by appreciation of euro and renminbi against U.S. dollar. This led to an exchange gain on the balance sheet. All this resulted in GAAP net income attributed to ReneSola Power of $7 million. Net profit margin was over 37%. Earning ADS on a GAAP basis was $0.10. This is a record level since we became a pure-play project developer. Now let's review the balance sheet shown on slide 21. At quarter end, we had cash and equivalent of more than $286 million. As Yumin Liu mentioned, we paid off our high-interest short-term debt of $1.8 million in Q2. Our long-term borrowing of $69,000 was flat when compared to Q1. Please note that nearly all our debt is project-based and non-recourse. Also, I would like to highlight that our debt-to-asset ratio is only 16%, further improvement in our capital structure. This also represents as one of the lowest debt-to-asset ratio when compared to other solar industry players. On slide 22, we generated cash flow from operation of $600,000 in Q2, and we do expect to generate positive cash flow from operating activity for the remainder of 2021. Let's cover 2021 guidance, as shown on slide 26. For full year 2021, while we continue to expect total revenue in the range of $90 million-$100 million, we are raising our gross margin outlook and expect gross margin to exceed 30%, compared to prior guidance of over 25%. We estimate a profitable full year 2021 with significant profit growth compared to 2020. For the third quarter, we are guiding revenue in the range of $19 million-$21 million and overall gross margin in the range of 36%-40%. Our 2021 outlook has two key factors. First, the COVID-19 and global economic condition remain highly uncertain. We continue to monitor how the health aspects of the Delta variant are playing out, as well as the effect on the economy. While we anticipate some slowdown in activity in some geographical regions, we expect to see good recovery in several key markets around the world in the second half of the year. In sum, I believe it's prudent to factor in broader variability in our outlook. Second, we consider the normal fluctuations typical of the project development cycle. We focus on three best solar markets, Europe, U.S., and China, and we are optimistic about long-term profitable growth. We would now like to open up the call for any questions that you may have for us. Operator, please go ahead. Thank you. We will now begin the question and answer session. Our first question comes from Amit Dayal at HCW. Please go ahead. Thank you. Good afternoon, everyone. With respect to some of your projects in China, what are the plans to go beyond some of the 100 MW that you have planned for deployment by the end of this year? Just in a larger sense, what your ambitions for China are and what type of projects you might consider pursuing in that market going forward. Okay. It's a very good question, Amit Dayal. Thank you. We do set up our goal early this year to build 100 MW of projects, we so-call light IPP in China. As I mentioned earlier, we are being cautious and deliberate as we prepare to build and operate those commercial rooftop projects in China. In fact, we are very proud of our disciplined approach. The disciplined approach includes the most important two factors. One is profitability, and one is the sensitive Yangtze Delta area is the focus. Okay. Since early this year, the development conditions have changed. Now we think we are revising our target to do in China. We plan to build 100-150 MW of projects by the end of 2022. We still consider China as an important market for us. With the great support from the Chinese government on the renewable energy, we believe China will become the important contribution to our both the top line and bottom line. Understood. Just going back to the second quarter margin performance, really strong margin this quarter. Was associated with any one or two projects? Are you enjoying these high margins across all NTP sales right now? You are absolutely right, Amit. That is why over about 12-18 months ago, we say we'll do NTP sales, or we focus on NTP sales. Bottom line, the high margin. It is the case that most of the NTP sales provide us a very attractive gross margin. It is absolutely the case. Okay. Understood. Thank you. By the way, let me add one last point. As I mentioned earlier that in Q2, we have no COD sale. We only have the Poland and U.S. NTP sales. That drives the overall margin really high on this 61% as we presented. Okay, understood. That is what I was trying to understand. You had indicated that in the previous call that the second half would be COD heavy, but it looks like you're raising your margin guidance, so it seems you might see good contribution from NTP in the second half also? Absolutely, yes. That's true, that we continue focusing on NTP sales. As you also can notice that our Q3 profit margin we guided is definitely a little bit lower than the Q2 factual margin. One of the reasons is, we do expect a sale of projects at the COD. Which is, the COD sale normally brings to us higher top-line revenue, but lower percentage of the margins. Going into the future, starting from Q4, we'll have more and more sales on NTP, not at COD anymore. Understood. Just one last one from me. On the operating cost side, I know your operating costs are going a little bit higher. How should we think about operating costs for the remainder of the year? Are these expected to come in sort of at the same 2Q levels, or will we see some improvements on that front? Yes, Similar. I think from SG&A cost point of view, I think it will be similar like this quarter. Okay. Thank you. That's all I have. Thanks. Our next question comes from Pavel Molchanov from Raymond James. Please go ahead. Thanks for taking the question. Three months ago, I remember we had a conversation about what's happening in the supply chain with polysilicon, steel, glass, every other input cost was escalating. It seems like in the last 60 days, we've seen a bit of a reversal in the supply chain with costs starting to come down. Is that consistent with what you are observing? Thank you, Pavel. Absolutely that's the case. Back to three months ago, when we discussed about the cost increase from the supply chain, we believe it is a short-term issue. Six to nine months. Towards the later part of this year, we should see the supply chain will get picked up and the price will go down. Actually, we also wisely are planning our execution-level activities. As you know, for example, although we do most NTP sales, we also help our final partner or buyer of the projects to manage the whole EPC services, including procuring modules. For that purpose, we are managing those procurements accordingly based on our understanding. Let me also ask about the project pipeline. As I look at the list country- by- country, Poland is now the second-largest portion of your pipeline behind the U.S. What specifically about Poland has made it such a significant part of your project portfolio? Very good question. Poland has been one of the most important contribution we received in the past years for the company. Not only we've been working there for the last more than four-five years, building our local understanding and a very strong local team. By the way, we do have the largest team in Europe, in Poland. We are doing across the board, from greenfield to the partnership of joint development and also active acquisition of projects and portfolios. We have the local understanding. We also have very strong local reputation. That is the internal side. Outside, Poland is one of the European countries who absolutely need strong development of the renewable energy. Its coal-fired power generation still stands of the majority of the power generation, over 70%. European Union has mandated Poland to go more aggressively on the renewable energy. We see the great potential in this market. That's why we are not only building up a very strong local team, but also have put our resources focusing on from the greenfield development to acquisition in the same market. We believe this market will continue its strong strengths of development in the next years in the future. Got it. Thank you very much. Sure. Thank you, Pavel. Once again, if you wish to ask a question, please press star one on your telephone. Our next question comes from the line of Philip Shen at Roth Capital Partners. Please go ahead. Hi, guys. This is Donovan on for Phil. Congratulations on the profitability for the quarter. I want to ask you about the applied Q4 guidance. I get a implied revenue guidance of about $30 million-$40 million, and an implied gross margin for Q4 that I think you could have a pretty good range of it. I think it would sort of need to be north of 20%, like that would be a floor. Maybe 30%, but couldn't be lower than 20%. Am I thinking about that right for Q4? I just kind of wanted to check on that. Could you repeat your question? It's not clear. Sure. For Q4, the implied revenue guidance I'm getting is about $30 million-$40 million. Just triangulating between your 2021 guidance and your Q3 guidance. Then the gross margin, I think would have to be, let's call it in the 20%-40% range. Again, I know that's a wide range, but it's kind of putting some bounds on it. Am I thinking about that right? Yes, you're right at this point. Okay. The larger revenue number in Q4, I'm guessing that's reflecting maybe more COD sales, and you talked about the Spanish sales getting pushed into this quarter. I'm just wondering, do you see any potential risk for the COD sales getting pushed into Q1, getting pushed from Q4 to Q1? The point here is, as I mentioned earlier, other than several projects in Europe, we are doing the COD sale. In rest of the half a year of 2021, we expect most sales will be at NTP. Definitely, project sale closing is lumpier, and also sometimes unpredictable. It may get delayed from quarter- to- quarter, even going into next year. At this time, we have confidence to close those project sales as we originally planned. To answer your question again, in Q4, our planned project sales are also NTP sales. Okay, it's being driven by a higher volume of NTP sales is giving you that more significant revenue number? Exactly. Oh, that's fantastic. Okay, just the last question, and then I'll pass it on. There's talk about the Infrastructure Bill in the United States, and I know you guys really have kind of a niche, in terms of the size of the projects and everything that you go after. I'm curious if you could talk about for the U.S. Infrastructure Bill or talks about a Reconciliation Bill, and potentially policies in other countries. Is there anything in them that you've seen, or have you gone through those to see if they really hit your sweet spot in terms of megawatt, like maybe community solar? Like maybe provisions targeted to community solar or something similar to that? You know what? Let me address one key point before I turn this one, as you talk about U.S., I turn to John, our North American CEO, to address with some details. We are developing actively in Europe and the U.S., and probably including China, about nine-10 different countries. It's very dynamic and also very different markets as we see. The margins or the market potential, in general, has been great to us. We see very supportive government policies across the board in U.S., in China, in every country in the Europe. Okay. From that point of view, no matter you do small deals or big deals, it's been great. Definitely the margin level will vary or will be very different. Especially, we are taking different development models in different countries. For example, in some countries, including some European countries and the U.S., we are developing greenfield. Greenfield projects normally is giving us a bit higher margin. Also we are in many other markets, we also do acquisitions of early-stage or middle-stage projects. From that point, the margin can be shared with us by the original project developers. In general case, that's the beauty of the operation of this company. That is, we have experience of developing smaller deals like DG, commercial rooftops, and community solar in those territories. Also we are going for bigger projects, including those smaller utility-scale, 20, 30, 50 MW, all the way to 100-plus MW. We do know how to do the best cost control, okay, to improve the margin level. In any case, we see the profit from all sizes of the transactions and also in different territories, the margin can be all very attractive and healthy. John, could you cover some details in the U.S.? Sure. I understood the question to be mostly, basically how would the infrastructure build process affect us? I think, on the community side, it's fundamentally, basically a local business, meaning, politically, local PUCs, local jurisdictions. That said, the obvious answer is anything that's federal, like federal ITC, or if there were rule changes at FERC with how interconnection was viewed, if there was some kind of cost-sharing or something like that, we'd be highly supportive of. On the community solar side, it's actually more local and statewide state governments, basically, that seem to influence other state governments because they see a successful program and then copy it. Clearly anything on the ITC front would help. Fundamentally, I think the demand for solar, it survived the previous political environment. It'll survive and thrive, probably irrespective of the infrastructure bill. I don't want to say that we're indifferent, but there's pull for solar, and we're in the solar business. I could think of things that could help us nationally, but they're more related to interconnection, FERC rules, maybe for bigger utility projects, and then maybe tax incentives. We'd have to get more specific state by state on the community side. Okay, great. Thank you, guys. Again, congratulations on the profitable quarter, and I'll jump back in the queue. Thank you. Thank you. Once again, if you wish to ask a question, please press star one on your telephone. Our next question comes from Marisa Hernandez at Sidoti & Co. Please go ahead. Hi, good afternoon, and congratulations on the quarter. Thank you, Marisa. A couple of questions. First off, on your China business, can you give us an update on when do you expect first revenue from those 100 MW that you are building? I believe you said last quarter that we could start seeing something in the third quarter. As I mentioned earlier that we are very disciplined in the development of new projects in China as we focus on the high-quality and profitable market or profitable projects. We revised our general China target from completing 100 MW within this year to building 100 MW-150 MW by end of next year. We do have over 10 MW under construction, and we have completed already several MW and target to finish. The China construction timeframe is around one month to six weeks for those small rooftop projects. We expect around 10 MW-15 MW will contribute to the Q4 top line and bottom line revenue from the power generation. More installations will be completed in Q4 or in the next four months, contributing to next year. I will say, for the overall contribution of the both revenue and profit for this year will be a little bit less, probably maybe 10, 15, or maybe below 20 MW. Yumin, just to make sure I understand what you're saying about your discipline approach there. So 100-150 MW, so you are pushing the target up, but you are doing it over a longer timeframe, meaning that would be the target by the end of 2022? Yes, it is the case. Okay. Yeah, the global conditions have changed. Sorry. Go ahead. No, sorry. I didn't mean to interrupt. There's a little bit of a delay. What does it mean in terms of how you're thinking about what percent of your overall business, the IPP business and specifically the China IPP business, would be? As of right now, the way I thought about it was about 20% of revenues, give or take. Will that change? It will remain to be the same or similar, at least for 2021. Well, I mean with the addition of 100 MW to 150 MW in 2022, would it still be around those metrics with the growth in project development in 2022, or do you anticipate a significant deviation? Percentage-wide, I think it will be very similar as the real growth of our development pipeline is in U.S. and Europe. Okay. Building up or installing all those so-called light IPP assets in China, that will take time. While we have less than 100 MW projects in our hand going through all different level permits or approvals and start put them into construction in the next four months or even going into next year. While the China IPP portfolio grows in the next, let's say, 18 months or so, the development pipeline outside of China will also grow rapidly. Percentage-wide will be very similar, as I see. Okay. Thank you. On the project development side, couple of questions there. One, to follow up on the supply chain question that Pavel was asking. You're also seeing an improvement on the cost side, it sounds like. Have you observed any push-outs or delays in your project development business into 2022 due to supply chain issues, or you didn't suffer that? In general, such a delay or impact has a very minimum impact on us, or at least not on our current plan or project sales, as the majority of our projects will be on the NTP sale. As long as we complete our approval or development process or permitting process of the projects and turn the project into the NTP-ready stage, the buyers are eager to take the title and buy from us. Okay? Okay. That means the COVID-challenged environment may potential cause delays. As we mentioned earlier about the closing of the Spain project sale, that one was originally planned for last year closing, then to the Q2 closing. We are expecting to close it in Q3. That is the one typical case that COVID environment can still cause delay, even we are at the NTP sale scenario. Got it. Okay. That's great. Thank you. But at this time. Then. One last thing is, at this time, we don't expect that much delays for our plan. Okay. That's great. On the project development side, I think in the first half of the year, I have you having sold 66 MW, give or take. Wondering if you can provide an update on what could be the range of number of MW sold for project developments for the full year 2021. I believe in the past, you've mentioned 250-300 MW, and that's looking a little bit stretch on the first half numbers. Yeah. We are looking at 200-300 MW sale, project sales within this year. Our teams still are working hard and working on closing some major project sales in both U.S. and Europe. We have four months to go. I hope we can get to that target. It's more than 130 MW then that we are talking about, just to make sure we're talking about the same thing, on the project development side on the second half of the year. The total sales, as we discussed, for the whole 2021, it should be over 200 MW at the minimum. Okay. Project development only, correct? That's right. Not including the light IPP assets we are building in China. Okay. That's great. Thank you so much for taking my questions. Thank you very much, Marisa. Just the final call. If you would like to ask a question, please press star one on your telephone. We have a follow-up question from the line of Philip Shen at Roth Capital Partners. Please go ahead. Hi, guys. Donovan again, Donovan Schafer on for Philip Shen. I thought I'd take the opportunity to ask you guys about the storage side of the business and what trends and what opportunities you're seeing there in terms of development. Are there added challenges in doing NTP sales when you're including storage? Just any updates or trends, maybe what's happening in different geographies. Just would be great to hear your thoughts on that. Okay. I'll cover first couple points, and then John can take over from the U.S. perspective. We are doing the solar plus storage since about maybe less than 12 months ago. We have solar plus storage projects in both U.S. and Europe. In the countries in Europe, for example, in U.K., we do have projects planned already for solar plus storage, and also a couple other countries too in Europe. In the U.S., if you follow or remember, we signed one small-scale solar plus storage PPA in California last year. We are also in negotiation in the final stage for a couple other solar plus storage PPAs. The NTP sale can happen for solar plus storage deals. We don't see any challenges in this scenario as solar plus storage becomes normal. It will be a normal practice for any developer or any owner of the solar assets. John, could you take over? I'm not sure I'll add anything other than echo that storage is part of our everyday life here. It's part of RFPs that we are part of. We oftentimes will, even in the solicitations, we will respond to both solar and solar plus storage RFPs that are part of the same RFP, meaning that it's literally a checkbox, where you can include storage in your bid and price your deal a certain way, or you can exclude storage and price your deal. Neither are handicapped. It's really a matter of the primary energy is the attribute that the RFP solicitor is usually looking for. Then storage adds a component of time, which might or might not be valuable at that particular location or for that particular RFP solicitation. It's part of our everyday life. It's interesting. I wouldn't necessarily say that it's growing, although it is true that it's I don't want to say anything too surprising, but it's just part of the normal way of doing things, and we see some RFPs with storage, some without. I would say that, talking about supply chain stuff, it's probably true that it's going to be hard to buy a battery in the next couple quarters or more, because a lot of those are already specced in, and there probably are some that supply is spoken for. That's not news to anybody on the phone, necessarily. I don't have anything else to add, but we can talk specifics if there's interest. Okay, thank you. Thank you, John. Yeah, we can talk about that offline. Our final question comes from Eric Filler at Hilltop Park. Please go ahead. Yeah. Hi, guys. Just quick question, can you talk about prices you're realizing on the business you're doing now? Say it again. I'm sorry, I did not really pick up. Yeah. Maybe I'm not phrasing what I'm trying to ask well. What kind of demand are you seeing in terms of just the projects that you're working on and getting bids on? What are you seeing? How strong is pricing? Oh, okay. John, I think you can pick this up. Hey, Eric. I think the quick answer is, depends on which bids you're talking about. We are receiving strong bids for our projects that we have for sale. On the other side of the equation, we are seeing, if anything, some more robust pricing for the solar projects themselves in terms of the energy that we're able to charge at the project level. Another way to say that is, we're seeing a little bit of upward movement in PPA prices and rebate rates in community solar. There's actually some upward pressure, which you could equate to a lot of things, but let's just call it, there is some inflationary pressure on energy prices that we see, but we benefit from that. There could be a number of drivers of that. Got you. Supply and demand, it could be. Right. Okay, great. Thanks. Okay, Eric. Thank you. There are no further questions, so I will hand back to Yumin, for closing comments. Thank you. Okay, thank you, Operator. To conclude, we are committed to growing profitability, managing our operations efficiently, and strengthening our financial position. We are energized by the opportunities in front of us and are looking forward to updating you on our progress again in a few months. Thank you all again for your participation. This concludes our call today. You may all disconnect.