Grenergy Renovables, S.A. ($GRE)

Okay. Good morning to everyone. Welcome to our first quarter 2026 results presentation and investment plan update. I am Ruben Gomez, Head of Investor Relations, and the speaker today are going to be David Ruiz, our CEO; Mercedes Español, our Chief of M&A and Development; Daniel Barman, our Chief of Energy; Emi Takehara, our CFO; Daniel Lozano, Chief of Strategy and Capital Markets; and Maria Rodriguez, Director of Sustainability. The intended duration of the presentation is 1 hour. And after that, there will be a Q&A session. So without any further delay, please, David, the floor is yours.

Okay. So hello, everyone. Thanks very much for coming. Once again, I see many familiar faces. And when we were thinking about this event, when we were preparing, we never thought of this format. It really looks like a Capital Markets Day, if there's no one. So -- and I think -- but there were so many things, so many new stuff to tell you about. And I think it's great that we all get together, and we can let you know firsthand, yes. It's been 2.5 years since in November 2023 in this same room, we introduced for the first time Oasis of Atacama. I think we will review the platforms today. And we were introducing a new concept. We're introducing storage for the first time. We were talking about a platform of 1 gigawatt, 4 gigawatt hours. And we had great expectations, but we never thought that this acceleration, this growth in such little time would take place. So I think storage is redefining the industry. it's helping the energy transition, and we are right at the heart of it. And I think it's great that we were in Chile, we were at the right place at the right time. I think Chile, Australia are showing the way to many other markets, but storage is definitely booming everywhere, yes. I'm also very happy today that many of our key partners like CATL, BYD and several other key strategic partners like Inetum, Power Electronics, Combari, they're all around here. So I definitely invite you all to have chat with them and talk to them after the event because it's very interesting, the relationship we are developing with these kind of companies. Moving to the highlights. I will be introducing the targets for 2028 for the plan '26, '28. I will be also letting you know the news about Greenbox, the platform we introduced in our Capital Markets Day in London a year ago. We will be telling you about Green GR Power, which is our green clean utility we are developing in Chile. We no longer call it a retail unit. I think we are developing an integrated utility, and that's extremely important for us. And then we have invited the -- some of the key directors of the company, what we call internally the three pillars, like so I think Daniel Barman will be presenting the energy management part. We need to sell energy, then we need to -- we need to have the first -- the right projects. We need to sell the energy. We need to get the right finance. And then, as you know, from time to time, rotate the right assets. So it's -- I have invited Daniel Barman. He will be presenting the energy management. There are so many news, some interesting stuff. Emi Takehara, our CFO, will be presenting the finance. And I think her team is doing a terrific job. We are basically closing one deal per quarter. And well, Mercedes, I have asked Mercedes to let you know about the evolution of the Oasis of Atacama, the Oasis platforms. I think it's really the backbone of our business right now. So it deserves a specific part. And then well, Daniel, you know very well, he will take care of -- he will explain you the financial highlights of the period, and he will explain in more detail the investment plan, the update. Okay. The EUR 3.7 billion. This is the new CapEx plan for '26, '28. And it's very important, I think in this slide, the key messages in this slide, okay? On one side, we are investing EUR 1.5 billion more in 2028. And this is even considering the lower, the reduced CapEx for storage. and the exchange rate, which is less favorable to the U.S. dollar, we are now considering EUR 1.15 billion instead of EUR 1.05 billion in the previous plan. So this is showing how we are approaching growth. And a very important message is diversification. I think it's the first time in a while that we will be investing more in other regions than Chile. Chile will account for 45% of total CapEx, while Europe will account for 45%. And the U.S.A., that's something new. For the first time, we are considering some CapEx in 2028 for our first plant in the U.S.A., which we announced the other day our first PPA with Georgia Power. I'll give you more information. The Oasis platforms, it's -- we are talking now about 5 gigawatts 22 gigawatt hours platform. This is 5x what we announced only 30 months ago in this room, right? So that's, I think, a very impressive number. We started in Northern Chile. We -- this platform now is 2.5x bigger than initially expected, right? We replicated in Central Chile, as you know, and we just announced the first financial close for -- in our Central Oasis platform, and Emi will give you plenty more information. And then we have Iberian Oasis. I think Mercedes will let you know what we mean. But we are replicating -- it's about scaling, it's about growing. It's about replicating what we have already done in Chile. The conditions in Spain, Central, South Spain are pretty similar to Central Chile. Then we are approaching BESS both through our hybrid plants, Oasis platforms. We're talking about large hybrid plants combining solar and BESS and through [ Greenbox ]. Yes. [ Greenbox ] is what we announced a year ago. And I think we're doing pretty well. It's -- every month, we keep announcing new -- some news, some new stuff, a new auction, a new tolling agreement. So I think it's great. The potential of this platform could be even bigger than any of the Oasis platforms. But it takes a while. It will be exponential. I will give you more details. And then we will -- I think Daniel will let you know about the great achievements in [ GR ] Power. [ GR ] Power is our green utility in Chile. We are targeting 5 terawatt hours per year. We are targeting 8 gigawatt hours for Greenbox in operation under construction in 2028. 3.7 billion. And once again, it's very important, this is a fully funded plan, mainly financed by our project finance. Again, we are closing one deal per quarter even more. I think Emi will give you more details. And asset rotation. Asset rotation is something key for us. We have been doing it regularly since the very early days. And our plan for these 3 years will be reaching EUR 0.8 billion. I think we have achieved -- Daniel will give you more information. We have achieved 30% of this already. Moving to the pipeline and our regions. I think no other company has this pipeline and it's distributed between hybrid combining solar, stand-alone, but it's very important how we are executing. If you look at the total pipeline, 70 of BESS, we're talking about more than -- slightly more than 70 gigawatt hours. We have already close to [ 9 ] either in construction or in operation or construction. But if you put together the backlog plus advanced development, we are now talking about more than 40 gigawatt hours. This is more than 50% of the total pipeline where we have strong visibility. So this is happening and it's about to happen in the next 3, 4, 5 years, right? If you look at our solar pipeline, it remains at 12 gigawatts 2 gigawatts under -- in operation under construction. And if you -- again, if you put together the advanced development backlog, we also reached more than 50%. It's very important to remark, storage executes faster than solar. We need less time for development. We need less time to execute. So it's very important to remark. We have tried all these years to develop and get the right stuff. But if we don't get it, if we don't have it, we will buy it, right? So that's very important. Time to market is absolutely essential in storage, and we definitely need the flexibility to grow with our buy-side division if we don't have the right projects at the right time in the right market. Also, I think it's very important to remark this flexibility. Some markets like Chile, definitely, we believe in the hybrid projects, combining solar and BESS. In other markets like Europe, we believe that stand-alone with less radiation. So stand-alone is definitely the best way to go fast, yes. So we need to adapt to every market, and we need the flexibility and the know-how to do that. Talking about the U.S.A. I think also in our first Capital Markets Day, we introduced our strategy for the U.S.A. I think it's been -- I think it's one of the most dynamic, if not the hottest market in the world right now, even considering what the current administration mentioned about renewables, I think that roughly 80%, 90% of what's going on now in the U.S. is about solar and BESS, right? And that's absolutely -- this is a fact, and this is very, very clear, right? Our focus is in the Southeast. The Southeast is -- we're talking about six, seven states. And the size of this area of the United States is like roughly 2x Spain, slightly bigger in terms of market size than Germany, right? And so the potential is huge. And AI is behind. We've never seen this demand coming from offtakers. In the case in the Southeast, normally, we used to have from the large utilities that is a regulated market. So normally, you are going to be closing the PPAs with companies like Duke Energy, Southern Company, Constellation, NextEra, you're talking about 4 of the top 10 largest utilities by market cap in the world. These are going to be offtakers. And at the same time, these guys are closing the PPAs with the IT companies. A lot of activity of AI and data centers is moving from Virginia to other areas further south. And we've never seen really anything like this. I mean it's -- we are getting now an RFQ every quarter instead of once per year or maximum twice per year. So the demand for energy is huge. The momentum is great. And I think we need to focus in one region and in our case, is the Southeast. Why the Southeast? Because we purchased a small developer, Sofos Harbert in Alabama 4 years ago. And we've been growing the pipeline. And well, the big momentum now for us is the announcement of our first PPA, I think it was last week with Georgia Power, which is part of Southern Company, 20 years. I think it's the first time that we closed such a long PPA. And we will keep announcing PPAs. Also, we have two small BESS projects in Texas already connected. It's -- they're already operational. And we have safe harbor the rest of our pipeline. And that's very important. The states, it's a very complex market. And I think it's not just the tax equity, you need to safe harbor the projects because to make sure your projects are secured before the ITC and the tax equity system gets removed. You need to take care of where your materials are coming from with the entity of concern. There are so many peculiar things of the states. But on the other hand, once you are really there, it's the market with -- one of the markets with biggest potential. So we like to go step by step. This is what we're going to do, but I'm sure we will start giving news every quarter about this market. We like to spend 2 minutes because I think it's very remarkable what we are achieving in the -- what we have achieved in the last 18 months, 1.3 gigawatts of solar and 8 gigawatt hours of BESS. And that's very remarkable. I think no other company has done that. We've -- well, this is a summary of the six largest projects from Atacama to Tabernas to [indiscernible], three large projects in Spain, four large projects in Chile. And it's very important this year for the first time, our Construction division will surpass the EUR 1 billion threshold. We have -- we were only a few years ago, we were -- we had a turnover of maybe EUR 100 million. We were basically building small projects in Chile. And now we are building large utility scale PV in Chile, we've built in Peru, we've built in Colombia. Now we first project in the States and several projects in Spain. But we need to get ready for what is coming, what we have ahead. We are estimating that the volume of our Construction division will reach EUR 2 billion as early as 2028, if not between '28, '29. We need to get ready to build projects, stand-alone projects in the U.K., in Poland, in Germany, in Italy and first projects in the States and at the same time, keep building these massive large hybrid plants in Spain and Chile. We are getting ready for that, but I think it's very remarkable what we are doing in-house with our integrated model. Greenbox. We introduced Greenbox only 12 months ago in London in our last Capital Markets Day. And we're extremely happy about the way we are doing. We believe and we strongly -- we still strongly believe that stand-alone require a different approach, right? And I think if you look at the potential of Europe, this graph we are showing, we're thinking about between 300 and 400 gigawatt hours as early as 2029. If you ask my opinion, and you can ask also the [ CATL ], BYD guys, which are wrong here, what are the expectations? But only in Chile, the market size has been 40, only in Chile. Chile is roughly 1/3 the size of Spain. So I think the potential for BESS is huge in Europe. There will be hybrid plants. There will be stand-alone plants. But having a specific approach on stand-alone plants, I think is giving us the know-how market by market. We are in all the major markets, I would say, except France. We already have 30 gigawatt hours under development, 9 gigawatt hours in advanced development, and we are giving a target of 8 gigawatt hours for 2028. We already have the first plant, if you look at this slide, we already have in Spain, the first plant under construction in Oviedo, [ 0.7 ]. There will be more coming up. We have announced our first tolling agreement for this plant. We have mandated and we will close the finance very soon for these first projects with two -- in a club deal with two banks. In countries like U.K. and Poland, we have achieved capacity payments in the auctions. These capacity payments combined with tolling agreements or hedges for the spread combined, they really make these projects extremely workable, and we can achieve 2-digit IRRs. We are working very hard in Germany. I think tolling in very advanced negotiations. We are getting ready for the next [ MACSE ] and capacity payments auctions in Italy. And Romania, considering is emerging market, but we are getting very interesting proposals for tolling agreements in this market as well. We have to mention Oviedo. Oviedo is our -- is the first -- well, we announced. It was a very important tolling agreement, the one we announced, I think the first of this type in Spain. I think we are really breaking the market. We're really showing the way. And again, we will announce the project finance very soon. That will be a very important milestone for the company. And I think for storage in Spain because it will be the first project finance close for a sizable stand-alone project in Spain. But -- well, we like to say we -- I'm not done. I think there are many colleagues now that need to present. I'm not done yet. There is something new, okay? I think if you remember when we introduced Greenbox 12 months ago I made this comparison that if we are Apple in 2005, 2006, this will be our iPhone. I think I was wrong, this was maybe our iPod. I think what comes next will be our iPhone. [Presentation]

Okay. Thank you. It's nice to -- for welcoming our new baby. We've been building energy plants and generating energy for 18 years. I think the last 4, 5 years, it's when we finally had what we needed to develop storage and plants and being able to deliver energy 24/7. That's very exciting for us because it's something completely disrupting and completely new. And I think it's very natural for us to partner because the digital world, the digital revolution, it's about energy now, right? It's about energy, and we do have the energy. And why are we starting in Chile, it's pretty obvious, right? Because we had many projects there, many interconnection grid access, many interconnection points. It doesn't mean that we will not replicate in Spain and other places, and we are working on it. But I think we -- like 2 years ago, we said, okay, let's make sure we get the best locations and we get -- we develop the best data centers in the market. If you look at the opportunity, there are 650 million people live in Latin America, less than 2% of global DC capacity is there. So there is a great opportunity to bring back to Latin America, those cloud services, those colocation enterprise, AI inference, what is needed, bring it back in many cases from the states. And there are several regional hubs being -- one is in Mexico, mainly Querétaro, another one is in Brazil, maybe around Sao Paulo. And we believe and the market believes that Santiago could be a regional -- a very strong regional hub. And Chile, it's -- well, I obviously need to sell Chile, but I think it's a fantastic place to do business. The government has absolutely no doubts, and it's really now a mission of promoting the digital infrastructure and attracting investments for data centers. It's a dollarized market, political stability. This new government is really helping the establishment of data centers. So I think all pieces really work. And Grenergy, we are now developing 1 gigawatt of IT. It's already -- the grid is secured. We have the largest permitting team in the market. And obviously, we can provide energy 24/7. So basically, we can help IT companies and operators with a partnership where we take care of the real estate, we take care of the land. We take care of the grid access, which, as you know, is something extremely important right now. We take care of the energy. And basically, we can partner with them in many ways. So finding now the right partners is going to be our mission, but I think it's very important that we explain to you what we are working in. There are two great opportunities in here, right? We're talking about cloud campuses around Santiago, to be able to provide cloud computing, colocation, enterprise. And I think the market is extremely hot. So we have decided to develop these two projects. One is north -- like 30 kilometers north of Santiago. The other one is 30 kilometers south of Santiago. And they're both in very strategic locations next to the most iconic and important nodes. One goes all the energy to the north. The other one goes all the energy Santiago to the south. So I think they're in very strategic locations. They are designed for the workloads of the near term. And well, from -- we are ready to provide this on ready to build and go with some partners to ready for service. So I think in the next couple of presentations, we will be telling you about the progress of these negotiations, right? And then Atacama [ data ] is really our dream. We believe it's one, if not the best location on earth for establishing a large AI training, machine learning data -- massive data center. You basically have the lowest energy LCOE in the world. We are talking about lower than $20 during the day. lower than $40 in the near very soon 24/7. You can have -- our plan is having a plan next door where you basically save all the grid fees. So we are talking about providing energy on average at $30, 30-something dollars per megawatt hour. This is compared to what I don't know, the hyperscalers can expect in Virginia, like 70-something for the PPA plus the grid fees and other fees. We are talking about maybe 100 or even more. Here, we can provide it below $40. You can have as much land as you need because you have the best radiation in the world and the best and full support from the government. So AI training is what matters most. is the energy cost. And I think this location is next to our Elena plant that we will inaugurate very soon in a matter of 2 weeks. So this is your data. It's only the beginning. We will keep you updating. We might expand it to other geographies. But again, it's really a very natural step for a company like us. So I'm going to invite Mercedes to let you know about the Oasis platforms. Thank you. [Presentation]

Good morning, everyone. Our first Capital Markets Day in Madrid, as you might remember, we launched our first Oasis platform. So today, I would like to walk you through the evolution of Oasis, how the platform has evolved, how much it has grown and why we believe the next phase in Iberia could be even more significant. As you know, we announced the birth of Oasis of Atacama in November '23 with 1 gigawatt of solar and 4 gigawatt hours of storage. And only 18 months later, by May 25, the platform had already doubled its solar capacity and almost tripled in BESS. And today, only 1 year later, with the addition of our third platform, their combined scale reaches 5 gigawatt and 22 gigawatt hours of storage. So to put that into perspective, it represents almost 4x the current battery storage capacity installed in the whole U.K. Overall, Oasis has grown fivefold in 2.5 years, as David mentioned earlier. A scale that very few players globally have been able to achieve in such a short period of time. Oasis of Atacama remains the clearest example of our execution capability. But what matters is not only the growth itself is the fact that we have continued expanding the platform while projects move through construction, commissioning and operation. So in other words, we are growing while executing. Quillagua and Victor Jara are already operating with BESS. Gabriela and Elena are currently under commissioning phase. And at the same time, we continue expanding the platform with a new phase of Elena, a large-scale project added inorganically that has strengthened our business plan. We continue securing strategic partnerships with Tier 1 suppliers signing increasingly sophisticated PPAs. We keep seeing strong appetite from offtakers and financing the platforms successfully with close to USD 2 billion of debt grades across the Oasis platform and more than 10 international financial institutions participating in the process. So the sharp also reduction in battery CapEx over the last few years, together with the high solar irradiation in Northern Chile has allowed us to increase project capacities and confirms the strong potential the region still has. And on rotation side, we already completed Phases 1, 2, 3 to KKR and Gabriela is expected to follow very soon. So I believe this clearly demonstrates that the market has already validated the value creation generated by the platform, the strong global appetite the market has for well-structured hybrid assets and Grenergy's execution credibility. So this is no longer a development story, but this is a delivery story. So Central Oasis confirms that the model is replicable. Gran Teno, Tamango, Planchón, [indiscernible], you all know these projects in Monte Águila are already well advanced in their hybridization process. We also grew during '26 through selective acquisitions, our new projects, Parral and Pelequén. Pelequén is expected to start construction very soon, while Parral and Solteca continue progressing in their development. So in a very short period of time, the platform has continued expanding through storage integration, pipeline maturation and selective acquisitions. This slide is updated with the last year. I showed it in London. And it shows the progress achieved during the last period. We secured more than USD 600 million of financing for part of the platform. We completed the acquisition, as I just mentioned, of strategic projects that have a better match with our energy strategy and for which we have already signed a first PPA with GR Power. And what is especially interesting is that many of the dynamics we see in Central Oasis are very similar to Spain, radiation, high renewable penetration, curtailment and a growing need for flexibility. So this brings us to today's announcement, as David mentioned, Iberian Oasis, what we believe could become one of the largest hybrid renewable platforms of its kind in the region on the coming years. Our objective in Spain is very clear to replicate the platform model we developed in Chile in a market now undergoing through the same transition with irradiation level, as mentioned, comparable to Central Chile. Spain is rapidly evolving towards that hybridization and not only because the current operational projects increasingly needed, but because the system itself require that flexibility. And Spain represents a market of more than 250 terawatt hours of electricity demand compared to only 85 in Chile, so nearly 3x larger like also David mentioned. So imagine the opportunity we have here. And Greenergy is very well positioned to capture it because as not many other competitors have, we are not starting from 0. We have operational assets. We have the execution experience. We have the battery expertise, and we have strong M&A capabilities to acquire projects at very competitive prices in a market environment like the Spanish one that is allowing us to do so. So Escuderos is the first major step. You already know this project, a project operating since 2021. And that is now being transformed into our first large-scale hybrid platform with the signing of one of the first tolling agreement of this kind in Spain. And as you can see on the slide, we are expanding it through acquisitions such as Indo while continuing to evaluate other opportunities. We are currently analyzing more than 3 gigawatts in the market, both operational and under development projects. So if Oasis of Atacama proved our execution capability, central Oasis show that the model is replicable. Iberian Oasis represent the international scaling of that model, but also the opportunity to deploy it at a much larger scale. Okay. Thank you. I will give the floor to Daniel.

Good morning, everyone. Well, in the last 12 months, we have delivered record commercial volumes. So we have closed 2.1 terawatt hour per year already contracted with -- through PPAs, plus 4.2 gigawatt hour of storage capacity through different mechanisms and everything across five different markets. In Chile, new PPAs for Oasis platforms, solar PPAs for Monte Águila and Planchón with an investment-grade offtaker, GR Power as offtaker as well of Central Oasis with more than 700 gigawatt hour per year of energy contracted. And also, and most importantly, GR Power as a supplier with the first 24/7 PPA with Codelco, one of the largest mining companies in the country. We are also working in new contracts for the next phases of Oasis. And hopefully, we can give you more news in the coming weeks, if not this. In Spain, we are opening the market with the first financial tolling agreements for batteries. Proof of that is the agreements that we have closed with for the projects of Oviedo and Escuderos with investment-grade off-takers and long terms from 10 to 12 years. These agreements are -- we believe, are setting the contracting standards are much more liquid products than just setting a pure solar curve, and we believe it will give us many opportunities in the future for the projects that are coming in our pipeline. In the U.K. and Poland, we have secured our first capacity contracts in Europe for Greenbox for almost 3 gigawatt hour of storage capacity. Also in the U.K., we were awarded with our first PPA in the last round of the CfD scheme for the Fibden project. And finally, as David announced previously, we have closed our first PPA with Georgia Power, a 20-year contract with our hybrid project, Beaver Creek. GR Power is probably one of the most strategic transformation in our company today. So we are transforming the company from an IPP to a green power utility. We are building a utility for the ground up on a 100% renewable foundation without legacy assets and without legacy cost structure. 2.1 terawatt hour per year already contracted, plus 1.2 terawatt hour per year under active negotiation. So a very interesting commercial momentum in the market right now for the company. Very important that we have the capability to offer on a 24/7 basis as we -- as I explained in the previous slide through the PPA of [ Codelco ], and we are working in new contracts for this kind of supply. The investment-grade credit rating is in process. So it's a very important milestone for the company because it will unlock cheaper funding and broader institutional partnerships. But most importantly, it will give us greater independence from the traditional incumbents. The target for 2028 is having more than 5 terawatt hour per year of energy contracted. It represents more than double of today's contracted volume and more than 16x the volume we had only 3 years ago. And regarding energy management, I mean, signing the PPA is the key element in our business model, but we can add more value if we can control how to manage every megawatt in every hour across every market. And that is what our energy management platform does. In our main markets, we are going to forecast, optimize, set up state-of-the-art control centers and assess risk management, because controlling this stack is what allows us to control the value of every PPA that we close and every asset we own. And this is already on track. So some months ago, we announced our new Head of Energy Management, [ Juan ], who is here with us today with an impressive track record in the market, and he has already done it in the past. So we are already working on it. We are building, as you can see in the images, two state-of-the-art control centers, one in Madrid in this building, one in Santiago and operating around the clock and managing assets across multiple time zones and regulatory regimes. So real-time monitoring, real-time decisions, real-time value capture. This is -- we believe this is the capability that will allow us to extract additional revenue from every asset or every megawatt we own through optimization, ancillary services strategy and b arbitrage beyond the contracted price of the PPA. And we think that as BESS scales across the markets, energy management becomes the decisive value driver, and we are building the platform for it.

Let me start today with a key figure. As you know, 80% of our CapEx investment plan over '26, '28 will be funded through nonrecourse financing, close to USD 2.8 billion of financing. This is a huge volume. So our ability to rapidly scale project finance is going to be critical for our success. Structuring very large nonrecourse financing has become a core capability at Grenergy. Over the past 2 years only, we have structured and closed six transactions for the Oasis platform. That's close to USD 2 billion of debt with 14 international lenders. So why is this so important? Number one, we have structured one of the largest BESS portfolio globally. So this gives us a competitive edge as we enter new markets, and we need to structure new BESS financings such as Spain or very soon in the U.S. Second, we are trusted by the world's largest international banks. These banks are present across our platforms. This includes banks such as BNP, Natixis, SocGen, SMBC, Scotia and more recently, BBVA, Rabobank and Santander. All of these banks are part of our corporate pool of lenders. And this creates huge synergies for our treasury platform, where we manage currently close to EUR 1 billion of lines. And third, we have been able to close this transaction at a record pace. And this is because we understood very early on, as I mentioned in previous presentations, that recurrence in lending goes hand-in-hand with derisking and successful syndication. And we have been leading the syndication efforts of these banks by bringing in new relationship institutions such as U.S. banks for the first time in Chile, Bank of America and JPMorgan as well as long-standing relationship banks such as KfW and ICO. So repeat lenders is for us the clearest signal of confidence in our platform. Recurrence builds trust and better terms, and these better terms compound into a structural cost of capital advantage. Recurrence is obvious in all the deals that we have closed in record time. And together, all of the compound into the best possible competitive terms for the platform. Every closing has set a very strong market precedent, and these precedents have opened the door to very strategic new transaction for the group. Central Oasis was one of them. This is truly a pivotal transaction for Greenergy. As Daniel mentioned, Greenergy GR Power was for the first time, the main best offtaker. And the volumes were very large, USD 600 million of debt raised under very competitive market conditions, very close to what we achieved in Oasis of Atacama. So this proves that the business model in Chile is very resilient. It's diversified and that GR Power is fully bankable. And this opens huge growth opportunities for us in Chile in the near term. So what comes next? We have -- we are growing the Oasis platform. So we know that we have to deliver fast financings in the coming months, and we are prepared. We're currently working on Algarrobal, the Algarrobal portfolio, which is going to be the company's largest single deal so far, close to USD 500 million in a single deal, and we plan to execute this deal by the end of Q3 with a group of very strong international lenders. In Europe, we will replicate the success of the hybrid platform, and we're also currently executing a hybrid financing for Escuderos. And we plan to raise more than EUR 200 million of nonrecourse debt with a club of very strong banks. But more imminently, we're about to announce in the couple of weeks, the first BESS stand-alone financing of the Spanish market. And this is truly a landmark transaction, as David mentioned, because we managed to do it under very competitive terms. And this is what validates the investment case for BESS stand-alone in Spain for Greenbox, and it sets a very aggressive market precedent for the Spanish financing market. So to conclude, we will continue to structure competitive financing -- but we have also been able to improve our corporate financial position by raising EUR 170 million corporate bond at a 5% coupon, very attractive coupon for 5-year tenure as well as a EUR 105 million revolving credit facility. These two instruments diversify our funding. It increases our liquidity, of course, extending maturities and overall optimize our cost of capital. We sit currently on record levels of cash, more than EUR 400 million. And our capital structure has never been more stable to support the next phases of growth. So moving to M&A. M&A has been evolving over the past years, but is now more than ever a dual strategy. On the one hand, we have sufficient organic pipeline to continue to grow, sell assets at very attractive multiples and recycle capital. But on the other hand, there is a unique opportunity to buy assets right now in the market to accelerate growth. So two sides of the same disciplined approach to investment that runs continuously in our business. Sell side is funding the next wave and buy side is accelerating entrance into new markets and technologies. And together, they compound into a capital efficiency that pure developers cannot match. So on the sell side, we have a decade of track record, more than 73 projects rotated from 2017 at an average EV to invested capital of 1.6x. This benchmark has been validated by the most sophisticated investors such as KKR, EQT, CVC, utilities like ENGIE. So asset rotation will continue to be the core funding mechanism to continue to grow without diluting shareholders. And we plan to have roughly EUR 800 million asset rotation over the period '26, '28. So we'll continue to sell to lower cost of capital buyers to achieve higher returns and invest in new growth opportunities. Buy side really means for us the engine to accelerate entrance to new markets. As David explained, the best markets are changing rapidly in Europe and the key competitive advantage right now is time to market. So we will seize these opportunities as we have done recently in Chile with the purchase of 400-megawatt parallel and [ Pelican ]. But also in Spain, we're already there buying new projects, 100 mega hybrid project as well as 150-megawatt stand-alone asset. So overall, we are looking at more than 5 gigawatts of opportunities on the buy side. Our teams are prepared. We have scaled accordingly. Of these 5 gigawatts, 3 gigawatts, so you get an idea is located in Spain. So strong focus on Spain. So buy-side acquisition by far will be the fastest, most capital-efficient way to add hybrid and best capacity to enter new markets and to grow without ever compromising on project quality and returns.

So we have been talking about the business. Now let's move into the numbers. I think we are running out of the time, but I'm going to try to speak fast, from [indiscernible], I can do it. Maybe the Athens is going to be the problem. But okay, very quickly result. And then if you have questions, we can go into Q&A. But the quarter regarding EBITDA was as expected, okay? No major M&A contribution coming in the quarter. This is what considered at the beginning of the year. The main asset rotation that we have had that is impacting in this P&L is coming in Q2, Q3 with Gabriela, okay? And that is going to impact the M&A side, the energy EBITDA to be Elena impacting very soon. It's already in operation, trial phase. Commissioning should end hopefully in next weeks, and that will have a good impact in energy sale. Then PV addition during this year, 58% up to 1.4 gigawatt. This capacity is improving quite a lot from -- thanks to Elena and Victor Jara asset. Production moved slightly down 4% because we had to de-connect Elena PV plant during the construction of the BESS facility and unrealized price increased a little bit, just 5%, okay? Then important to mention regarding net profit, we have had some positive effect in FX gain, thanks to the dollar and Colombian peso appreciation, around EUR 14 million and also a one-off positive impact by closing a financial hedge. Then very rapidly, this is exactly what I just said. M&A should come in next quarters. Energy EBITDA, the same with Elena. And important to mention, GR Power is increasing total sales by 90%. It should keep improving this energy and EBITDA generation in the coming years. We have reached EUR 1.6 million EBITDA for the year, maybe it's going to be around EUR 4 million, EUR 5 million, okay? That should multiply as soon as more contracts are coming in, in coming years, okay? Then very rapidly, EUR 132.5 million CapEx that is 59% up compared with previous year. This is our guidance regarding the PV CapEx and battery CapEx, okay, PV CapEx, no major changes, still panel around $0.10, $0.11 of dollar. Regarding hybrid, with the batteries is the most important part and well, battery cost. During this year, we expect no major deflation, but it is true, and we have here Monica and Camilo, BYD and CATL. They are improving quite a lot industrial capacity that is creating good effect over time on CapEx, okay? So we are considering in the coming years further deflation, but not in the investment plan we are presenting to you, okay? We are considering just the price we are guiding for this year. Inverters, converters, we are using European players here some present. And so no problem with the made in Europe issue and also flattish as trackers and the rest of the part for both PV and BESS, okay? Then cash flow, well, it's good that after investing EUR 133 million, thanks to the bonds, we have been able to raise EUR 170 million and project financing, we are ending with a very solid cash balance position of EUR 429 million. That is allowing us to keep investing to keep having checking opportunities in the buy side, especially here in Spain. The leverage for the period maybe is misleading because actually, with the asset rotation target -- with the asset rotation we have done over the last period that is impacting in next quarter. So on a pro forma basis, we are having a 2.4x. We have also a covenant to have a corporate leverage of 3.5. And right now, even without the pro forma deals, we are below that, okay? And the debt structure mainly is coming from project finance. And then the investment plan, okay? So it's worth to mention, the strategy is very similar from what we have presented and you all know. We are bringing more CapEx after delivering good investment and asset rotation at a good valuation. Last year, when we presented this deal, some of the M&A were still to be announced. We could sell Gabriela at a 1.8 EV to IC. So fantastic deal. We have -- in this chart, you can see that the previous target for '25, '27 CapEx plan remain the same. The main difference is that we are deducting what we have already achieved in '25, and we are including another EUR 200 million. Then during -- well, what we have already achieved thanks to the deal we announced are pending to be received in the P&L, as explained, is around 30% of this target, so already delivering part of this asset rotation target. 45% of it is in progress. That means that there are investors checking opportunity of existing portfolio, both in operation, ready to build or expecting to have in commercial operation date. And we are considering and we can talk about this later, a conservative EV to IC of 1.3x, okay? Then the investment plan. The investment plan, this is the bridge from the previous investment plan. We presented EUR 3.5 billion -- we did EUR 900 million last year. That is amazing. And well, I wanted to make a bridge. So you can see that even though there are those EUR 900 million, we are having some positive effects, thanks to FX savings. Remember that, well, we are investing mostly in dollars. We were considering EUR 1.05 billion and now the dollar depreciation is allowing us to, in euros, have a lower CapEx impact, savings, EUR 0.3 billion. Then the redesign of the Oasis platform means that we are not extending any COD within the investment plan. That means that we are even increasing the number of hours in some of the phases. So there is no -- any major changes in what is important that are the project we want to connect and want to deliver EBITDA, okay? And thanks to the big scale project we are connecting that -- well, like Elena, for instance, 3.5 gigawatt hour, that is the biggest project in America, both together North and South. That is creating on average reduction in CapEx for interconnection, for instance. Also when with our friend, we did it with BYD, they have been more competitive because of the big scale of the order we are doing, okay? So that is creating some savings as well. So we are including EUR 1.5 billion in this investment plan. Out of those EUR 1.5 billion, EUR 1 billion is coming in Europe, okay? So that is a major change because we were investing in previous business plan, 70% in Chile. Now we are bringing more Europe to you to investors. We want to have a diversified portfolio geographically, okay? And that's why now we have EUR 3.7 billion investment plan. And well, the investment plan, again, is what you know. Our playbook, our financial playbook is quite the same always. So having very good asset, quality asset with project finance, discipline asset rotation, no dilution, self-funded business plan. So that is our intention to keep doing that, okay? And we have included some share buyback that we have as an option, EUR 100 million. So -- but you can see that our corporate debt is very reduced to be coming -- 75% to be coming from project finance, 20% from corporate debt, just very little from the existing bank position, okay? So well, once more 1 year Again, we are bringing more CapEx, EUR 1.5 extra billion on investment with a good valuation. On average, we have achieved EUR 1.6 billion. We are considering EUR 1.3 billion. Again, we are not including any project that might be connected in '29 that should include some CapEx in '28. This is a business plan for the next 3 years. Whenever we present more CapEx for 2029, there will be some -- the financing chart with some M&A new asset rotation target, and we will present that CapEx as well. Also, we are not including any CapEx from GR data, okay? That is something that whenever we are going further, we are going to let you know the way that is going to create value within our company, okay? And that's all at the end, this is just the CapEx we're bringing to you, but what really matter is the great team we have, not only in Madrid, beyond in Chile and in many locations. In 2023, we presented Oasis of Atacama. We expanded in '24 with no CapEx increase, thanks to the CapEx deflation on storage. Last year, we presented Greenbox, Oasis Central. This year, we are bringing more Greenbox, even Oasis and the data that is not even included in the business plan. So trust us, I think there is plenty of history yet to remain, okay?

Thank you very much, and good morning to everyone. So. Yes, as many of you know, we've been working since 2020 to build a very solid foundation in ESG. We are now in the final year of our second road map and a lot has been achieved since then. During the first 3 years in our first road map, we focus on building the right foundation. We focus on things like creating key corporate policies and procedures that we didn't have. We created our sustainability committee. We produced our first ESG report fully in-house and many other milestones as well. On the second road map, we were then subject to increasingly demanding reporting landscape and the team had to work hard to adapt to that. While, of course, in parallel, they were doing very valuable work in biodiversity strategy and ESG impact assessment. This year, we are reassessing our priorities to define the next phase in our ESG journey, while we continue to work in very important areas such as recycling or human rights or climate and how to measure our impact. We're very proud to see that all this work over the years have been widely recognized and it's really fantastic to see Grenergy strongly positioned across the main ESG ratings and in many cases, leading in our sector. So what is next? Well, in line with the EU decision to streamline reporting, we are evolving toward a renewed strategy where impact becomes the central focus. We are already bringing solar energy closer to our communities. We are investing in educational programs for women and local young people and working to generate positive environmental outcome. It is clear to us that beyond generating clean energy, we want to create tangible and lasting positive impact on local communities, on our people and on the environment. And that is why we are rebalancing our resources to focus where impact matters most. because sustainability has always been and will continue to be core at our corporate strategy now more than ever. Thank you very much.

Thank you very much for the presentation. Now let's move to the Q&A session. First, we will take the questions from sell-side analysts in the room and those joining us virtual. Please try to ask one question per participant. Okay. Flora from Caixa Banco.

Just a clarification because in the previous CMD, you had given targets for EBITDA. I noticed that you don't have there, you say that the plan is fully funded. So I don't know if you will share something about EBITDA targets or if you'll stick just to investments as you have in the presentation. And then I would just like to understand how do you see the time line of the data centers unit. So if the cashing is progressive, so how should we model this in terms of the execution and the effective impact of the data center? So you mentioned, Daniel, that there is no CapEx attached to it in the plan. But can you help us understand how do you expect this cash in to evolve and whether this is part already of the '28 plan or after that?

Okay. Thank you, Flora. I think I'll leave you the first one, and I go with...

So regarding EBITDA guidance, we want to be very clear. We have done fantastic execution over the last year. Everything is on track. We are bringing more projects to you. So targets still there. There are many moving parts regarding assets that we are checking for rotation and many, many gigawatts that Mercedes was saying, of projects that we are buying. We prefer to provide you with good information. Time to time, we will update you with that. But EUR 1.5 billion, bringing value 1.3x on average in a conservative level compared with historical value generation.

About your data, yes, I think it's just -- we wanted to share with you the whole idea and what it represents for the company. It's not nothing new. We've been more than 2 years working on this plan. It was very obvious that the opportunity was easier for us in Chile due to our presence. Chile is like 2 years behind. It's 2 years ahead in storage or 3 years ahead, but it's maybe 2 years behind in data centers. We've been looking very well at what the opportunities that companies like us, energy companies have been having in Europe in partnership with hyperscalers and data center operators. And we wanted to make sure that we could capture the highest value of the opportunity in Chile, both in cloud, around Santiago. This is like being around Madrid and in AI training, which is like some plants in Spain, in Aragón or in Extremadura, right? So we wanted to make sure we had the right asset. Then how are we going to monetize this opportunity? Well, we are already closing our first PPAs with data centers. That's a very conservative, but we want to do obviously more because we believe we are the perfect partner for IT companies and hyperscalers to provide them speed, which is the most important currency right now in the data center. If you can really deliver ready for service 1 year earlier, the value of this development is way higher. So we can monetize by selling power land. We can monetize by closing PPAs or we can even participate as a shareholder in the data center business. But we have several conversations ongoing. Whenever there is something binding, we will let you know. We obviously will try to capture the highest potential value.

Okay. Do you want to ask? Okay. Yes. Next question, Nacho from JB Capital.

So just a follow-up on GR data, like this could be a massive investment opportunity, like a multibillion opportunity. So you could give us more color on what would be this role and how could this strategy be funded? I appreciate it's post 2028, but still it would be a very relevant investment opportunity post the projects you have upgraded. And the second question on Greenbox, if I'm not mistaken, the platform is that the capacity is slightly down versus your previous update, but I just wanted to clarify if this is driven because some of the capacity is going to some of the projects in Spain and Chile or so it's being hybridized or you are seeing other opportunities in hybrid basically and maybe giving up a bit of the Greenbox platform?

Okay. About Geo-data, and I think I replied in the previous question to [ Mericia ]. I would say we are not considering any CapEx, as Daniel mentioned, between '26 and '28. It doesn't really need to be a CapEx -- necessarily a CapEx opportunity. We -- okay, one side, we can monetize the value of our developments as a one-shot opportunity. And then our main aim is to remain supplying energy in the long term, 15, 20, 25 years to those data centers. There will be opportunities in CapEx as well, right? We are now estimating if you consider our South Santiago campus, we're talking about 300. Roughly everybody has in mind like 10 million per megawatt. So that's a EUR 3 billion CapEx opportunity. We're definitely not going to do this ourselves, but we can partner with someone and have also participate in this opportunity. But for the moment, we want to make sure we have the best developments in the countries and the best time to market. Again, time to market, we believe is everything. And we are the perfect partner for an IT operator, a hyperscaler because we can help them with the real estate, we can help them with the grid access. We do have the grid access already. Most of these grid access were obtained through previous stand-alone projects that we have reconverted into IT. And we'll see. We see if we find -- as a fantastic opportunity, but still, I think this is just a first approach. And I think we've been working for a long time. We wanted to give you clarity and visibility. The second was -- sorry, very quickly about Greenbox. Greenbox is doing fine. As I mentioned, 30 gigawatt hours is what we currently have under development. It's our own greenfield. But as I mentioned, buy side is going to play a very important role. So you better look at what we are executing or what we have in advanced development or backlog, yes. And I think our estimation is jumping from 0.7 right now. It's just [ Oviedo ] project. I think next year, we will be roughly in around 3 gigawatt hours, considering some projects in mostly Spain, but also the first project in Poland and the U.K. We are considering 8 gigawatt hours in 2028, and this will be exponential. And again, if the opportunity is there and if we don't have the right stuff, we will buy it. So that's the key message. So I don't think the size -- the overall size of our greenfield pipeline is that important.

[indiscernible] could you see [indiscernible] Greenbox...

I think it's a bit early to do that. If you ask our M&A head, he might say that, yes, there are fantastic opportunities for rotation. But whenever we rotate something, it's because there are opportunities for growing. There is -- I think there will be fantastic opportunities for financing, rotating that. But for the moment, we want to make sure we have the largest and we can grow as fast as possible with the right returns. It's something very new. It's only starting, right? So we're going from a few gigawatt hours to hundreds of gigawatt hours or maybe 1 terawatt hour as early as 2030. So is really -- I don't know about data centers, but really it's the largest opportunity we've ever had really, making sure the Greenbox platform grows in the right way.

Okay. Next question, Gonzalo De Cueto, BNP.

So two questions. The first one on the U.S. I think that I've not seen the project IRR target that you're expecting here for the new projects, if you can update us on that? And the second question would be on BESS CapEx. I mean, Daniel has briefly touched on this. But from the current or the constant conversations you are having with battery suppliers, I mean, what are your midterm view here?

Okay. IRR for the U.S. is definitely a double-digit market right now. It's -- so I'm talking about equity because the way we finance projects there with tax equity, it's very different from other geographies. So we don't do that differentiation between project and equity. It's just the equity of the project after tax equity, and we are targeting 11%, 12%. That's the sweet spot, right? I think anything above 10%, right? I mean, if you want to add anything on the U.S. Yes.

I think this is more or less -- it's quite a competitive market that we are in this range. which is in line, I think, with most developers in the U.S. And a key advantage that we have in the Southeast is that the contracts are very long term. So we have fantastic projects for financing. So we're already working on the mandate for the first asset, which is Beaver Creek, and you can reach up to 90% leverage in total now, including the tax equity commitment.

Sorry, your other question was...

CapEx [indiscernible]...

Maybe in the barbecue. [indiscernible] a blown Chinese lady, you can ask directly. And there are two great guys, [ Carmel and Rodrigo ], you can ask them. I honestly feel that there will be further reductions in the CapEx price because we -- on one side, there is sodium coming as alternative to lithium, a real alternative. And that in the medium term, will -- my guess is that it will create some competition between the two technologies, and it will be positive for further CapEx reductions. And I think companies like CATL and BYD, these two companies are the top 2 companies in the space. They have each 40,000 R&D engineers. It's amazing how the efficiency is improving year after year. We -- the batteries we were buying for the first phase of Oasis of Atacama in the 20-feet container, we could fit just 4 megawatt hours. And the same container, we are now talking about 6.5 to 7 in a matter of 2 years. So this is a race with efficiency, capacity manufacturing, I do see some CapEx reductions in terms of megawatt hour. That's my guess. But it will -- it's also a supply and demand market, and it will take time.

Okay. Next question, Eduardo González, Santander.

On Iberian Oasis, one question. Could you give a bit more color on the 700 megawatts that you are in negotiations, the timing of the operation, the price that you're expecting to pay for these assets and also the economics of this platform? And maybe a second question, the asset rotation that you said that 45% is under negotiation. Also if you can give a bit of more details on what kind of assets are you negotiating right now?

Okay. On the pipeline, we are analyzing and under negotiation. I mean, we have different -- completely different kind of projects, either asset operational under development. And Spain is right now in a moment where we have plenty of opportunities at, I would say, very symbolic prices. I mean many companies are exiting or many other companies are -- don't really know how to bring the value to these projects. So -- and as I explained earlier, we come from doing that in Chile for the last years. So we are -- we feel much more comfortable in order to do so. So we're analyzing many projects. Every transaction is completely different in terms of timing. We can buy a project in a couple of months or 9 months. I mean, it depends completely. But I can say that we are really finding very good opportunities in the market. I mean it's a perfect environment for a company like us.

The other question was...

The other question was, sorry?

On asset rotation on the 45% that you have under negotiation right now.

Yes. Well, I don't -- I cannot give a lot of information on that side. But you know that we have or our department is constantly taking a look at the market and trying to see good opportunities whenever the returns are the ones expected for us. And on the same time, adding a portfolio to -- projects to our portfolio in order to replace the assets that we are rotating. So of course, many or some transactions will come in the future, but I cannot say when.

If I may, the message will be the same. We are obtaining good cash flow coming in LatAm with a very good multiple in Chile, where we have a lot of presence. Also, we might exit countries like Colombia, where we have sold assets that is creating the equity recycling so we can keep investing into Europe.

Okay. I think there are no more questions here in the room. So now let's connect the people that are joining us virtually. Hold a second. Okay. First question from Fernando Garcia, RBC.

So the first one is in terms of EBITDA guidance. Can you confirm the 2027 guidance that you provided in the CMD last year? And can you provide any color on the EBITDA upside coming from the new projects that you are presenting today? And as you said, just one question, I'm going to get it to this one, Ruben.

I mean, yes, we are confirming 2027 target regarding EBITDA. And then for '28, we are bringing many projects, EUR 1.5 billion CapEx. Again, those projects will be connecting during '27, '28, we are talking about many Greenbox projects. If we haven't provided a guidance on that is because we want to be delivering everything we promise. But of course, the target cannot be the other way to be higher. You can easily modelize it or not, we can help you after this conversation.

So now next question from Anna Webb, UBS.

Just one for me. On -- one of the things you talk about is the opportunity in Spain. And obviously, we know it's very hard to do kind of greenfield projects in Spain. So you talk about the opportunities to procure existing solar or projects at various stages of development. Can you talk a bit more about kind of why you can make these projects work and others can't? Or maybe why the owners of those projects at various stages don't undertake these opportunities themselves and kind of what your advantage is over the other players in that market? And I guess in other markets, too, kind of where do you see your advantage over them?

Okay. Thank you, Anna, for your question. I think Mercedes maybe I can give you more info on this, but I -- the situation really reminds me of Chile. If you look at Chile, there were big questions from traditional utilities and other players about the timing for hybridization of projects. And I think we've made it why we do it and others don't see the opportunity. I think it's a combination of factors. Well, first, we -- I believe we have the scale and the size that I think we can secure a very good -- at a very good cost. We can -- we are an integrated player, right? It means we are -- we do the EPC ourselves. We integrate. So we have that extra maybe difference like 15%, 20% lower CapEx compared to other players that are entering the space. I think that's one point. I think the other is we have been pioneers in closing hybrid PPA projects, which were very innovative at the time in Chile. We are also breaking the ice in Spain. I think first tolling agreement announced for stand-alone, first tolling announced for a hybrid project for Escuderos. So I think we are 1.5, maybe 2 years ahead of many other companies that still don't see the opportunity the way we see it, right, with [ Patrice ]. So we feel fine. I think we are doing it. I think we will announce the first financial close, which is a very important test for us for seeing -- and I don't know, Amy, if you want to say something about this, why it works for us and doesn't work for others. We're not going to be the only ones. There are other companies very active also looking at this opportunity, but some. But maybe, Emi.

No, I think you mentioned everything. I think it's procurement. It's the pillars of the company, the way we structure faster than anyone financial tolling or hedge for these projects, the way also we anticipate financing and we help really the markets evolve in the direction we want. So yes, I think it's going to be a test for the market. This first deal, we're very excited to bring this Brazil to the Spanish market. And then will come, of course, Escuderos, which is also is going to be one of the largest, one of the first hybrid projects in Spain. So we're very happy to lead a bit the way like we did in Chile years ago.

So last question from the time being from Beatrice from Mediobanca.

Actually, my question is on the CapEx plan. You emphasized the concept of diversification in investments, which are going to be roughly balanced between Chile and Europe. However, I would assume the return profiles across those regions are quite different. So could you elaborate on the rationale behind this? Is the priority more around the strategic positioning? Or are you somehow seeing a convergence in expected returns between these two geographies going forward? And then another quick one on the data center opportunity. I was wondering whether you could provide some details on the type of returns you expect from this business compared to the core renewable one? And when do you expect this business unit to start contributing meaningfully to the operational performance of the group?

The signal was not extremely clear. I think I kind of understood the second part of your question, where we are about to invest in Europe. I think, first of all, diversification is key for us. I think we are -- we've been a very Chilean company in the past, and it's a must for us to diversify to our other geographies where we've been working very hard. The opportunity in Europe with everything related to BESS, whether it's hybrid or stand-alone, is fantastic as it is in the U.S., each market has different dynamics. So I think what has happened so rapidly in countries like Chile and Australia, maybe some parts of California with BESS will replicate, and we want to make sure we take our key advantage, our early movers to replicate. Having said that, we -- there is some complexity in Europe. Unfortunately, we're talking about many different countries. We first had to pick up the right combination, and we are talking about six markets, except for France, again, that we still feel that is a difficult place to do business in BESS in our humble opinion. We have picked up a right combination of mature -- more mature markets like the U.K. with more emerging markets like Poland, Romania and countries like Southern European countries like Spain and Italy. And I think the rhythm we might be building -- the first project we are building for Greenbox, it's in Spain. But next year, we will start breaking ground in Poland and maybe the U.K. And then Germany is a fantastic market, but still, we need to make sure there are some uncertainties regarding grid fees and grid access. And we want to make sure before we really fully start that the projects are fully bankable and investable, right? So I would say that the opportunity in Germany is the biggest one, but we need to be sure -- to make sure that some things regarding the clarify. Italy is a market that needs [ max ] and capacity payment support. Right now, solely with -- only with the tolling agreements, we don't get the necessary IRR. So we need to combine like in the U.K. and Poland, we need to combine that with capacity payments. In Spain, so far for us, the IRR, we can get the IRR without the capacity payments. It has been announced for a very long time, as you know, but we definitely see this as an upside, not anymore, yes. And about data centers, I think we don't want to give -- we are not giving any CapEx yet. We want to see that it could be transformational for the company. let's think that will start in 2029. Hopefully, we can monetize and we can start creating value earlier, right? This is our belief. And again, we will try to get the biggest value out of the -- our data center pipeline and whether it's selling the power land or whether it's moving that -- converting that into equity of the projects and participating in the long term as operators like some power companies are doing in Europe or -- and in any case, for us, having bringing the offtaker and closing securing PPAs in the long term is really what we look for.

So there are no more questions. So with this, we finished our presentation. Thank you very much for attending and see you in September with our first half results. Thank you very much.