Q1 2024 Innergex Renewable Energy Inc Earnings Call

May 9, 2024

Operator: Good morning, ladies and gentlemen. Thank you for standing by.

Operator: ?? ?? ?? ?? [inaudible] ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? [inaudible] The opinions rendered herein are those of the guests, and not necessarily those of Douglas Goldstein, Profile Investment Services, Ltd., or Israel National News. [inaudible] ?? ?? ?? ?? ?? Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Innergex Renewable Energy's 2024 first quarter conference call and webcast. Bienvenue à la conférence téléphonique et à la webdiffusion des résultats du premier trimestre de l'Exercice 2024 d'Innergex Énergie Renouvelable. At this time, all lines on the phone and Internet are in a listen-only mode.

Good morning, ladies and gentlemen, thank you for standing by welcome to enter check renewable energies 2024 first quarter conference call and webcast gift.

Operator: Welcome to Innergex Renewable Energy's 2024 first quarter conference call and webcast. Bienvenue à la conférence téléphonique et à la webdiffusion des résultats du premier trimestre de l'exercice 2024 d'Innergex Énergie renouvelable. At this time, all lines on the phone and the Internet are in a listen-only mode. Following the presentation, we will conduct a question and answer session for analysts and institutional investors, and instructions will be provided at that time for you to queue up for questions.

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Speaker Change: At this time all lines on the phone and Internet turned to listen only mode.

Operator: Following the presentation, we will conduct a question and answer session for analysts and institutional investors, and instructions will be provided at that time for you to queue up for questions. If anyone has any difficulties hearing the conference, please press star followed by zero for operator assistance at any time.

Speaker Change: The presentation will conduct a question and answer session for analysts and institutional investors and instructions will be provided at that time for you to chew up for questions. If anyone has any difficulties hearing the conference. Please press star followed by zero for further assistance at anytime.

Operator: If anyone has any difficulties hearing the conference, please press star followed by zero for operator assistance at any time. I would like to remind everyone that this conference call is being recorded. I will now turn the conference over to Naji Baydoun, Director of Investor Relations. Please go ahead.

Operator: I would like to remind everyone that this conference call is being recorded. I will now turn the conference over to Naji Baydoun, Director of Investor Relations. Please go ahead. Hello everyone, and thank you for joining us today. I'd like to specify that this conference will be held in English. Members of the media are invited to ask their questions by phone after this call.

Speaker Change: I would like to remind everyone that this conference call is being recorded I will now turn the conference over to a nurse She Beijing Director Investor Relations. Please go ahead.

Naji Baydoun: Hello everyone, and thank you for joining us today. I'd like to specify that this conference will be held in English. Members of the media are invited to ask their questions by phone after this call. A presentation supporting today's discussion is available as we speak on the homepage of our website at www.innergex.com. This call contains forward-looking statements within the meaning of applicable securities laws. Although the corporation believes that the expectations and assumptions on which forward-looking statements are based are reasonable under the current circumstances, listeners are cautioned not to rely unduly on these forward-looking statements as no assurance can be given that they will prove to be correct.

Speaker Change: Hello, everyone and thank you for joining us today I'd like to specify that this conference will be held in English members of the media are invited to ask their questions by phone after this call.

Naji Baydoun: A presentation supporting today's discussion is available as we speak on the homepage of our website at www.innergex.com. This call contains forward-looking statements within the meaning of applicable securities laws. Although the corporation believes that the expectations and assumptions on which forward-looking statements are based are reasonable under the current circumstances, listeners are cautioned not to rely unduly on these forward-looking statements as no assurance can be given that they will prove to be correct

Speaker Change: Presentation supporting today's discussion is available as we speak on the home page of our website at Www Dot <unk> Dot com.

Naji Baydoun: Forward-looking information contained herein is made as of the date of this call, and the corporation does not undertake any obligation to update or revise any forward-looking information, whether as a result of events or circumstances occurring after the date hereof, unless so required by law. During this call, we will refer to financial measures that are not recognized according to international financial reporting standards. Please refer to the non-IFRS measure section of the MD&A for more information.

Speaker Change: This call contains forward looking statements within the meaning of us like about security laws. Although the corporation believes that the expectations and assumptions on which forward looking statements are based on a reasonable under the current circumstances listeners are cautioned not to rely on duty on these forward looking statements as no assurance can be given that it will prove to be correct.

Speaker Change: Forward looking information contained herein is made.

Speaker Change: Date of this call and the corporation does not undertake any obligation to update or revise any forward looking information whether as a result of events or circumstances occurring after the date hereof unnecessary required by law.

Speaker Change: During this call we will refer to financial measures that are not recognized according to international financial reporting standards.

Speaker Change: Refer to the non I at first measure section of the MBNA for more information.

Naji Baydoun: On today's call, we will discuss our year-to-date 2024 achievements, our growth and development updates, a review of our Canadian market strategy, our Q1 2024 highlights and results, and our 2024 guidance. Our speakers will be Michel Letellier, President and Chief Executive Officer, Colleen Giroux-Schmidt, Vice President of Corporate Relations and Environment, and Jean Trudel, Chief Financial Officer. I will now turn the conference over to Mr. Letellier. Thank you.

Speaker Change: Answer this call. We will discuss are used to date 2024 treatments a growth and development updates a review of our Canadian market strategy. R. Q1, 20th 24 of highlights and results and our 2024 guidance.

Speaker Change: Our speakers will be Michelle <unk>, President and Chief Executive Officer, Colleen Jew Smith, Vice President of corporate relations in environment and it's also the Chief Financial Officer, I will now turn the confidence over Mr. Literally.

Naji Baydoun: Please refer to the non-IFRS measure section of the MD&A for more information. On today's call, we will discuss our Year-to-Date 2024 Achievements, our Growth and Development Updates, a review of our Canadian Market Strategy, our Q1 2024 Highlights and Results, and our 2024 Guidance. Our speakers will be Michel Letellier, President and Chief Executive Officer, Colleen Giroux-Schmidt, Vice President of Corporate Relations and Environment, and Jean Trudel, Chief Financial Officer. I will now turn the conference over to Mr. Letellier. Thank you, Naji, and good morning everybody.

Michel Letellier: Thank you, Naji, and good morning, everybody. Thanks for joining us today. First of all, I would like to highlight some of the key messages that we will give you today. Pretty pleased with the improved generation in Q1 2024, including production at 96% of LTA compared to 87% last year. The performance, including adjusted EBITDA, proportionate around $171 million in free cash flow per share of $0.21, up 15% and 175% from Q1 2023, respectively.

Michel Letellier: Thanks for joining us today. First of all, I would like to highlight some of the key messages that we will give you today. Pretty pleased with the improved generation in Q1 2024, including production at 96% of LTA compared to 87% last year. Solid performance, including adjusted EBDA proportionate around $171 million and free cash loop per share of $0.21, up 15% and 175% from Q1 2023 respectively.

Michelle: Thank you and a <unk> and a good good morning, everybody. Thanks for joining US today first of all I would like to I like some of the key message that you will will give you today.

Michel Letellier: We would also stress our pursuing our discipline and sustainable growth strategy, as we are going to explain to you the success that we have had lately and our focus, obviously, on our main market. Executing on 2024 growth and financial priority, as we all said, we want to make sure that we keep our focus on the main priority, making sure that we're providing us with some flexibility in terms of financial opportunities and refinancing. We are always open to recycling capital, as we said last quarter.

Speaker Change: Pretty please on the improve generation in Q1, 2024, including production and 96% of L. T. A compared to 87 last year solid performance, including adjusted There'd be D. A proportionate around hundred 71 million dollar and free cash flow per share of 20.

Speaker Change: One cents up 15% and 175 per cent from Q1 2023, respectively.

Michel Letellier: We would also stress our pursuing our disciplined and sustainable growth strategy as we are going to explain to you the success that we have had lately and our focus, obviously, on our main market. Executing on 2024 growth and financial priority, as we all said, we want to make sure that we keep our focus on the main priority, making sure that we're providing us with some flexibility in terms of financial opportunities and refinancing, always open to recycling capital, as we said last quarter.

Michelle: We would also stress hour pursuing our discipline and sustainable growth strategy as we are going to explain to you. The success that we had lately and our focus obviously on our main market <unk>.

Michelle: <unk> on 2000, 2024 growth and financial priority as we all said we want to make sure that we keep our focus on the the main priority, making sure that we are pre by providing us some flexibility in terms of financial opportunities and refinancing.

Michelle: Always open to a recycling of capital as we said the last quarter.

Michel Letellier: If we go on the next page, year-to-date achievement, if we start in terms of operation, we're happy to report that our BESS system, the battery system in Chile at our San Andres facility has started. COD should come soon.

Michel Letellier: If we go on the next page, year-to-date achievement, if we start in terms of operation, we're happy to report that our best system, the battery system in Chile on our San Andres facility has started, COD should come soon. We are injecting electricity into the system, and we're finalizing the COD with our supplier and the coordinator. Also, we are very happy to have the Inavik 7.5 megawatt hydro facility in the north of Quebec. Remember that this is a partnership with our Inuit partners there. We're at 50-50.

Michelle: If we go on the next page year to date achievement. If we start in terms of operation. We're happy to report that our our best system, the battery system and Chili an hour Saint Andre It's facility has started so.

Michel Letellier: We are injecting electricity into the system, and we're finalizing the COD with our supplier and the coordinator. Also, very happy to have the INEVIC 7.5 megawatt hydro facility in the north of Quebec. Remember that this is a partnership with our INWIT partners there. We're 50-50.

Michelle: See what he should come soon we are objecting electricity in the system and we're finalizing the C D with our supplier and the coordinator.

Michelle: Also very happy to have in a vick seven seven and a half megawatt hydro facility in the north of Quebec remember that this is a partnership with our with our partners. There were 50 50. This is a good project in terms of displacing.

Michel Letellier: This is a good project in terms of displacing carbon use. We're moving about 90 to 95% of all the diesel that was burned to produce electricity. The first full quarter in the middle of the Arctic winter went very well, so it's very encouraging for the rest of the operation on that facility. So, pretty happy about that. In terms of construction, we've been restarting the construction on Boswell. Remember that we had made a winter pause there. Just to give you a quick look at what we have done there, the 97 turbine foundations are done. All the roads are done.

Michelle: The carbon use that we're moving about 90, 90% to 95% of all the diesel that was burned to produce electricity first full quarter in the middle of the Arctic Winter went very well so it's a very encouraging on the rest of their operation on.

Michelle: That facility, so pretty happy on that.

Michel Letellier: In terms of construction, we've been restarting the construction on Boswell. Remember that we had made a winter pause there. Just to give you a quick look at what we have done there, the 97 turbine foundations are done. All the roads are done.

Michelle: In terms of construction we've been.

Michelle: Re starting the construction on Boswell remember that we had made a winter pause there just to give you a quick look at what we have done there. The 97 turbine foundation are done older Oh dark done our transmission line 50 kilometers.

Michel Letellier: Our transmission line, 50 kilometers long, is 95% finished. There's a little bit of re-vegetation and some finalizing touch-up on the line, but it's mainly done. We're starting to receive the turbines from GE on site as we speak, and they should be erected by the end of September. Commissioning will start in conjuncture with Pacific Corp during the fall, and we should finalize the construction or commissioning by the end of the year. But we depend on Pacific Corp. Rignis for us to finalize all that commissioning.

Michel Letellier: Our transmission line, 50 kilometers long, is 95% finished. There's a little bit of re-vegetation and some finalizing touch-up on the line, but it's mainly done. We're starting to receive the turbines from GE on-site as we speak, and they should be erected by the end of September, and commissioning will start in conjunction with Pacific Corp during the fall, and we should finalize the construction or commissioning by the end of the year. But we depend on Pacific Corp Rignis for us to finalize all that commissioning.

Michelle: Is 95% finish there's a little bit of repeat your station and some finalizing touch up on the line, but it's it's mainly done.

Michelle: We're starting to receive the turbine from G on site as we speak and they should be erected by the end of September and commissioning will start in conjunction with Pacific Corp. During the default and we should finalize the construction or commissioning by the end of the.

Michelle: A year, but.

Michelle: But <unk>, depending on Pacific Corp, <unk> for us to finalize all that that commissioning for our part will be done and prepare to commission. These these turbine also progressing on added Kuwait in a Y again, we have quite a <unk>.

Michel Letellier: For our part, we'll be done and prepared to commission these turbines. Also, progressing on Alikowin in Hawaii, again, we're advanced there. Our 11,000 pile has been put in, some to be fixed, but that part is done. Fifty percent of the modules are already erected.

Michel Letellier: For our part, we'll be done and prepared to commission these turbines. Also, progressing on Alikowin in Hawaii. Again, we're advanced there. Our 11,000 pile has been put in. Some had to be fixed, but that part is done.

Michelle: <unk>. Our 11000 pilot has been put some add to be fixed but that that part is done 50 per cent of the module are already erected we received all the procurement batteries and and solar panel are on site. So no issue in terms of.

Michel Letellier: Fifty percent of the modules are already erected. We received all the procurement batteries and solar panels are on site, so no issue in terms of delivery. We should also be starting commissioning there in the early fall this year, and we are looking for a COD at the end of the year. We also had four new wind projects in development activities in Canada and France, so we're pretty happy to see 425 megawatts now being added in Q1. Also, in terms of PPA, some of those have turned out to be signed PPAs.

Michel Letellier: We received all the procurement batteries and solar panels are on-site, so no issue in terms of delivery. We should be starting commissioning there in the early fall this year, and we are looking for a COD at the end of the year. We also had four new wind projects in development activities in Canada and France, so we're pretty happy to see 425 megawatts now being added in Q1. And also, in terms of PPA, some of those have turned out to be signed PPAs.

Michelle: Delivery, we should be starting commissioning also there in the early falls this year and we are looking for <unk> at the end of the year. We also had for New project you wind project to development activities in Canada, and France, So we're pretty happy to see 420.

Michelle: Five megawatt now being added in Q1.

Michelle: And also in terms of PPA. Some of those have turned out to be signed P. P. A remember that we have one two project in Quebec.

Michel Letellier: Remember that we have won two projects in Quebec. Pretty pleased to have been selected and be the biggest player in the last RFP in Quebec. The 100-megawatt Labinière-Nadie Canada project has been renamed. A little bit of difficulty to pronounce it in the beginning, but we'll get used to it.

Michel Letellier: Remember that we have one, two projects in Quebec. Pretty pleased to have been selected and be the biggest player in the last RFP in Quebec. The 100-megawatt Labinière-Nadie-Canard project has been renamed. A little bit of difficulty to pronounce it in the beginning, but we'll get used to it.

Michelle: Really pleased to have been selected and being the biggest the player in the last Ah RFP in Quebec, 100 megawatt <unk> not D cannot project been <unk> little bit the difficulties to pronounce it in the in the beginning but we'll get used to it.

Michel Letellier: 30 years PPA with inflation embedded in those PPAs, 300 megawatt with our First Nation partner and the MRC of Manicouagan has been negotiated. We're finalizing the last negotiation with Hydro-Québec. We should sign that contract fairly soon as well. And we have been selected for 350 megawatt, not megawatt, gigawatt of production. That translates to roughly 115, 120 megawatt capacity with Codelco.

Michel Letellier: 30-year PPA with inflation embedded in those PPAs. A 300-megawatt project with our First Nation partner and the MRC of Manicouagan has been negotiated. We're finalizing the last negotiation with Hydro-Québec, and we should sign that contract fairly soon as well. And we have been selected for 350-megawatt, not megawatt, gigawatt of production. That translates to roughly 115, 120-megawatt capacity with Codelco.

Michelle: 30 years P. P. A with the inflation embedded in those in those P. P E. Three.

Michelle: 300 megawatt with our first nation partner and the MRC of many <unk> has has been negotiated and we're finalizing the last negotiation with hydro, Quebec, we should signed that contract fairly soon as well and we have been selected for 350 megawatt.

Michelle: <unk> gigawatt, plus production that that translates to roughly 100, 1500 20 megawatt capacity.

Michelle: <unk> remember that <unk> is one of the biggest industrial customer in Chile, producing copper we have been very I'm very pleased to be selected by this corporation. It means that they recognize the quality of our portfolio and chili in our ability to deliver.

Michel Letellier: Remember that Codelco is one of the biggest industrial customers in Chile, producing copper. We have been very pleased to be selected by this corporation. It means that they recognize the quality of our portfolio in Chile and our ability to deliver long-term renewable energy. This contract is fully indexed and is for 15 years.

Michel Letellier: Remember that Codelco is one of the biggest industrial customers in Chile producing copper. We have been very pleased to be selected by this corporation. It means that they recognize the quality of our portfolio in Chile and our ability to deliver long-term renewable energy. This contract is fully indexed and is for 15 years.

Michelle: Long term.

Michelle: Renewable energy this contract is fully indexed and is for 15 years.

Michel Letellier: If we look at our growth, as I mentioned, we have increased our project and development. This is obviously very positive because this bucket is obviously one of the most advanced projects that we have before becoming under construction. So, very pleased to have doubled that bucket since last quarter with having the project that we just talked about, the win in Quebec, and the win in a project in France as well. We've talked about construction, and the bucket of construction is advancing very well as well, so the idea here is obviously trying to improve on this bucket to make sure that we are growing and we have a focus on the market that we think we have an advantage in.

Michel Letellier: If we look at our growth, as I mentioned, we have increased our project and development. This is obviously very positive because this bucket is obviously one of the most advanced projects that we have before becoming under construction. So, very pleased to have doubled that bucket since last quarter with having the project that we just talked about, the win in Quebec, and the win in France as well. We've talked about construction, and the bucket of construction is advancing very well as well, so the idea here is obviously trying to improve on this bucket to make sure that we are growing and we have a focus on the market that we think we have an advantage in.

Michelle: If we look at our growth as I mentioned, we have increase our project in development. This is obviously very positive because this bucket is obviously one of the most advanced project that we have before becoming under construction.

Michelle: <unk>, so very pleased to have doubled.

Michelle: Double that bucket since last quarter were heading the.

Michelle: Project that we just talked about the wind in Quebec, Canada win in project in France, as well, we've talked about the construction in in the bucket of construction these advancing very well as well. So the idea here is obviously trying to improve on these bucket to make sure.

Michelle: That we are growing and we have focused.

Michel Letellier: We'll be selective, as we said in the past, we're looking to have roughly 400 megawatts of winning projects per year. Given the great opportunity, and Colleen is going to talk and comment about the opportunity that we have here in Canada, we think we have the ability to be selective and be successful in gaining projects with a good financial matrix for us to create value for the shareholder. If we go to the next page, this is basically the genesis of our growth opportunity.

Michel Letellier: We'll be selective, as we said in the past, we're looking to have roughly 400 megawatts of winning projects per year. Given the great opportunity, and Colleen is going to talk and comment about the opportunity that we have here in Canada, we think we have the ability to be selective and be successful in gaining projects with a good financial matrix for us to create value for the shareholder. If we go to the other page, this is basically the genesis of our growth opportunity. We want to make sure that we have a lot of flexibility for ourselves. We have 10,000 gigawatts of prospective projects.

Michelle: On the market that we think we have advantage will be selective as we said in the past. We are looking to have roughly 400 megawatts of a winning project per year, given the great opportunity and calling is going to talk and comment about the paternity that we have here in Canada with.

Michelle: We have the ability to be selective and be success.

Michelle: Successful in gaining project with good financial matrix for us to Ah create value for the shareholders.

Michelle: If we go to the other page. This is basically the the the <unk> of our Grove the opportunity. We wanted to make sure that we have a lot of flexibility for US. We have 10000 gigawatt of prospective project of course, there at <unk>.

Michel Letellier: We want to make sure that we have a lot of flexibility for ourselves. We have 10,000 gigawatts of prospective projects. Of course, they're at different stages of development, but the idea here is to provide us with great flexibility in all the markets for us to be able to bid on the many opportunities that we see in the foreign market that we are playing in. There is, I would say, a focus on Canada. As we have said in the past, Canada is our home turf.

Michel Letellier: Of course, there are different stages of advancement, but the idea here is to provide us with great flexibility in all the markets for us to be able to bid on the many opportunities that we see in the foreign market that we are playing in. There is, I would say, a focus on Canada. As we have said in the past, Canada is our home turf. We think that we have a good advantage being a player with a lot of experience and a willingness also to work with First Nations and communities to be partners in developing projects together.

Michelle: <unk> stage of of advancements, but the I D ear Easter provide us great flexibility in all the market for us to be able to bid and the many opportunity that we see in the foreign market that we are playing their Z E. I would say a focus on Canada.

Michel Letellier: We think that we have a good advantage being a player with a lot of experience and willingness also to work with First Nations and the community to be partners in developing projects together. We have been doing that for the last 20 years, and we think that we have a great opportunity for us to be a winning team in future RFPs for this type of contract. The idea is to make sure that we have plenty of early-stage projects that will migrate towards mid and advanced stages and eventually be in the development sector, and obviously, we hope to have them under construction and eventually heading to our diversified portfolio.

Michelle: As we said in the past, Canada, it's our own turf, we think that we have a good advantage of <unk> the good advantage being.

Michelle: A player we at a lot of experience and willingness also.

Michelle: To work with first nation and community to be partner in developing project together, we have been doing that for the last 20 years, and we think that we have great opportunity for us to to be a winning team in the future.

Michel Letellier: We have been doing that for the last 20 years, and we think that we have a great opportunity for us to be a winning team in future RFPs for this type of contract. The idea is to make sure that we have plenty of early-stage projects that will migrate towards mid and advanced stages and eventually be in the development sector, and obviously, we hope to have them under construction and eventually heading to our diversified portfolio.

Michelle: In these type of of contract. So the idea is to make sure that we have plenty of early stage project that will migrate towards made in advance and adventure really being in the development sector and obviously opening to have them under construction and eventually heading two hour diversified.

Michel Letellier: Working on the foreign market that we said would be active, France, Canada, the United States, and Chile, with perhaps a little bit of a focus more on Canada in the next few quarters. I have the pleasure of having you, to present Colleen Giroux-Smith. She's been with us for the last 13 years.

Colleen Giroux-Schmidt: Working on the foreign market that we said would be active, France, Canada, the United States, and Chile, with perhaps a little bit of a focus more on Canada in the next few quarters. I have the pleasure of having you, to present Colleen Giroux-Smith. She's been with us for the last 13 years. Colleen is leading our effort with all the stakeholders, the community, First Nations, and the environment. She has a lot of experience. She's been at this job for quite a bit of time. We think we have a great opportunity in Canada. She'll give you her perspective on Canadian opportunities for us. So Colleen, can you join us?

Michelle: Are you working on the four market that we we said will be active France, Canada, United States and chili with perhaps a little bit of a focus more on Canada in the next few quarters.

Speaker Change: I have the pleasure to have you two presents you, calling giroux Smith she's been with US for the last 13 years, calling is leading our effort with all the stakeholders community first nation environment.

Michel Letellier: Colleen is leading our effort with all the stakeholders, the community, First Nations, and the environment. She has a lot of experience. She's been at this job for quite a bit of time.

Speaker Change: She has a lot of experience she's she's been at this job for [laughter] for quite a bit of time, and we think we have a great opportunity in Canada she'll she'll give you the perspective on the Canadian.

Karine Vachon: We think we have a great opportunity in Canada. She'll give you the perspective on Canadian opportunities for us. So Colleen, can you join us?

Calling: Opportunities for us so calling can you join us.

Karine Vachon: Thank you, Michel. I'm pleased to be here today to talk about the rapid and sustained growth in demand for renewable electricity that we are seeing across Canada and why Innergex is so well positioned to seize this opportunity. This is an unprecedented time for renewable electricity. Demand growth is consistently being forecast to at least double by 2050, a pace that we have not experienced before. In the past, demand was driven by top-down political priorities, which changed with the political wind.

Giroux Smith: Yes, Thank you Michelle.

Karine Vachon: I'm pleased to be here today to talk about the rapid and sustained growth in demand for renewable electricity that we are seeing across Canada and why Innergex is so well positioned to seize this opportunity. This is an unprecedented time for renewable electricity. Demand growth is consistently being forecast to at least double by 2050, a pace that we have not experienced before. In the past, demand was driven by top-down political priorities that changed with the political wind.

Calling: I'm supposed to be here today to talk about the rapid and sustained growth in demand for renewable electricity that we are seeing across Canada, and my interjections Soleil position to seize this opportunity.

Soleil: This is an unprecedented time for renewable electricity.

Giroux Smith: Demand growth has consistently being forecast to at least double by 2050 at pace, which we have not experienced before.

Giroux Smith: In the past amount is driven by top-down political priorities, which changed with the political in.

Karine Vachon: Today, we are seeing that in addition to top-down policy polls, there is an equally strong push for more non-emitting energy coming from the grid, making the opportunities much more durable. Increasingly, global corporations are looking for cost-effective, reliable, renewable electricity when deciding where to invest and establish their operations, making it an economic necessity for provinces to have a sufficient supply. This is in addition to demand growth as existing customers electrify and grow their use.

Giroux Smith: Today, we are seeing that in addition to top down policy <unk>. There is an equally strong quest for more non emitting energy coming from about making the opportunity is much more durable.

Giroux Smith: Increasingly global corporations are looking for cost effective reliable renewable electricity, when deciding where to any fast and establish their operation making.

Giroux Smith: Making it an economic necessity for provinces to have a sufficient supply.

Giroux Smith: This is in addition to the demand growth as existing customers electrify ink Rodriguez.

Karine Vachon: Canadian utilities provide some of the highest-quality contracts, and we believe that these PPA structures are desirable. In Canada, we're seeing some of the longest contract tenures in the market, with offtake agreements going out to 30 years now for wind and solar. We are also seeing favorable contract terms, including taker pay structures and inflation indexation clauses.

Giroux Smith: Canadian utilities provide some of the highest quality contracts and we believe that these P. P structures are desirable.

Giroux Smith: In Canada, we are seeing some of the longest contract 10 years in the market with all take agreements going out to 30 years now for wind and solar.

Giroux Smith: We are also seeing favorable contract terms, including take or pay structures and inflation indexation closets.

Karine Vachon: Here at Innergex, we have been working with our Canadian utility customers for decades, and we have a solid foundation to build on to secure our growth as attractive risk-adjusted returns. We are increasingly seeing the provinces open up their grids to allow direct corporate offtake contracts in order to attract more investment and meet that strong business demand. We believe that this could broaden the market for power buyers, which will create additional optionality for a large portfolio of projects here in Canada.

Karine Vachon: Here at Innergex, we have been working with our Canadian utility customers for decades, and we have a solid foundation to build on to secure our growth as an attractive risk-adjusted return. We are increasingly seeing the provinces open up their grids to allow direct corporate offtake contracts in order to attract more investment and meet that strong business demand. We believe that this could broaden the market for power buyers, which will create additional optionality for a large portfolio of projects here in Canada.

Giroux Smith: <unk>, we have been working with our Canadian utility customers for decades, and we had a solid foundation to build on to secure our growth as talkative risk adjusted return.

Giroux Smith: We are increasingly seeing the provinces open up their grades to allow direct corporate offtake contracts in order to attract more investment and meet that strong business demand.

Giroux Smith: We believe that this could brought in the market power buyers, which will create additional optionality for a large portfolio of projects here in Canada.

Karine Vachon: The scale of demand is going to require consistent, ongoing procurements. This makes the opportunity for renewable energy and storage projects both durable and sustainable across the provinces, compared to the sporadic tenders that we've experienced in the past. Canada is our home, where we started over 30 years ago.

Karine Vachon: The scale of demand is going to require consistent, ongoing procurements. This makes the opportunity for renewable energy and storage projects both durable and sustainable across the province, compared to the sporadic tenders that we've experienced in the past. Canada is our home, where we started over 30 years ago.

Giroux Smith: The scale of demand, it's gonna require consistent ongoing procurement. This makes the opportunity for renewable energy and storage projects, both durable and sustainable across the provinces compared to the sporadic tenders that we've experienced in the past.

Giroux Smith: Canada is our home, where we started over 30 years ago, we have a significant market presence coming from our 42 operating assets in Quebec, British Columbia and Ontario.

Karine Vachon: We have a significant market presence coming from our 42 operating assets in Quebec, British Columbia, and Ontario. As a result, Innergex has deep experience across provinces in origination, development, construction, and operation of projects, and we can leverage that technological expertise we have developed in other jurisdictions. Our market leadership is demonstrated through our partnerships with Indigenous communities. Innergex was one of the first companies to develop renewable energy projects that are co-owned with indigenous communities. It is something we are tremendously proud of and something we've been honoured to repeat many times across the country and over the years.

Karine Vachon: We have a significant market presence coming from our 42 operating assets in Quebec, British Columbia, and Ontario. As a result, Innergex has deep experience across provinces in origination, development, construction, and the operation of projects, and we can leverage that technological expertise we have developed in other jurisdictions. Our market leadership is demonstrated through our partnerships with Indigenous communities. Innergex was one of the first companies to develop renewable energy projects that are co-owned with indigenous communities. It is something we are tremendously proud of and something we've been honoured to repeat many times across the country and over the years.

Giroux Smith: As a result, interjects has deep experience across provinces and origination development construction and the operation of projects and we can leverage that technological expertise we have developed in other jurisdictions.

Giroux Smith: Our market leadership as demonstrated through our partnerships with indigenous communities.

Giroux Smith: <unk> was one of the first companies to develop renewable energy projects that are <unk> with indigenous communities. It is something we are tremendously proud of and something we've been honored to repeat many times across the country and through the years.

Karine Vachon: Today, Indigenous equity participation in projects is increasingly becoming the expectation with incentives or minimum equity requirements in the RFPs. This represents a competitive advantage for Innergex due to our experience, creativity, and long track record of developing, constructing, and operating projects in this partnership model. We see some of the largest opportunities for growth in our home market of Canada, with over 5,000 megawatts of RFPs expected in 2024 and 2025 that will allow Innergex to generate sustained growth.

Karine Vachon: Today, Indigenous equity participation in projects is increasingly becoming the expectation with incentives or minimum equity requirements in the RFP. This represents a competitive advantage for Innergex due to our experience, creativity, and long track record of developing, constructing, and operating projects in this partnership model. We see some of the largest opportunities for growth in our home market of Canada, with over 5000 megawatts of RFPs expected in 2024 and 2025 that will allow Innergex to generate sustained growth. Hydro-Québec is leading the way with its ambitious 2035 action plan.

Giroux Smith: Today indigenous equity participation and projects is increasingly becoming the expectation with incentives are minimum equity requirements in the iced tea. This.

Giroux Smith: This represents a competitive advantage for interjects due to our experienced creativity and long track record of developing constructing an operating projects in this partnership model.

Giroux Smith: We see some of the largest opportunities for growth in our home market of Canada with over 5000 megawatts of Rfps expect it in 2024, and 2025 that will allow interjects to generate sustained growth.

Karine Vachon: Hydro-Quebec is leading the way with its ambitious 2035 action plan. British Columbia, Saskatchewan, and Ontario have also established impressive targets to further deploy renewable energy solutions over the near and medium term. In Q1, we were pleased to start the year well, winning 400 megawatts of projects awards in Quebec. In Saskatchewan, we are currently participating in a call for 200 megawatts of solar. We are well positioned for future RFPs, such as the recently announced call in British Columbia, its first in 15 years, which is seeking 3,000 gigawatt hours of new renewable electricity to come online by the end of the decade. Looking out into 2025, we expect large-scale opportunities in both Quebec and Ontario, which could lead to over 4,000 megawatts of capacity awards in the coming years.

Giroux Smith: <unk>, Quebec is leading the way with its ambitious 2035 action plan.

Karine Vachon: British Columbia, Saskatchewan, and Ontario have also established impressive targets to further deploy renewable energy solutions over the near and medium term. In Q1, we were pleased to start the year well, winning 400 megawatts of projects awards in Quebec. In Saskatchewan, we are currently participating in a call for 200 megawatts of solar. We are well positioned for future RFPs, such as the recently announced call in British Columbia, its first in 15 years, which is seeking 3000 gigawatt hours of new renewable electricity to come online by the end of the decade.

Giroux Smith: British Columbia, Saskatchewan, and Ontario have also established impressive targets to further deploy renewable energy solutions over the near and medium term.

Giroux Smith: Thank you one we are please to start the year well, winning 400 megawatts of project some word in Quebec.

Giroux Smith: In Saskatchewan, we are currently participating in a call for 200 megawatts of solar.

Giroux Smith: We are well positioned for future rfps, such as the recently announced call in British Columbia. It's first in 15 years, which is seeking 3000 gigawatt hours of new renewable electricity to come online by the end of the decade.

Karine Vachon: Looking out into 2025, we expect large-scale opportunities in both Quebec and Ontario, which could lead to over 4,000 megawatts of capacity awards in the coming year. Overall, we are pleased to see the resurgence of growth in Canada and believe that we bring unique capabilities to upcoming RFP processes that will enable Innergex's ongoing success. Innergex's position in British Columbia is a prime example of our competitive advantage in Canada. We have been investing in B.C.

Giroux Smith: Looking out into 2025, we expect large scale opportunities and both Quebec, and Ontario, which could lead to over 4000 megawatts of capacity awards in the coming years.

Karine Vachon: Overall, we are pleased to see the resurgence of growth in Canada and believe that we bring unique capabilities to upcoming RFP processes that will enable Innergex's ongoing success. Innergex's position in British Columbia is a prime example of our competitive advantage in Canada. We have been investing in B.C. for over two decades, with over $2.5 billion invested to date.

Giroux Smith: Overall, we are pleased to see the resurgence of growth in Canada, and believe that we bring unique capabilities to upcoming RFP processes that will enable interjects ongoing success.

Giroux Smith: Interjects his position in British Columbia is a Prime example of our competitive advantage in Canada.

Karine Vachon: for over two decades, with over $2.5 billion invested to date. Our operating assets make Innergex the largest independent power producer in the province by both installed capacity and annual generation. Our large operating portfolio means that we have maintained a strong presence during the procurement law over the past 15 years.

Giroux Smith: We have been investing in D C for over two decades with over 2.5 billion invested to date.

Karine Vachon: Our operating assets make Innergex the largest independent power producer in the province by both installed capacity and annual generation. Our large operating portfolio means that we have maintained a strong presence during the procurement law over the past 15 years. While many other companies stepped away from this market, we saw the future opportunity and continued to build relationships and partnerships. As a result, we are privileged to have earned solid relationships with Indigenous communities, including the 25 partnerships on our Operating and Development Project.

Giroux Smith: Our operating assets make interjects, the largest independent power producers in the province by both installed capacity and annual generation.

Giroux Smith: Our large operating portfolio means that we maintained a strong presence during the procurement law over the past 15 years.

Karine Vachon: While many other companies stepped away from this market, we saw the future opportunity and continued to build relationships and partnerships. As a result, we are privileged to have earned solid relationships with Indigenous communities, including the 25 partnerships on our Operating and Development Project. And many of our employees who worked on the previous procurements are still with the company and bring their expertise in BC project development, permitting, and construction to this new opportunity.

Giroux Smith: While many other company stepped away from this market, we saw the future opportunity and continue to build relationships and partnerships.

Giroux Smith: As a result, we are privileged to have earned solid relationships with indigenous communities, including the 25 partnerships on are operating in development projects.

Karine Vachon: And many of our employees who worked on the previous procurements are still with the company and bring their expertise in B.C. project development, permitting, and construction to this new opportunity. As is the case across provinces, British Columbia is seeing rapid demand growth for renewable electricity and has strong legislated climate targets in addition to customer demand. The government is consistently messaging that this will be the first in a series of rolling procurements for clean electricity.

Giroux Smith: And many of our employees who worked on the previous procurements are still with the company and bring their expertise in D. C project development permitting and construction to this new opportunity.

Karine Vachon: As is the case across provinces, British Columbia is seeing rapid demand growth for renewable electricity and has strong legislated climate targets in addition to customer demand. The government is consistently messaging that this will be the first in a series of rolling procurements for clean electricity.

Giroux Smith: As is the case across provinces British Columbia has seen rapid demand growth for renewable electricity and has strong legislative climate targets. In addition to the customer demand.

Giroux Smith: The government is consistently messaging that this will be the first in a series of rolling procurement for clean electricity.

Karine Vachon: We anticipate an abundance of opportunities to rebid projects and future RFPs if the current processes do not align with Intergex's strategic or financial objectives. Our deep experience in this market, our experienced employees, our valued partners, and our portfolio of development projects make Innergex well positioned to succeed in British Columbia and across Canada. I will now turn it over to Jean to discuss Innergex's performance in the quarter.

Karine Vachon: We anticipate an abundance of opportunities to rebid projects and future RFPs if the current processes do not align with Intergex's strategic or financial objectives. Our deep experience in this market, our experienced employees, our valued partners, and our portfolio of development projects make Innergex well-positioned to succeed in British Columbia and across Canada. I will now turn it over to Jean to discuss Innergex's performance in the quarter. Right. Thank you, Colleen

Giroux Smith: We anticipate an abundance of opportunities to rebid projects and future Rfps. It's a current processes do not a line with interjects, the strategic or financial objectives.

Giroux Smith: Or deep experience in this market <unk>.

Giroux Smith: Our experienced employees are.

Giroux Smith: All you'd partners in our portfolio of development projects make interjects, well position to succeed in British Columbia and across Canada.

Speaker Change: I will now turn it over to <unk> to discuss interjects his performance in the corner.

Jean Trudel: Right. Thank you, Colleen.

Speaker Change: Alright, Thank you, calling I will begin with the operational highlights with a quarter. So as you can see on the slide the production in the corner was led by strong hydro resources with generation well above L. T A's and forcefully strong performance from our V. C. Facilities. This was partially upset by law urban regimes in Blue L. T <unk>.

Jean Trudel: We'll begin with the operational highlights for the quarter. As you can see on this slide, production in the quarter was led by strong hydro resources with generation well above LTAs and particularly strong performance from our BC facilities. This was partially offset by lower wind regimes and below-LTA production in our solar portfolio. Overall, our production proportionate was at 96% of LTA and was up 10% year over year. It is interesting to note that 2% of production was actually affected by curtailment and not due to a lack of resources.

Speaker Change: Reduction in our solar portfolio.

Jean Trudel: Overall, our production proportionate was at 96% of LTA and was up 10% year over year. It is interesting to note that 2% of production is actually affected by curtailment and not due to a lack of resources. And the additional battery at San Andres in Chile that is soon to be fully commissioned will certainly help mitigate curtailment in the solar segment. Furthermore, we remain focused on maintaining high portfolio availability to support optimal results. We are happy with the team's performance in Q1 2024, with asset availability at 96% in the quarter.

Speaker Change: Overall, our production proportionate was at 96 per cent of <unk> and was up 10% year over year.

Speaker Change: It is interesting to note that 2% of production is actually affected by curtailment and now due to lack of resources.

Jean Trudel: And the additional battery at San Andres in Chile that is soon to be fully commissioned will certainly help mitigate curtailment in the solar segment. Furthermore, we remain focused on maintaining high portfolio availability to support optimal results. We are happy with the team's performance in Q1 2024, with asset availability at 96% in the quarter. These results of our diversification strategy continue to allow us to balance seasonal variations in production and reduce our overall risk profile.

Speaker Change: And the additional battery at <unk> and <unk> that the soon to be pretty commission will certainly help mitigate fulfillment and disorder segments.

Speaker Change: Furthermore, we remain focused on maintaining high portfolio availability to support optimal results were happy with the team's performance and two 120 24 with acid availability at 96 per cent in the corridor. These results of our diversification strategy continue to allow us to balance seasonal variations in production and reduce.

Jean Trudel: These results of our diversification strategy continue to allow us to balance seasonal variations in production and reduce our overall risk profile. Overall, we continue to proactively manage downtime and maintenance programs to ensure efficient asset management and production of our assets. Next, let's look at financial highlights for the quarter, just briefly. So, for the quarter, we generated good results with just-studied BDA proportionate at $171 million, representing a 15% increase year-over-year.

Giroux Smith: Overall risk profile.

Jean Trudel: Overall, we continue to proactively manage downtime and maintenance programs to ensure efficient asset management and production of our assets. Next, we'll look at financial highlights for the quarter, just briefly. So, for the quarter, we generated good results with just-studied BDA proportionate at $171 million, representing a 15% increase year-over-year. This growth was primarily driven by better generation, as highlighted on the previous slide, as well as full-quarter contributions from newly added assets, including the SSM solar facilities in Ontario, the Salvador Battery Energy Storage Facility in Chile, and the Inevik Hydroelectric Facility in Quebec.

Giroux Smith: We're all we continue to proactively managed downtime and maintenance programs to ensure efficient asset management and production of our assets.

Speaker Change: Next let's look at the financial highlights for the quarter just briefly so for the quarter, we generate a good results with just to repeat the April fortunate that $171 million, representing a 50 per cent increase year over year.

Jean Trudel: This growth was primarily driven by better generation, as highlighted on the previous slide, as well as full-quarter contributions from newly added assets, including the SSM solar facilities in Ontario, the Salvador Battery Energy Storage Facility in Chile, and the Inevec Hydroelectric Facility in Quebec. It's important to reinforce that our diversification strategy is working well and that generation is not the only driving force of our results. We will remain focused on prudently allocating resources to maximize our return on investment.

Speaker Change: <unk> was primarily driven by bitter generation as highlighted on the previous slide as well as full quota contributions from newly added assets, including the S. S. M solar facilities and I'll tell you the <unk> battery energy storage facility and should we end the interview Hydro electric facility in Quebec.

Jean Trudel: It's important to reinforce that our diversification strategy is working well, and that generation is not the only driving force of our results. We will remain focused on prudently allocating resources to maximize our return on investment. Pre-cash flow during the quarter was $42.2 million, or $0.21 on a per share basis, and the main driver for the pre-cash flow generation in the quarter versus last year is similar to the previously noted items that contributed to the EBDA.

Speaker Change: It's important to reinforce it already diversification strategy is working well in that generation is not the only driving force of our results are also pleased with the efforts on cost disciplined.

Speaker Change: And will remain focused on prudency locating resources to maximize our return on investment.

Jean Trudel: Pre-cash flow during the quarter was $42.2 million, or $0.21 on a per share basis, and the main driver for the pre-cash flow generation in the quarter versus last year is similar to the previously noted items that contributed to the EBDA.

Speaker Change: Free cash flow during the quarter was $42.2 million or 21 cents on a brochure basis and the main driver for the pre Castro generation and a quarter versus got here are similar to the previously noted items that contributed to the E. B D. A.

Jean Trudel: Now, next, a few highlights on Innergex's balance sheet. As of the end of Q1, we have $6.5 billion of total debt, of which the vast majority is non-recourse project debt and tax equity debt, essentially all at fixed or hedged rates. The sequential change is primarily due to net draws on our credit facility related to under-construction projects, partially offset by scheduled principal debt repayment.

Speaker Change: Now next a few highlights on interjects balance sheets.

Speaker Change: As of the end of two one we have $6.5 billion a total depth of.

Speaker Change: Which the vast majority is non recourse project depth and tax equity that essentially all it fixed or hedged rates. The sequence show change is primarily due to net draws on our credit facility related to under construction projects. Unfortunately upset by schedule principal debt repayments.

Jean Trudel: Our non-recourse project debt remains an important funding tool that allows us to manage project risks, optimize our cost of capital, and is backed by the quality of our long-term contracts. We continue to maintain high levels of debt service coverage, and the vast majority of our project debt is amortized over the remaining life of our PPA contracts. Overall, we remain comfortable with our self-amortizing project debt as this conservative approach and financing structure allows us to align our debt repayments with our cash flow profile.

Speaker Change: Or a non recourse project that remains an important funding tool that allows us to manage project risks optimize our cost of capital and is backed by the quality of our longterm contracts.

Speaker Change: We continue to maintain high levels of debt service coverage and the vast majority of our project is amortized over the remaining life of our P. P. A contracts overall, we remain comfortable with our sauce amortizing project that is this conservative approach and financing structure allows us to align our debt repayments with our cash.

Speaker Change: Profile and in fact, our project that is 40 amortized over the weighted average remaining life or a P. P. S which is currently at around 12 years.

Jean Trudel: In effect, our project debt is fully amortized over the weighted average remaining life of our PPAs, which is currently at around 12 years. This is far below our estimated weighted average portfolio remaining useful life of 40 years, and it provides us with significant refinancing and recontracting opportunities.

Jean Trudel: This is far below our estimated weighted average portfolio remaining useful life of 40 years, and it provides us with significant refinancing and recontracting opportunities. We are also maintaining the necessary liquidity to support our growth strategy with more than half a billion dollars of available liquidity to fund our strategic priorities. In Q1 2024, we also repurchased $5 million of shares under our NCIB and remain active with share buybacks. The quantum and timing of repurchases depend on several factors, including potential success in capital recycling initiatives. And in addition, for our DRIP program, we have activated the market purchase option effective as of the April dividend, which limits the deduction to shareholders.

Speaker Change: This this is far below are estimated weighted average portfolio remaining useful life of 40 years and it provides us with significant refinancing and recontracting. Unfortunately teeth.

Jean Trudel: We are also maintaining the necessary liquidity to support our growth strategy with more than half a billion dollars of available liquidity to fund our strategic priorities. In Q1 2024, we also repurchased $5 million of shares under our NCIB and remain active with share buybacks. The quantum and timing of repurchases depends on several factors, including potential success in capital recycling initiatives. And, in addition, for our DRIP program, we have activated the market purchase option effective as of the April dividend, which limits the deduction to shareholders.

Speaker Change: We are also maintaining the necessary liquidity to support our growth strategy with more than half a billion dollars of available liquidity to fund our strategic priorities in.

Speaker Change: <unk> 120, 24, we also repurchased $500 of shares under R. M C I D and remain active whichever buybacks.

Speaker Change: The quantum and timing of your purchases depends on several factors, including potential success and capital recycling initiatives.

Speaker Change: And in addition, four hour drip program, we have activated the market purchase option effective as of the April dividend, which limits the dilution to shareholders.

Jean Trudel: For the remainder of 2024, our CAPEX budget is fully funded from construction loans in place and or our available liquidity, and there are no material changes to our full-year output. We remain committed to managing our corporate leverage and to self-funding our organic growth. Now, in view of our performance in the quarter and the outlook for the rest of the year, we are reaffirming our guidance for 2024. As previously discussed, we expect adjusted EBDA proportionate to be in the range of $725 to $775 million and free cash flow per share before prospective expenses to be in the range of $0.70 to $0.85.

Jean Trudel: For the remainder of 2024, our CAPEX budget is fully funded from construction loans in place and or our available liquidity, and there are no material changes to our full-year outlook. We remain committed to managing our corporate leverage and to self-funding our organic growth. Now, in view of our performance in the quarter and the outlook for the rest of the year, we are reaffirming our guidance for 2024. As previously discussed, we expect adjusted EBDA proportionate to be in the range of $725 to $775 million and free cash flow per share before prospective expenses to be in the range of $0.70 to $0.85.

Speaker Change: For the remainder of 2024 hour Capex budget is fully funded from construction northern please and or are available liquidity and there are no material changes tour for your <unk>.

Speaker Change: We remain committed to managing our corporate leverage into self funding our organic broke.

Speaker Change: Now your performance in the corner and the outlook for the rest of the year, we are reaffirming our guidance for 2024.

Speaker Change: As previously discussed we expect and just to repeat the gay proportionate to be in the range of $725 million to $775 million in free cash flow per share before prospective expenses to be in the range of 70 to 85 cents.

Jean Trudel: And the key assumptions behind our 2024 guidance include production expectations in line with LTAs and asset availability of approximately 95%. Hence, we expect to deliver more pronounced growth following the commissioning of our projects under construction and success in future development. So I will now give the floor to Michel for an update on our 2024 corporate priorities and closing remarks. Thank you, Jean.

Michel Letellier: And the key assumptions behind our 2024 guidance include production expectations in line with LTAs and asset availability of approximately 95%. Therefore, we expect to deliver more pronounced growth following the commissioning of our projects under construction and success in future development. So I will now give the floor to Michel for an update on our 2024 corporate priorities and for closing remarks. Thank you, Jean.

Speaker Change: And the key assumptions behind our 2024 guidance include the production expectations in nine with L. T A's and asset availability of approximately 95 per cent. So.

Speaker Change: So we expect to deliver more pronounced wrote pulling the commissioning of our projects under construction and success on future development. So I will now give the floor to Michelle for an update of our twenty-twenty for corporate priorities and for clothing remarks, I'm trying to think he was as we said I'd like to just <unk> reinforce some of the men.

Michel Letellier: Thank you, Jean. As we said, I'd like to just reinforce some of the messages you heard today. Construction, as we said, we will be focusing on delivering on-time and on-budget our big project, Boswell and Aliqua Way development. We will be active, as you heard Colleen saying, especially in Canada. We'll bid at least over – definitely over 500 megawatts.

Michel Letellier: As we said, I'd like to just reinforce some of the message you heard today. Construction, as we said, we will be focusing on delivering on time and on budget our big project, Boswell and Alicoway development. We will be active, as you heard Colleen saying, especially in Canada. We'll bid at least over – definitely over 500 megawatts.

Michelle: That you heard today construction as we said we will be focusing on delivering on time and on budget that were big project Boswell and and <unk> development, we will be active as you heard calling saying, especially in Canada, we will bid at least over.

Michelle: Definitely over 500 megawatts, we all really bad more than 300 megawatt with a word for it and chili in Saskatchewan lately, we are aiming at winning 400 megawatt per year, just like we did last year I think this is a fairly conservative.

Michel Letellier: We have already bid more than 300 megawatts with our recent efforts in Chile and Saskatchewan. We are aiming at winning 400 megawatts per year, just like we did last year. I think this is a fairly conservative target, given the opportunity that we have in all our four markets, but we want to be selective. We want to make sure that we are bidding at a price that makes sense financially for us.

Michelle: Target, giving the appropriate needed if we have an all our for for market, but we want to be selective we want to make sure that we are bidding at the price that makes sense financially for us will ramp up also they've lockman activities as we said in the past we have now more and more.

Michel Letellier: We'll also ramp up development activities. As we said in the past, we now have more and more people on the ground actively developing projects in these markets. Jean just alluded to financing.

Michelle: People on the ground being actively they've loving project in these in these market just eluded to financing we want to make sure that we are focused on managing our balance sheet and open to recycling opportunity as we as the becoming.

Michel Letellier: We want to make sure that we are focused on managing our balance sheet and open to recycling opportunities as they become more and more available to us. Always looking to make sense and create value for our shareholders. I'd also like to take a moment to highlight our sustainability effort. We just released our ESG report, which reinforced our positioning in the market as a 100% renewable energy provider with negligible GHG emissions. We continue to work on improving our sustainability processes and disclosure. We have to tell our story.

Michel Letellier: We want to make sure that we are focused on managing our balance sheet and open to recycling opportunities as they become available for us, always looking to make sense and create value for our shareholders. I'd also like to take a moment to highlight our sustainability efforts. We just released our ESG report, which reinforced our positioning in the market as a 100% renewable energy provider with negligible GHG emissions. We continue to work on improving our sustainability processes and disclosure. We have to tell our story. I think we are doing a great thing, but we have to make sure that people hear and can read about our successes.

Michelle:

Speaker Change: Available for us.

Speaker Change: Was looking to make sense and create value for our shareholders.

Speaker Change: I'd like also to take a moment to I liked our sustainability for it we just release, our our E. S. D report, which reinforce our positioning in the market as 100 per cent renewable energy provider with negligible G. H D emission we <unk>.

Speaker Change: Continue to work on improving our sustainably processes and disclosure we have to tell our story I think we are doing a great thing, but we have to make sure that people here and can read the hours successes sustainability eczema minutes remained paler in our strategy and we are excited by the potential to support the transition.

Michel Letellier: I think we are doing a great thing, but we have to make sure that people hear and can read our successes. Sustainability excellence remains a pillar in our strategy, and we are excited by the potential to support the transition to a greener world, balancing people, the planet, and prosperity. Also, I'd like to reemphasize our key takeaway from today's update. We are pleased with the improved generation in the quarter and continue to see the benefit of our unique balanced asset portfolio.

Michel Letellier: Sustainability excellence remains a pillar in our strategy, and we are excited by the potential to support the transition to a greener world, balancing people, the planet, and prosperity. Also, I'd like to reemphasize our key takeaway from today's update. We are pleased with the improved generation in the quarter and continue to see the benefit of our unique balanced asset portfolio. Our solid financial performance shows the strength of our cash-generating ability of our operation.

Speaker Change: Two are greener world balancing the people the planet and the prosperity.

Speaker Change: Also I'd like to <unk>, our key take away from today's update we are pleased with the improved generation decor and continue to see the benefit of our unique balance asset portfolio.

Michel Letellier: Our solid financial performance shows the strength of our cash-generating ability of our operation. We are focused on fueling our long-term growth through discipline and sustainable growth strategies as we are on track to deliver on our 2024 commitment. We are excited about Innergex's future, and we have multiple ways to win in our market. We are pursuing a profitable project and delivering on our strategy objective, which will help deliver a strong return for our investors.

Speaker Change: Our solid financial performance showed the strength of our cashing or anything of the ability of our operation. We are focused on fuel our longterm grow through discipline and sustainable growth strategy. As we are on track to deliver on our 2024 commitments. We are excited about <unk> future and we have multiple <unk>.

Michel Letellier: We are focused on fueling our long-term growth through discipline and sustainable growth strategies as we are on track to deliver on our 2024 commitment. We are excited about Innergex's future, and we have multiple ways we can win in our market. We are pursuing a profitable project and delivering on our strategy objective, which will help deliver strong returns for our investors. In closing, I would like to reiterate why we believe Innergex is a unique investment opportunity and why we are confident in our ability to continue to win in the renewable energy market and deliver shareholder value. Innergex is a 100% renewable energy project developer and operator.

Speaker Change: <unk>, we can win in our market, we are pursuing profitable project and delivering on our strategy objective, which is <unk>, which will deliver strong return for investors.

Michel Letellier: In closing, I would like to reiterate why we believe Innergex is a unique investment opportunity and why we are confident in our ability to continue to win in the renewable energy market and deliver shareholder value. Innergex is a 100% renewable energy project developer and operator. We have a high-quality, complementary portfolio of assets that are diversified across hydro, wind, solar, and battery storage. Our base of premium hydro assets provides a unique advantage for us.

Speaker Change: In closing I would like to reiterate why we believe in our checks as a unique investment opportunity and why we are confident in our ability to continue to win in the renewable energy market and deliver shareholder value.

Speaker Change: It's 100 per cent renewable energy project, they've Lopper <unk>, we have a high quality complementary portfolio of assets that aren't diversified across hydro wind solar and battery storage our base of premium address it provides a unique advantage for us our asset well balance across geography.

Michel Letellier: We have a high-quality, complementary portfolio of assets that are diversified across hydro, wind, solar, and battery storage. Our base of premium hydro assets provides a unique advantage for us. Our assets are well-balanced across geography with operations in Canada, the US, France, and Chile. This diversifies our exposure to resources, customers, and contracting opportunities. Our assets are supported by highly quality PPA that are indexed to inflation and generate long-term cash flow with limited exposure to merchant pricing.

Michel Letellier: Our assets are well-balanced across geography, with operations in Canada, the U.S., France, and Chile. This diversifies our exposure to resources, customers, and contracting opportunities. Our assets are supported by highly quality PPA that are indexed to inflation and generating long-term cash flow with limited exposure to merchant pricing. Finally, our disciplined execution on our growth strategy will enable us to deliver strong long-term shareholder returns. Thank you. Thank you. Thank you for your attention, and we will be opening the questions.

Speaker Change: <unk> in Canada U S, France, and Chile. This.

Speaker Change: This diversify our exposure to resources customer and contracting opportunities or assets are supported by highly quality P. P. A that are in the exit translation engineering longterm cash flow with limited exposure to merchant pricing finally, our disciplined execution on drove strategy will enable us.

Michel Letellier: Finally, our disciplined execution of our growth strategy will enable us to deliver strong long-term shareholder returns. Thank you. Thank you for your attention, and we will be opening the questions. Thank you. Ladies and gentlemen, should you have a question, please press star 1. With your question, press start.

Speaker Change: To deliver a strong longterm showboat return so thank you for your.

Speaker Change: Your attention and we will be opening the question.

Speaker Change: Thank you.

Operator: Thank you. Ladies and gentlemen, should you have a question, please press star 1. To withdraw your question, press star 2. Again, to ask a question, please press star 1. One moment, please, for your first question. Your first question comes from Rupert Merer from National Bank. Please go ahead.

Operator: Again, to ask a question, please press star 1. One moment, please, for your first question. The first question comes from Rupert Merer from National Bank. Please go ahead. Hello, good morning.

Speaker Change: [noise] Hello, good morning, everyone Hello.

Rupert M. Merer: Hello, good morning, everyone.

Michel Letellier: Hello. Hello, Rupert.

Rupert M. Merer: Hello. Hello, Rupert. So, I could start by asking you for a little more color on your development pipeline. It is mostly wind.

If I could start with asking you for a little more color on your development pipeline. It is mostly wind. It is mostly in Canada. Can you talk about how that's spread across the country? Is it mostly aligned with where you see RFPs and power demand in the future? And will it help you to continue to diversify your portfolio?

Michel Letellier: It is mostly in Canada. Can you talk about how that's spread across the country? Is it mostly aligned with where you are, and will it help you to continue to diversify? Well, it's a good point, Rupert. I think in Canada, we have been participating in the Saskatchewan solar RFP. We have put 200 megawatts there, but we think that both in Quebec and BC, wind will definitely be more competitive, and hence, we think that we have a better chance to win the RFP if we bid on wind.

Speaker Change: So if I could start with asking you for a little more color on your development pipeline. It. It is mostly wind. It is mostly in Canada can you talk about how that spread across the country is it mostly lined with where you see rfps in power demand in the future.

Speaker Change: And <unk>.

Speaker Change: Help you to continue to diversify your portfolio.

Speaker Change: Oh, that's a good point to Rupert I think in Canada, we have been participating.

Speaker Change: And Saskatchewan Solar RFP, we have put 200 megawatt there, but we think that boat in Quebec, and B C. When will definitely be more competitive and and we think that we have a better chance to win the RFP. If we are providing when.

Michel Letellier: We have at least four or five projects in BC that we want to put in, and we have numerous projects in Quebec in many places. It's a little bit hard to understand where Hydro-Québec will want to have the wind production in Quebec. Remember the last time they provided us with a target area where we could interconnect?

Speaker Change: If we did when we have please four or five project N. B C that we wanted to put in and we have <unk> I'm sorry, we have numerous the project in Quebec in many places, it's a little bit hard to understand where hydro, Quebec will want to have the the wind production.

Speaker Change: <unk> <unk> remember the last time, they provided us with a target area, where we could interconnect. So in order to be flexible we have a project and hold over the the area. So we don't Wanna get caught a short of project in in a different area.

Michel Letellier: So, in order to be flexible, we have projects all over the area, so we don't want to get caught short of projects in the different areas. We're getting ready for Ontario. Ontario, I've said it often, I think will have to wake up and smell the coffee down the road. I said that with BC last year, and they finally got it.

Speaker Change:

Speaker Change: We have we're getting ready for our Ontario, Ontario, I sell it often I think we'll have to wake up and smell the coffee down the road when I said that we'd be C last year and they finally got it I think that Ontario will even have a bigger problem down the road.

Michel Letellier: I think that Ontario will even have a bigger problem down the road. So, we're getting ready there, even though we're not seeing the great visibility on the RFP. We think that wind will be competitive in the north. Wind in the south of Ontario is good, but the problem is that the social license for that is very, very difficult.

Speaker Change: So we're getting ready, they're even though we're not seeing the great visibility on RFP, we think that when will be <unk> when in <unk>, Ontario is good but the problem is the social license for that is very very difficult. So we'll have solar and the.

Michel Letellier: So, we'll have solar in the south of Ontario and wind in the north. That's about it, and we have some wind opportunities in Saskatchewan down the road, but we thought that our project was not as competitive this time around, so that's why we focused only on solar in Saskatchewan. But that's our decoder. I don't know if it answers your question, but this is our strategy for Canada. Thank you.

Speaker Change: Soto, Ontario, and wind in the north.

Speaker Change: That's that's about it then we we have some when opportunity in Saskatchewan down the road, we but we thought that our project was not passed competitive this time around so that's why we focused only on the on the solar in Saskatchewan, but.

Speaker Change: That's how are the color I I don't know if it enter your question, but this is our strategy for Canada.

Rupert M. Merer: And then looking at the last couple of calls in Canada, it does seem like... The winners have been primarily Canadian companies, public and private. Can you give us some color on why you think that is? The relationships are important, but even beyond those relationships. Do you see that changing in the future? You can bridge to talking about your pipeline and give any perspective on it. I feel you're in the, and you mentioned you're in a lot of places, but have you got...

Speaker Change: Alright, Thank you and and then looking at at the last couple of calls in Canada. It does seem like the.

Speaker Change: Winters have been primarily Canadian companies public and private.

Speaker Change: Can you give us some color on why you think that is maybe the relationships are important but even beyond those relationships.

Speaker Change: Do you see that changing in the future and then have.

Speaker Change: If you can bridge to talking about your pipeline didn't give any perspective on.

Speaker Change: The strengths of your pipeline beyond relationships do you feel you are in the you mentioned hearing a lot of places but have you got the the best resources are you close to transmission are there are there any other.

Michel Letellier: The best resources, are you close to transmission, are there any others? That's a lot of questions, Rupert, but to give you a perspective, I don't know. I guess that international companies will be more present in the rest of Canada. I think Quebec is a little bit, perhaps a little bit more specific, but definitely First Nations and community partnerships, especially in Quebec. We were looking to, or I guess, the government and Hydro-Québec were looking for very strong participation, 50-plus for the community and First Nations. So I think that this is not for everybody.

Speaker Change: Aspects to your portfolio, you think that can get you over the top.

Speaker Change: [laughter], we that that that's a lot of question the Ah Roo appropriate to give you a <unk> I don't know if if I I guess it international company will will be more present in the interest of of Canada, I think Quebec is a little bit.

Speaker Change: Perhaps a little bit more specific but definitly first nation and community partnership, especially in Quebec to where we were looking to or I guess.

Speaker Change: Government and hydro, Quebec, we're looking for very strong participation 50, plus for community and and and first nations. So.

Speaker Change: I think that this is not for everybody I think that the Kingdom company are most used to these this just structure. So I cannot talk to for other big International company, but it's definitely different than than other places I think that in the rest of the of the Canada.

Michel Letellier: I think that Canadian companies are most used to this structure, so I cannot talk for other big international companies, but it's definitely different than other places. I think that in the rest of Canada, this will also play a big role, especially in B.C. Even though the content is 25%, I think that if you're open to having more participation with First Nations in B.C., it will be even better. As for being in the right space, there's a combination, of course, to have the best resources, but then you have to be able to interconnect.

Speaker Change: This will also play a big role, especially in the N B C. Even though the content is 25% I think that if you if you're open to have more participation with first nation and N. B C. It'll be even better ask for being in the <unk> in the right space.

Speaker Change: There's a combination of course to have the best resource, but then you have to be able to enter connect so <unk>. We're always looking at that those two factor when we are putting.

Michel Letellier: We're always looking at those two factors when we are putting a lot of effort into a project. Sometimes a project can have less resources but be very well-positioned to interconnect. So in today's world, the resource is great, but also on the wind side, you have all kinds of turbines that you can adapt. I think that the most important thing is making sure that you can interconnect at a reasonable price and at a reasonable delay that the utilities are looking for.

Speaker Change: A lot of effort on that project, sometimes a project and has less resource would be very well positioned to interconnect. So in today's world. The resources, great. But you you also in the wind side, you'll have all kinds of turbines that you cannot that I think that the most important thing is making sure that you can enter connect at a reasonable price.

Speaker Change: And at a reasonable delay delay that the utility are looking for.

Michel Letellier: If I may add also, Rupert, I think the demand in everyone's home country is so large right now that the desire or the willingness to export yourself to a country where you're not already is probably less important today.

Speaker Change: If I, if I may add or <unk> I think.

Speaker Change: The demand and everyone's home country is so large right now that the desire or the willingness to export yourself in a country, where you're not already is probably less important today. So.

Speaker Change: That might be also <unk> one of the reason why <unk> companies are more present in Canada and property in every country that the same the same probably applies so if you're not already in the country.

Speaker Change: You know <unk>, we're all extremely busy because of the the change in demand worldwide I guess in all the countries. It's a good point.

Speaker Change: Alright, I'll leave it there thank you very much.

Michel Letellier: So that might be one of the reasons why Canadian companies are more present in Canada, and probably in every country, the same probably applies. So if you're not already in a country, we're all extremely busy because of the change in demand worldwide, I guess, in all the countries. All right, I'll leave it there. Your next question comes from Nelson Ng from RBC Capital Markets. Please go ahead. Good morning, everyone.

Speaker Change: Next question.

Speaker Change: Okay.

Speaker Change: Great. Thanks, Good morning, everyone. So good morning.

Nelson Ng: So... talked a lot about all your development activities in Canada and the upcoming RFP. Can you talk about... Alberta, are you still avoiding that market? And what are some of the... Well, I think it's a market that doesn't have good rules. I think that there's not a capacity payment that stands for, and we never liked Alberta. We're not about to start there.

Speaker Change: You've talked a lot about all your development activities in Canada and the upcoming Rfps.

Speaker Change: Can you talk about Alberta, how are you still avoiding that market in terms of corporate ppas and things like that.

Speaker Change: Some of the.

Speaker Change: Factors that keep you away from Alberta.

Michel Letellier: We're avoiding Alberta. We don't perceive ourselves as a good player there, that's all. And then... the U.S.

Speaker Change: Well I think it's it's a market that doesn't have good rules.

Speaker Change: I think that there's not a capacity payment that that stands for and we never liked the Alberta, we're not about to start there [laughter], we're avoiding Alberta. It just we we don't <unk> ourselves being a good player there that's all.

Speaker Change: Okay great.

Speaker Change: And then.

Speaker Change: Can you also touch on the U S. I know you're busy work on palomino, but how active are you in the U S or have you shipped to a lot of your resources to Canada.

Michel Letellier: I know you're busy working on Palomino, but... I don't want to minimize the effort that we will be doing in the U.S., such as in Canada. We think that we know the market a little bit better. The U.S. is a huge market. What we're trying to do is make sure that we are finding some projects that we can have a line of sight on interconnection. This is the biggest headache that we have in the States, making sure that the effort that we're putting in is worth the effort, given the likelihood or not being interconnected. Palomino is a good example.

Speaker Change: No U S is I don't want to minimize the effort that we will be doing in the U S, which is at Canada weeks in Canada, We we know the market a little bit better U S. As a huge market what what we're trying to do is making sure that we are fine finding some project that we can't have a line of sight.

Speaker Change: Enter connection this is the biggest headache that we have in the states and making sure that the effort that we're putting in.

Speaker Change: His word the I guess is where do you get for giving the likelihood are not to be interconnected palomino is a good example, we have everything ready we have all the permits we have the offtaker lined up we have even purchase some some panels for that project, but.

Michel Letellier: We have everything ready. We have all the permits. We have the off-taker lined up, and we have even purchased some panels for that project. For $5 million in interconnection costs, we've been waiting for the last two years to know an exact date. I'm not saying that the U.S. is all like that, but it is complicated, so that's why we want to be careful. We want to have our people focused on a few states where we can understand a little bit better the lay of the land, but it's still a great market. I think that we have a master also.

Speaker Change: Four $5 million of interconnection costs, we've been waiting for the last two years you know an exact date. So this is I'm not saying that the U S is all like that but it is complicated. So that's why we we want to be careful we want to have our people being focused on a few states where we can.

Speaker Change: Can understand a little bit better the lay of the land.

Speaker Change: But it's still a great market I think that we have a master also masters a big world, but we have been successful in putting tax equity structure in place. So I don't think we are at the design vintage in in the states, but the reason we're talking so.

Michel Letellier: Master is a big word, but we have been successful in putting a tax equity structure in place. I don't think we are at a disadvantage in the States, but the reason we're talking so much about Canada is that we think we control a little bit more our destiny in Canada than in the U.S., but we're going to be active in the U.S. for sure. It's such a big market, and it helps the diversification of our activity, both in terms of technology and resources.

Speaker Change: Much about Canada is that we we think we control a little bit more the our destiny in Canada than in the U S. But we were going to be active in the U S for sure it's such a big market and it helps also the diversification of our activity both in terms of technology and.

Speaker Change: And resources.

Michel Letellier: Let's see and then just on prospective project cause I I think they.

Michel Letellier: And then just on prospective project costs, I... Obviously, you're very busy, and I think they've doubled over the past year. That level's pretty good for... Well, we're aiming for around $40 million-ish for the end of the year.

Michel Letellier: You're very busy and I think they've doubled over the past year or two.

Michel Letellier: 9.8 million this quarter.

Speaker Change: Do you see this trend.

Speaker Change: Cheering to to move higher or do you think.

Speaker Change:

Speaker Change: That levels pretty good for for the rest.

Michel Letellier: Of this year.

Speaker Change: Well, we're we're aiming towards around the $40 million ish for the for the end of the year that can vary from quartered water, but that's that's that's why also we we took the the decision to change the allocation of our capital to remember is to make sure that we have some flick.

Nelson Ng: That can vary from quarter to quarter, but that's why we also took the decision to change the allocation of our capital, if you remember, to make sure that we have some flexibility to take advantage of the great opportunity that we have now. So, obviously, we are not slowing down on that expense. I don't see it doubling next year. I think that $40 million-ish is a good run rate, given the amount of people that we have and the, I guess, the setup that we have in terms of ability to deploy our resources and external resources towards these prospective initiatives. Great, I'll just have one last question, and how batteries should help.

Speaker Change: Similarly to take advantage of the great opportunity that we have now. So obviously, we are not slowing down on that on that expense I don't see a doubling next year I think that Fortyish is a good run right given the amount of people that we have.

Speaker Change: And the I guess, the the set up that we we have in terms of the ability to deploy our resources and external resources towards these prospective initiatives, okay, great great.

Michel Letellier: Great I'll just have one last question and then it might be for John So John you mentioned, the you've touched on it earlier in terms of the the solar generation and how it's below average.

John: And how batteries should help I think the solar generation in Texas and Chili has been consistently below average due to economic reasons or other factors.

John: Can you just provide a bit more color in terms of the.

Michel Letellier: The generation that has.

John: Is your U S.

Michel Letellier: Whether it's Phoebe has that facility.

Michel Letellier: Cartels, often on whether that's due to.

John: Congestion or other factors.

John: He also touch on chili in terms of visit just mainly due to negative pricing.

Speaker Change: Yeah, that's perfectly so Phoebe I'll put with Phoebe. So P. B is does two effects like <unk>, it's the resource as as I see blue our expectation. It varies of course, but also we can encourage government. So that that has been in effects. When the quarter. For example in the U S. We were curtailed by about 30.

Michel Letellier: I think the solar generation... And can you also touch on Chile? Yeah. So, FIBI. I'll start with FIBI.

Jean Trudel: So, FIBI is actually having two effects at FIBI. The resource is slightly below our expectation. It varies, of course, but also economic curtailment. So, that has been an effect.

Jean Trudel: So, in the quarter, for example, in the U.S., we were curtailed by about 30,000 megawatt hours solely for economic curtailment congestion, as you pointed out. So, when it's very windy in the region or there's good regeneration from all the producers, I guess we get to be economically curtailed. In Chile, it's the same effect; a little bit of the resource, but a large part is actually curtailed.

John: 30000 megawatt hour.

Speaker Change: Totally for assessment essentially at Phoebe.

Michel Letellier: So so that's that's the effect for P. B.

Michel Letellier: And its economy Crittenden congestion as you pointed out so when it's very windy and in the region.

Michel Letellier: Or the <unk> generation from all of that you put in.

Michel Letellier: The producers I guess, we get to be can make secret deals.

Michel Letellier: And chili, it's the same effect a little bit of the resource, but a large part is actually curtailment. So the solar trillion segment was affected by about 18000 megawatt hours and just to give you a perspective and that's that's in a quarter of course, and so just to give you perspective sent address the battery system with the <unk>.

Jean Trudel: So, the solar Chilean segment was affected by about 18,000 megawatt hours. And just to give you perspective, and that's in the quarter, of course, and so just to give you perspective, San Andres, the battery system with five hours of capacity at 35 megawatts, that gives, on a yearly basis, about 63,000 or 64,000 megawatt hours of production, in effect. So, we would remove curtailment to that tune because you would charge the battery when we're essentially curtailed during midday, and then discharge it in the shorter part of the day, so morning and evening.

John: Five hours of capacity at 35 megawatt.

Michel Letellier: That gives on a yearly basis about 63 or 64000 megawatt hours of of production and in fact, so we would we would remove curtailment to that too because you would.

Michel Letellier: Charge a battery when we're essentially curtailed dream mid day, and then discharge in the shoulder part of the day. So a morning and evening, so that and <unk> right now on a yearly basis is another 91000 megawatt hours. So.

Jean Trudel: So, that and Salvador, right now, on a yearly basis, is another 91,000 megawatt hours. So, for Chile, in total, it's 155,000 megawatt hours of curtailment that would be taken out of the equation. And to add to this, when we acquired these solar facilities, first of all, we paid a discount versus the installed capacity for these, but we had in mind to already put in the battery. Remember that we are the leaders; we are the first player to have this type of investment battery.

Michel Letellier: Four G. B in total is 155000 megawatt hours after gentleman that would be taken out of the equation.

Speaker Change: And to add to this we when we acquired these solar facility first of all we paid.

Michel Letellier: Discount versus the installed capacity.

Michel Letellier: <unk>, but we had in mind to already put battery remember that we are the leading and we are the first player to have these type of investment and batteries.

Jean Trudel: We have created this trend, and obviously, there will be some others that will follow up, but to give you a perspective, we have made this decision based on the $50 per megawatt hour of arbitrage. Right now, we're over $100 of profit between the day and the evening and during the night. So, even though we're curtailed, we are actually seeing this as a great opportunity because we're doubling the arbitrage revenue that we were expecting to start with. And I guess the economics probably aren't there to add batteries to Febriary.

Michel Letellier: We have created this trend and obviously there will be some other.

Michel Letellier: <unk> that will follow up but gives you a perspective, we have made this decision based on the 50 dollar a dollar per megawatt hour of arbitrage right now we're over $100 of profit between the the day and the evening entering denied so even.

Michel Letellier: They'll work her tail, we are actually seeing this is a great opportunity because we're doubling the opry trash revenue that we were expecting to start with.

Michel Letellier: I see it.

Michel Letellier: I guess <unk> economics, probably isn't there to add batteries two fever right now.

Michel Letellier: Well, remember that we're opportunistic in Chile in that aspect. I don't think that the arbitrage will last for the next three, four years, but it will probably last for the next 18 months, two years, until others build out. But what we have done with Codelco in signing 350GW is basically, we see Chile as a portfolio, and we want to have these assets to be part of our mix to deliver long-term PPAs.

Michel Letellier: Well it's it.

Michel Letellier: Remember that we we we where.

Michel Letellier: Opportunistic and chili in that aspect I don't think that Darby crash will last for the next three or four years, but they will probably last for the next 18 months two years until orders will build out, but what we have done with codelco and signing 350 gigawatt is basically we see.

Michel Letellier: See chili as a portfolio and we want to have these asset to.

Michel Letellier: Be part of our mixed to deliver longterm.

Michel Letellier: So even though the arbitrage would eventually shrunk we have a estimated cost of production in our portfolio average that is below what we are signing for longterm contract. So we basically looking at creating a port.

Michel Letellier: So, even though the arbitrage would eventually shrink, we have an estimated cost of production in our portfolio average that is below what we are signing for long-term contracts. So, we're basically looking at creating a portfolio of assets, and our long-term strategy is to serve long-term PPAs in Chile. So, we're taking this advantage or this opportunity while it is available. That's why we were very quick with the gun to install and invest in the battery.

Michel Letellier: <unk> of asset and our alone longterm strategy is to serve longterm P. P. A in Chile. So so we're taking this had vintage or the support the entity at <unk>.

Michel Letellier: While it is available that's why we were very quick on the gun to install and invest in battery. We're basically taking advantage of our early initiative and taking big margin on the average rash, but we're not counting on this for the.

Jean Trudel: We're basically taking advantage of our early initiative and taking a big margin on the arbitrage, but we're not counting on this for the long-term. Our long-term strategy is having them embedded in our portfolio to serve long-term contracts. And Nelson, for Texas ERCA, the leg that's missing is to have a capacity payment, which we do obtain in Chile. So, the market rewards you for this capacity that's installed. In Texas, it would be solely on arbitrage.

Michel Letellier: The longterm Howard Longterm strategy is having them being embedded in our portfolio to serve longterm contract and Nelson fourth Texas <unk>. The leg. That's missing is to have a capacity payment, which we do obtain actually and chili. So the the market rewards you for this gift basket gets installed in.

Michel Letellier: In Texas will be solely on arbitrage and so it's a bit more risky proposal.

Jean Trudel: And so, it's a bit more of a risky proposal, and I don't think that the numbers, in our mind, the numbers don't match yet, like the investment. No, like John is saying, remember that Chile, and that's part of Salvador's missing revenue in our quarter. We're counting about $7 per kilowatt per month as capacity payment for both Salvador and Santa Andres when the coordinator has finished all their studies. Mind you, we're the first, so it's always a little bit more difficult to get all the technical details when you're the first to go through the process. But we're getting very close to having all the permits for Salvador in order to benefit from the full capacity payment regarding the battery. Thanks for all the color.

Michel Letellier: And I don't think the the numbers <unk> and I'll remind the numbers don't don't match, you up like the investment or so and I would like like something you're saying remember that chili and that's part of Salvador missing revenue in our quarter. We're we're counting about seven dollar per kilowatt per month capacity payment for <unk>.

Michel Letellier: <unk> when the coordinator will have finish all their stuff.

Michel Letellier: Studies mind, you that were the first so it's always a little bit more difficult to get all the technical detailed when you are the first to go through the.

Michel Letellier: Process, but we're getting very close to have all the permits for Salvador to in order to be benefiting from the full capacity payment regarding the batteries.

Speaker Change: Great. Thanks for all the color I'll leave it there.

Michel Letellier:

Nicholas Boychuk: I'll leave it there. Your next question comes from Nick Boychuk from Cormark Securities. Please go ahead.

Speaker Change: Okay. Your next question comes.

Michel Letellier: Okay.

Speaker Change: Please go ahead.

Michel Letellier: Thanks and good morning, guys. Can you speak a little bit about the amount of work and specifics around what needs to be done to prepare for the upcoming RFPs? I'm kind of trying to figure out how similar this work is to previous projects in both of these provinces, mainly Quebec and BC, and how comfortable you are with the teams who have done that work previously. Well, I think that Colleen could answer that question regarding British Columbia. I'll give her the perspective.

Michel Letellier: <unk>.

Speaker Change: Thanks for the morning guys.

Michel Letellier: Could you speak a little bit to the the amount of work specifics around what needs to be done to prepare for the upcoming Rfps I'm I'm kind of trying to figure out how similar this work is to previous projects in both of these promises me need Quebec in D. C and how comfortable you are with the teams who have done that work previously do I need to get here.

Karine Vachon: She's in charge of reaching out to the community and stakeholders. So, Colleen, can you give Nick a little bit of an idea of what it takes to be present in British Columbia, as an example? Sure, and I think the technical work in terms of determining the site and going through the environmental work and the studies and getting the permits in place and building the projects is the same as past procurements in British Columbia.

Speaker Change: It's I think that calling could answer that question.

Michel Letellier: Regarding British Columbia, I'll give her the perspective, she's in charge of reaching out to community and stakeholders are calling can you give a nickel a bit of a color of what it takes to ought to be present in in British Gonna appeal as an example.

Michel Letellier: Sure.

Michel Letellier: The the technical work in terms of determining the site and going through the environmental work in the studies and getting the permits in place and building. The project says the same uhm as past procurement some British Columbia, what's different. This time is both the requirement in the RFP to have indigenous equity and the provinces also passed.

Karine Vachon: What's different this time is both the requirement in the RFP to have Indigenous equity, and the province has also passed, in the past couple of years, the Declaration on the Rights of Indigenous Peoples Act, which heightens the involvement in governance aspect of nations moving through these processes. So, it's a little bit different than it was in the past, but as we mentioned earlier, Innergex has been active in the province for two decades, actively evolving how we work along with legislative changes, and we feel comfortable and well positioned for this coming RFP.

Michel Letellier: And the previous Coupla years, the declaration on the right to the desk People's at which heightened instead involvement in governance aspect of.

Michel Letellier: Nations with moving to these processes, so it's a little bit different than it's been in the past, but as we mentioned earlier interjects has been active in the province for two decades Uhm actively evolving how we work along with the the legislative changes and we feel comfortable and while position for this kind of iced tea.

Karine Vachon: Generally, Michel, what should we be expecting from the early stage development pipeline? It's a little bit unclear looking at the MDA verbiage to understand which projects are, say, undefined versus low to mid probability of reaching operation.

Speaker Change: Got it that makes sense, thank you and.

Michel Letellier: Just generally having a show what should be we'd be expecting from the early stage development pipeline, it's a little bit unclear looking at the MTA verbiage to understand which project Sir C undefined versus low to mid probability of reaching operation. So curious how we should be thinking about the probability of projects moving through those stages of projects in development projects under construction buckets.

Michel Letellier: So, here's how we should be thinking about the probability of projects moving through those stages of planning and development and projects under construction. What general percentage do you think moves forward? more than 1,000 megawatts, way more than 1,000 megawatts of possibility in Quebec. So, I would say that most of them are potential candidates to bid, but like I said, I think that Hydro-Quebec will be directing us towards some area where they want to have interconnection.

Michel Letellier: Uhm, what general percentage do you think looks forward.

Speaker Change: That that's a good question on the other hand, it's even difficult for us to say you know.

Speaker Change: In Quebec, we have it.

Michel Letellier: More than a thousand megawatts way more than a thousand megawatt possibility in Quebec. So I would say that most of them are <unk>.

Michel Letellier: Potential to bid.

Michel Letellier: But like I said, I think that hydro, Quebec will be directing us towards some area, where they want to have an interconnection and this is going to be probably one of the big driver to know how many of those megawatt we can bid in in the next RFP.

Michel Letellier: And this is probably going to be one of the big drivers to know how many of those megawatts we can bid in the next RFP. But I guess that the early stage is important in terms of us being flexible. It doesn't necessarily, it's hard to give a percentage of those, but at the end of the day, we're making sure that we will have enough projects to have a very good chance to succeed with our 400 megawatt of projects per year.

Michel Letellier: But I guess that's early stage is important in terms of ask being flexible it doesn't necessarily it's hard to give a percentage of those but at the end of the day, we're making sure that we.

Michel Letellier: We'll have enough project.

Michel Letellier: To have it very good chance to succeed to have our for 100 megawatts of project per year. So it doesn't really matter. How many we have in the early stage what is important for us is making sure that out of all of these possibility.

Michel Letellier: So, it doesn't really matter how many we have in the early stage. What is important for us is making sure that out of all these possibilities, we find the project that is going to fit the best in terms of competitiveness, access to the grid, and profitability for us. Got it.

Michel Letellier: We find the the project that they are going to fit the best in terms of competitiveness.

Michel Letellier: Competitiveness access to the grid and profitability for us.

Speaker Change: Got it thank you.

Michel Letellier: Alright.

Michel Letellier: Your next question.

Nicholas Boychuk: Thank you. Thank you. Your next question comes from John Mould from TD Cohen. Please go ahead. Hi. Good morning, everyone.

Speaker Change: Please go ahead.

Speaker Change: Hi, wanting everyone maybe.

John Mould: We're going back to the Quebec market. There has been talk about direct corporate contracting in Quebec. Michel, could you maybe provide some insight into how you're expecting that process to unfold and whether it could create a second stream?

Michel Letellier: Maybe just starting a run back to thinking back market.

Michel Letellier: There has been talk about direct corporate contracting in in Quebec, Michelle could you maybe provide some insight and.

Michel Letellier: How you're expecting that process to unfold and whether it could create a second stream.

Michel Letellier: of opportunities in the province. Well, it is very interesting to have that concept. We'll have more color on this with the new law that is supposed to be tabled before the legislative ends, but it might drag into early fall.

Michel Letellier: Of opportunities in the province from James.

Michel Letellier: Well it is very interesting to have that concept will have more color on this with a new law that is supposed to be table before the legislation and it might drag too early fall, obviously, we would welcome the possibility of.

Michel Letellier: Obviously, we would welcome the possibility of having more flexibility and more customers. It's all good for us. We're a little bit skeptical about the ability of a customer to have 24-7 hour capacity delivery with only renewable energy. We will have to have some kind of an agreement with Hydro-Québec to either take the surplus of energy or supply some capacity components for customers. So, I don't think that IPPs or customers can live without having some kind of agreement with Hydro-Québec.

Michel Letellier: By being more flexibility and more <unk>. It's all good for US where was skeptical on the the ability of our customers to have 24, seven hour capacity delivery with only a renewable energy we will have to have some kind of an agreement with <unk>.

Michel Letellier: Back to either take the surplus of energy or supply some capacity component for customers. So I don't think that the I P P or customer can live.

Michel Letellier: Live without having some kind of an agreement with with <unk> I think it's going to provide more flexibility, perhaps some some corporation will that will want to take a little bit more risk and a development or even invest in in transmission line with the private sector that would enable.

Michel Letellier: I think it's going to provide more flexibility. Perhaps some corporations will want to take a little bit more risk in the development or even invest in transmission lines with the private sector that would enable investment afterwards and interconnection to the grid.

Michel Letellier: Investment afterwards, and interconnection to the grid. So I think you'll you'll have to to go through a some kind of an agreement anyway with with how to Quebec in order to maximize the flexibility I remember that even if we are providing good quality project, it's still intermittent.

Michel Letellier: So, I think you'll have to go through some kind of an agreement anyway with Hydro-Québec in order to maximize the flexibility. Remember that even if we are providing good quality projects, it's still intermittent energy, and customers depend on what type of product that they want to produce. Most of them need firm energy.

Michel Letellier: <unk> and <unk> depends on what type of of <unk> product at the they they want to produce most of Dan needs firm energy. So remember that that's what we're doing in in in Chile, We are perfectly set up to serve 24 seven.

Michel Letellier: <unk>, because we have a portfolio of assets.

Michel Letellier: In Quebec, it would be difficult to have a portfolio of asset into a same area, we'll know a little bit better before because chilies, providing a fairly cheap access to the grid. So you can move your electrons from one place.

Michel Letellier: So, remember that's what we're doing in Chile. It's not necessarily the case here in Quebec, and we would be looking forward to having more color on what it would be the cost to wheel electricity around the province in order to serve a customer. So, I think there's a lot of press and talk about this possibility. But again, I think that this will be done in conjunction with Hydro-Québec to some degree. David, that's very interesting. Thanks a lot for that. And maybe, Jean, just a couple of clarifications on the guidance. I know there are a number of factors that go into those figures beyond generation.

Michel Letellier: To the utter it's not necessarily the case here in Quebec, and we would be looking forward to having more color on what would be the cost to wheel electricity around the province in order to serve our customers. So I think there's a lot of press and talk about these possibility but it.

Michel Letellier: <unk> I think that these will be done income trunk true with hydro, Quebec to some degree.

Speaker Change: Okay. That's very interesting. Thanks, a lot for that and you know maybe I was just a couple of clarification on the guidance and could I know there are a number of factors that the.

Jean Trudel: You assume you're meeting LTA, but I guess you're 4% below. So, does that imply you need to catch up a bit on generation to hit the midpoint of your guidance? You know, on BC specifically, obviously it was really strong. We reaffirmed our guidance, and we're quite confident that we'll meet the guidance both in terms of APDA and free cash flow per share. The 4% lower production is not the only thing making up our APDA and revenues.

Michel Letellier: Go into those figures just beyond generation and you know you assume you're meeting L. T a but I guess your and 4% below.

Michel Letellier: Q1, so does that apply you need to catch up a bit on generation to hit the mid point of of you know your guidance and.

Michel Letellier: You know what D. C. Specifically, obviously it was a really strong <unk>.

Michel Letellier: Performance from those assets I'm, just wondering what you can tell us how to use to choose been unfolding just given the you know the snowpack still works quite well at this point versus an ordinary year.

Michel Letellier: Okay. So maybe I'll call. This one so the guidance we got from our guidance, we're quite confident that will meet the guidance both in terms of <unk> and the free casual for sure the 4% lower production is not the only thing making up our it'd be D. In revenues in this case for example, this quarter pricing.

Jean Trudel: In this case, for example, this quarter, pricing. We produced a lot more in BC, of course, where prices are much more debated, and the underperformance of some of our assets was in areas where pricing is actually much lower on average. So, there are several factors that go into the making of the year.

Michel Letellier: We produce it up more in D. C of course, where prices are much more debated in the underperforming of some of our assets were in areas, where pricing is actually much lower on average. So you know they are.

Jean Trudel: So, we're quite confident that we'll meet our expectations. In terms of snowpack, it's true that we've had a great quarter. Know that about it. You're right about the snowpack level on average being lower than the mean, but if you go to elevated areas, and we have some of our facilities like Operated Wet, for example, or Taubat-Montrose, elevated areas, the snowpack is actually quite good

Michel Letellier: There are several factors that go into the making of of the year. So we're quite confident that we'll we'll meet our expectations in terms of snow pack. It's true that we've had a great quarter no doubt about it the you're right about the snow packed level on average is.

Michel Letellier: Lower than demean, but if you <unk> if you go to elevated areas and we have some our facilities like upgraded it went for example.

Michel Letellier: <unk> elevated areas of the Snowpack is actually quite good and so and Snowpack is not the only factor as well it really depends how this no milk will come through this this <unk> season, and that's gonna be an important factor of generation and also of course rainfalls. So it's still early too.

Jean Trudel: And snowpack is not the only factor as well. It really depends how the snow melt will come through this fresh-set season, and that's going to be an important factor of generation. And also, of course, rainfall. So, it's still early to tell in the quarter. April was a slow start in BC, and it was colder as well.

Michel Letellier: <unk> April with a slow start N B C. It was colder as well.

Michel Letellier: We'll see the months as they unfold the quarter N B C meets expectation or not and we count also and the diversification of all our 85 access 87 assets or would you like to to sometimes make up for a segment that would be underperforming versus another one that would be overperforming. So at the moment I rely.

Jean Trudel: We'll see in the months as they unfold if the quarter in BC meets expectations or not. And we count also on the diversification of all our 85 assets, 87 assets, sorry, to sometimes make up for a segment that would be underperforming versus another one that would be overperforming. So, at the moment, I rely on LTA. I think we've adjusted our LTA. We've embedded that in our guidance, and so we're comfortable with reaffirming that guidance today. Okay, thanks for that. Those are all my questions. I appreciate all that color.

Speaker Change: L T. A I think we've adjusted royalty a we've embedded that in our guidance.

Michel Letellier: And so we're comfortable with the reaffirming today the guidance.

Speaker Change: Okay. Thanks for that those are all my questions I appreciate all that color.

Speaker Change: Okay. Thanks, Sir.

John Mould: Okay, thanks. Ladies and gentlemen, as a reminder, should you have a question, please press star 1. Your next question comes from Mark Jarvi from CIBC Capital Markets. Please go ahead. Hello, Mark.

Michel Letellier: Mmm.

Speaker Change: <unk> excuse me, ladies and gentlemen.

Speaker Change: Did you have a question.

Michel Letellier: Your next question.

Michel Letellier: D C.

Speaker Change: Please go ahead.

Speaker Change: Oh Mark.

Michel Letellier: Alright.

Michel Letellier: You have a new [laughter].

Michel Letellier:

Mark Thomas Jarvi: March, your line is now open. Just on the bilateral and corporate PPAs in Quebec, are you inferring, Michel, that you can't do a virtual PPA option that wouldn't be something they consider? Virtual PPE in Quebec?

Michel Letellier: Mark Your line is now open.

Speaker Change: Hello can you hear me now <unk> Yep.

Speaker Change: Yep Yep Yep, sorry about that so just on the bilateral on corporate P. P. As in Quebec or are you inferring Michelle that you can't do it like a virtual P. P. A.

Michel Letellier: Option that wouldn't be something they consider.

Michel Letellier: Well, the problem is, for the time being, we're not allowed to do this. So, it will depend on how free we are to move the electrons in Quebec. This is something that we don't know yet in terms of new legislation. Like I said, it's supposed to be tabled in late June, just before the legislative session ends. So, we're going to wait to see what's in it. The minister, Fitzgibbon, is the one leading that file.

Michel Letellier: A virtual <unk> in Quebec leveled up <unk>.

Michel Letellier: Yeah, but for the time being we're not allowed to do this so it will it will depend on how free we are to move the electrons in Quebec. This is this is something that we don't know yet in terms of noodle installation like I said, it's a <unk>.

Michel Letellier: Post to be table late late June just before the solutions <unk>.

Michel Letellier: So it shows that we're we're gonna wait to see what's what's in it the administer fitzgibbon is the one leading that file.

Michel Letellier: But like I said, for us to be able to wheel energy into Quebec, the customer would have to have some kind of an agreement with a portfolio of assets in order to support a 24-7 or have a peaking facility. We can certainly help with batteries and what have you. But my personal view is that this might evolve, might create some opportunity where a customer could be willing to develop a transmission line where Hydro-Québec could interconnect down the road. I don't see a project of this size without some kind of agreement with Hydro-Québec to exchange energy. What are your views on Curtis Palmer's contract coming up in 2027?

Michel Letellier: But like I said for us to be able to wield energy in Quebec, the customer would have to have some kind of an agreement with with a portfolio of assets in order to support a 24 seven or have a P king facility.

Michel Letellier: We can certainly help with batteries and what have you but in.

Michel Letellier: My personal view is that this might evolve might create some opportunity where a customer can be willing to they have loved the transmission line, where hydro, Quebec would interconnect down the road I don't see a project called size without some kind of a.

Michel Letellier: Cream and with Hydro, Quebec City exchange energy.

Michel Letellier: Are there any discussions ongoing now? How do you feel about that market in terms of recontracting? Well, as you know, we're a partner with Hydro-Québec. Hydro-Québec has the ability to trade in this area, but there are obviously other players that we're reaching out to understand what the type of market is, what the tenure is, and what the best strategy is. So, we're discussing this with our partner Hydro-Québec. Can we stay floating for a while?

Michel Letellier: Right.

Michel Letellier: And then another question for me just what's your views right now on Curtis Palmer contract comes up for 27 are there any discussions started now how do you feel about the market in terms of re contracting.

Michel Letellier: <unk>, maybe just to go mercury for the time being once the contract expires well.

Speaker Change: Well as you know, we're a partner with a hydro Quebec Hydro, Quebec has the ability to trade in <unk> in this area, but there's obviously other players that were reaching out to understand what is the type of market. What what's the tenure weather is the best strategy. So we're discussing with our partner how to go back on.

Michel Letellier: On desk.

Michel Letellier: Can we stay floating for awhile it could be also a strategy. If we think that the price of electricity is still going up but obviously from the.

Michel Letellier: The acquisition time, we as seen a very good improvement on pricing single in that area for sure.

Michel Letellier: It could also be a strategy if we think that the price of electricity is still going up, but obviously, from the acquisition time, we have seen a very good improvement in the pricing signal in that area for sure. Are you getting any inbounds from counterparties? Sure. First of all, we have our shareholders. Hydro-Québec is partnered with us, so we're discussing. As you know, they have a big trading desk. They know the market. There are maybe some other guys that might be a little bit more hungry for those megawatts.

Michel Letellier: Are you getting any inbounds from Counterparties.

Speaker Change: Sure first of all we have our shareholders.

Michel Letellier: Shareholders well the the hydro Quebec as his partner we'd also we're discussing is you know whether I have a big trading desk. They know what a market. There's maybe some other guys that might be a little bit more hungry.

Michel Letellier: We'll test the market. We still have about a year and a half to figure this out. Obviously, we want to extract the full value of that project. You mentioned asset recycling. Motivation for that would just be portfolio management and which assets you want to own, or is there some consideration still around funding and liquidity around asset sales?

Michel Letellier: Hungry for for those those megawatt will will test the market we.

Michel Letellier: We still have it about a year and a half to figure this out and obviously, we wanted to extract the full value of that project.

Michel Letellier: Okay. One question for John just you mentioned asset recycling motivation for that would just be portfolio management and and just you know, which ask that you want or is there some consideration still run funding.

Michel Letellier: Liquidity turned off by itself.

Michel Letellier: I think it's it's we need to look at the overall picture. So when we think about <unk> I said recycling the way I see it as well.

Michel Letellier: We need to look at the overall picture. When we think about asset recycling, the way I see it is that we'd like to always have in front of us at least half a billion dollars of availability and liquidity in order to move our project forward. And we need to have in mind some guardrails that we are thinking of in terms of balance sheet management. So, we need to consider all these factors.

Michel Letellier: We'd like to always have in front of us at least half a billion dollar availability and liquidity in order to move our project forward and we need to have also in mind. Some guards without that we are thinking of in terms of balance sheet management.

Michel Letellier: And so we need to consider all these factors and and also as you said like upgrading our portfolio. That's always an important thing Derisking I guess, some part of the <unk>.

Michel Letellier: And also, as you said, upgrading our portfolio, that's always an important thing, de-risking some part of the portfolio, upgrading it, and increasing the liquidity. So, obviously, taking all these things into consideration, we're looking at some of the assets and trying to make the best out of them and to recycle in that sense. So, we're trying to always keep our self-funding approach. So, as we move forward and as we see the gains that we get out of the RFPs, we'll refine that strategy to self-fund, as much as possible, our future operations.

Michel Letellier: Reading it so.

Michel Letellier: And the liquidity. So I've you see taking all these things into consideration or looking at some of the assets and trying to to make the best out of it and to to recycle and that sounds. So we're trying to always keep our self funding approach. So as we move forward and as we see the game that we.

Michel Letellier: <unk> get out of the Rfps will refine always that strategy to cellphone as much as possible are our future operations and.

Mark Thomas Jarvi: And, you know, and so, yeah. All right, sounds good. Thanks for your time today. Thank you. And there are no further questions at this time. I will turn the call back over to Naji for closing remarks. Thank you for joining us today and thank you for your interest in Innergex. We look forward to updating you on our continued progress next quarter. Thank you. Thank you, everyone. Thank you. Ladies and gentlemen, this concludes today's conference call. You may now disconnect. Thank you.

Michel Letellier: And you know and so yeah.

Speaker Change: Alright sounds good thanks for <unk>.

Speaker Change: Thank you guys.

Speaker Change: There are no further questions at this time.

Speaker Change: For closing remarks.

Speaker Change: Thank you for joining us today and thank you for your interest in an address we look forward to updating you on our continued progress next quarter. Thank you.

Speaker Change: Thank you everyone.

Speaker Change: Thank you.

Michel Letellier: Today's conference.

Michel Letellier: Disconnect.

Michel Letellier: [music].

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