Atlantica Sustainable Infrastructure PLC (AY) 2022 Q4 法說會逐字稿

Welcome to Atlantica's Full Year 2022 Financial Results Conference Call. Atlantica is a Sustainable Infrastructure company. Just a reminder that this call is being webcast live on the Internet, and a replay of this call will be available on Atlantica's corporate website. Atlantica will be making forward-looking statements during this call based on the current expectations and assumptions, which are subject to risks and uncertainties. Actual results could differ materially from our forward-looking statements if any of our key assumptions are incorrect or because of other factors discussed in today's earnings presentation. All because of other factors discussed, including the Risk Factors section of the accompanying presentation and in our latest reports and filings with the Securities and Exchange Commission, all of which can be found on our website.

歡迎來到 Atlantica 2022 年全年財務業績電話會議。 Atlantica 是一家可持續基礎設施公司。請注意，此電話會議正在互聯網上進行網絡直播，Atlantica 的公司網站上將提供此電話會議的重播。 Atlantica 將在本次電話會議期間根據當前的預期和假設做出前瞻性陳述，這些陳述受到風險和不確定性的影響。如果我們的任何關鍵假設不正確或由於今天收益報告中討論的其他因素，實際結果可能與我們的前瞻性陳述存在重大差異。所有這些都是因為討論的其他因素，包括隨附演示文稿的風險因素部分以及我們向美國證券交易委員會提交的最新報告和文件，所有這些都可以在我們的網站上找到。

Atlantica does not undertake any duty to update any forward-looking statements.

Atlantica 不承擔任何更新任何前瞻性陳述的義務。

Joining us for today's conference call are Atlantica's CEO, Santiago Seage; and CFO, Francisco Martinez-Davis.

與我們一起參加今天的電話會議的有 Atlantica 的首席執行官 Santiago Seage；和首席財務官 Francisco Martinez-Davis。

As usual, at the end of the conference call, we will open the lines for a Q&A session. I will now pass you over to Mr. Seage. Please, sir, go ahead.

像往常一樣，在電話會議結束時，我們將打開問答環節。我現在將你交給 Seage 先生。先生，請繼續。

Thank you very much. Good morning, and thank you, everybody, for joining us for our 2022 conference call. I will start with a few key messages. In 2022, revenue and adjusted EBITDA increased by 2.9% and 1.5%, respectively, on a comparable basis. At the same time, cash available for distribution increased by 5.5% year-over-year, reaching $238 million.

非常感謝。早上好，謝謝大家加入我們的 2022 年電話會議。我將從幾個關鍵信息開始。 2022 年，收入和調整後的 EBITDA 在可比基礎上分別增長 2.9% 和 1.5%。與此同時，可供分配現金同比增長5.5%，達到2.38億美元。

Net cash provided by operating activities in 2022 was $586 million, a 16% increase compared with 2021.

2022 年經營活動提供的現金淨額為 5.86 億美元，比 2021 年增長 16%。

With those results, we are initiating our 2023 CAFD guidance in the range of $235 million to $260 million. And in terms of investment growth, we have already committed or we have earmarked investments representing for 2023 between $165 million and $185 million.

有了這些結果，我們將在 2.35 億美元至 2.6 億美元的範圍內啟動 2023 年 CAFD 指導。在投資增長方面，我們已經承諾或指定了 2023 年的 1.65 億美元至 1.85 億美元投資。

With those key messages in mind, I will now turn the call to Francisco, who will take you through the results.

考慮到這些關鍵信息，我現在將電話轉給 Francisco，他將向您介紹結果。

Thank you very much, Santiago, and good morning to everyone. Please turn to Slide #5, where I will present our key financials for full year 2022. Revenue reached $1,102 million, which represents a 2.9% growth on a comparable basis, excluding the effects of the nonrecurrent solar project that we discussed last year and foreign exchange. Adjusted EBITDA amounted to $797 million, representing an increase of 1.5% on the same comparable basis. Regarding cash available for distribution, we generated $238 million for the full year, an increase of 5.5% year-over-year.

非常感謝，聖地亞哥，大家早上好。請轉到幻燈片 #5，我將在其中介紹我們 2022 年全年的主要財務數據。收入達到 11.02 億美元，同比增長 2.9%，不包括我們去年討論的非經常性太陽能項目和國外的影響交換。調整後的 EBITDA 為 7.97 億美元，同比增長 1.5%。在可供分配的現金方面，我們全年產生了 2.38 億美元，同比增長 5.5%。

On the following slide, #6, you can see our performance by geography and business sector. In North America, revenue increased by 2% to $405 million in the full year 2022, mainly due to the contribution from the recently acquired assets. In South America, revenue increased by 7% compared to 2021, up to $166 million and EBITDA increased 6%, up to $126 million. The increase was mainly due to the assets acquired during the period and to inflation mechanisms.

在下一張幻燈片 #6 中，您可以按地域和業務部門查看我們的表現。在北美，2022 年全年收入增長 2% 至 4.05 億美元，這主要得益於最近收購的資產的貢獻。在南美洲，收入與 2021 年相比增長 7%，達到 1.66 億美元，EBITDA 增長 6%，達到 1.26 億美元。增加的主要原因是期間收購的資產和通貨膨脹機制。

Revenue and EBITDA in the EMEA region, excluding the foreign exchange impact in the nonrecurring effect mentioned previously, both increased by 2% in 2022. This was mostly due to higher production and inflation indexation in (inaudible) as well as higher electricity prices in Spain.

歐洲、中東和非洲地區的收入和 EBITDA（不包括前面提到的非經常性影響中的外匯影響）在 2022 年均增長了 2%。這主要是由於（聽不清）更高的產量和通脹指數化以及西班牙更高的電價.

Looking below at the results by business sector, we can see similar effects.

看看下面按業務部門劃分的結果，我們可以看到類似的效果。

Now, let's please turn to Slide #7, where we will review our operational performance. Electricity produced by renewable assets reached 5,319 gigawatt hours in the full year 2022, an increase of 14% versus the same period of 2021. The increase was largely due to the contribution of assets recently acquired. Looking at our availability-based contracts, once again, ACT continues to show solid performance. In Water, availability in 2022 was higher than 2021, with very good performance in all the assets. Our Transmission Lines continue to achieve high availability levels.

現在，讓我們轉到幻燈片 #7，我們將在其中審查我們的運營績效。 2022 年全年可再生資產發電量達到 5,319 吉瓦時，較 2021 年同期增長 14%。這一增長主要是由於最近收購的資產的貢獻。看看我們基於可用性的合同，ACT 再次表現出穩健的表現。在 Water 方面，2022 年的可用性高於 2021 年，所有資產的表現都非常好。我們的輸電線路繼續達到高可用性水平。

Now let's move to Slide #8, to walk you through our cash flow for the full year 2022. Our operating cash flow reached $586 million, a strong 16% increase compared to the full year 2021. This increase was mainly due to an improvement in changes in working capital of $82 million, mostly a result of better collections in ACT and better collections in Spain. Investing cash flow for the full year 2022 mainly includes investments in new assets and the distributions received from entities under the equity method.

現在讓我們轉到幻燈片 #8，向您介紹我們 2022 年全年的現金流。我們的運營現金流達到 5.86 億美元，比 2021 年全年增長 16%。這一增長主要是由於改善了8200 萬美元的營運資金變化，主要是 ACT 和西班牙更好收款的結果。 2022年全年投資現金流主要包括新資產投資和權益法下從主體收到的分配。

Financing cash flow was $535 million, and it mainly includes the scheduled principal repayment of our project finance agreements for $426 million and dividends paid to shareholders and noncontrolling interest for $242 million.

融資現金流為 5.35 億美元，主要包括 4.26 億美元的項目融資協議的計劃本金償還以及 2.42 億美元的支付給股東和非控股權益的股息。

On the next slide, #9, we would like to review our net debt position, which has decreased significantly compared to 2021 year-end. Net debt as of December 31, 2022, was $4,013 million, a decrease of approximately $500 million versus December 31, 2021. In addition, we closed the full year 2022 with a net corporate debt of $956 million. With this, our net corporate debt to CAFD precorporate debt service ratio stood at 3.4x.

在下一張幻燈片 #9 中，我們想回顧一下我們的淨債務狀況，與 2021 年底相比，該狀況已顯著下降。截至 2022 年 12 月 31 日的淨債務為 40.13 億美元，與 2021 年 12 月 31 日相比減少了約 5 億美元。此外，我們在 2022 年全年的淨公司債務為 9.56 億美元。因此，我們的淨公司債務與 CAFD 前公司償債比率為 3.4 倍。

Moving on to the next slide, Slide #10. In 2022, we have also made good progress on the ESG front and our efforts continues to be recognized. In November 2022, Atlantica was ranked #1 globally on the GRESB's Infrastructure Public Disclosure Rating. In December 2022, we were included for the second consecutive year in CDP's A List, achieving the highest score environmental transparency and action in relation to climate change. In January 2023, we were ranked for the third consecutive year by Global 100 among the world's 100 more sustainable corporations. Also, in January 2023, Atlantica was included for the third consecutive year in the Bloomberg Gender Equality Index. And finally, in February 2023, Atlantica was included for the second consecutive year in the S&P Global Sustainability Yearbook.

轉到下一張幻燈片，幻燈片 #10。 2022 年，我們在 ESG 方面也取得了良好進展，我們的努力繼續得到認可。 2022 年 11 月，Atlantica 在 GRESB 的基礎設施公開披露評級中排名全球第一。 2022 年 12 月，我們連續第二年被列入 CDP 的 A 名單，在氣候變化相關的環境透明度和行動方面取得了最高分。 2023 年 1 月，我們連續第三年被全球 100 強評為全球 100 家更具可持續性的公司。此外，2023 年 1 月，Atlantica 連續第三年被列入彭博性別平等指數。最後，在 2023 年 2 月，Atlantica 連續第二年被列入標準普爾全球可持續發展年鑑。

Now with this, I will turn the call back over to Santiago.

現在有了這個，我會把電話轉回給聖地亞哥。

If we talk now about growth and investments, we can see on Page 12 that we have already committed or earmarked equity investments for 2023 in the range between $165 million and $185 million. These investments include the construction of our first battery storage plant located inside our Coso geothermal plant in California, which we recently announced; includes as well several PV assets in our key geographies as well as the expansion of 2 of our transmission lines. Additionally, we include other investments where you will find storage projects in several locations plus our first hydrogen project. This is a 10-megawatt PV facility with hydrogen manufacturing facility as well that recently won a grant in Europe, in Spain, specifically, and we expect this to be our first hydrogen project.

如果我們現在談論增長和投資，我們可以在第 12 頁上看到我們已經承諾或指定 2023 年的股權投資在 1.65 億美元至 1.85 億美元之間。這些投資包括我們最近宣佈在加利福尼亞州 Coso 地熱發電廠內建設我們的第一個電池存儲廠；包括我們主要地區的幾項光伏資產以及我們 2 條輸電線路的擴建。此外，我們還包括其他投資，您可以在多個地點找到存儲項目以及我們的第一個氫氣項目。這是一個 10 兆瓦的光伏設施，配備氫氣製造設施，最近在歐洲，特別是在西班牙獲得了資助，我們預計這將是我們的第一個氫氣項目。

If we look on Page 13, at our pipeline beyond 2023, what you can see there is following the discussions we have been having over the last quarters regarding the fact that Atlantica is -- we expect Atlantica to grow more through development and construction of assets we have developed, you will see that we currently have a pipeline of assets under development of approximately 2 gigawatts of renewable energy and over 5 gigawatts hours of storage. This includes both repowering or expansion opportunities within the existing portfolio as well as greenfield development done by Atlantica or in collaboration with partners in the different geographies. As you will see, our pipeline consists mostly of PV, storage and wind projects and is mainly focused on North America, intending to leverage the IRA.

如果我們查看第 13 頁，在我們 2023 年以後的管道中，您可以看到在過去幾個季度我們一直在討論 Atlantica 的事實之後 - 我們預計 Atlantica 將通過資產的開發和建設實現更多增長我們已經開發，您會看到我們目前正在開發大約 2 吉瓦的可再生能源和超過 5 吉瓦時的存儲資產。這包括在現有投資組合內重新提供動力或擴展機會，以及由 Atlantica 或與不同地區的合作夥伴合作完成的綠地開發。正如您將看到的，我們的管道主要包括光伏、存儲和風能項目，主要集中在北美，打算利用 IRA。

And finally, if we look at the last page, our 2023 target guidance, we expect CAFD to be in the range of $235 million to $260 million, and we expect adjusted EBITDA to be in the range of $790 million to $850 million.

最後，如果我們查看最後一頁，即我們的 2023 年目標指導，我們預計 CAFD 將在 2.35 億美元至 2.6 億美元之間，我們預計調整後的 EBITDA 將在 7.9 億美元至 8.5 億美元之間。

With that, I conclude today's presentation. Thank you very much for joining us. And operator, we will now open the lines for questions, please.

至此，我結束了今天的演講。非常感謝您加入我們。接線員，我們現在將打開問題熱線。

We have our first question on the line from David Quezada of Raymond James.

我們的第一個問題來自 Raymond James 的 David Quezada。

Maybe just -- I certainly appreciate the new disclosures on the development pipeline, Santiago, I was wondering if there is any color you can share just in terms of the pace of how -- where those -- how those projects would be developed and any key milestones you can share on projects that are in that development pipeline?

也許只是 - 我當然很欣賞關於開發管道的新披露，聖地亞哥，我想知道你是否可以分享任何顏色，就如何 - 那些 - 如何開發這些項目的速度以及任何您可以分享該開發管道中項目的關鍵里程碑？

Sure. So as you will see in the disclosure, Atlantica has been building over the years that pipeline and is working on continuing to build that pipeline. We believe that for a company like us, it makes sense to grow combining development of projects, in many cases, with partners, together with acquisitions. And regarding our current pipeline, you have it broken down between shorter-term projects, projects where we expect to reach ready to build this year or next year and projects that are in an earlier development phase. As you will see there, our development pipeline is fairly young. So a significant percentage of those projects are still in, what I would call, early stages. But we do believe that over the foreseeable future, we are going to be able to feed ourselves if you want to build these projects and they will represent a significant percentage of the investments we will be doing every year. It won't be the only source of growth, but we expect to be a significant part of our growth going forward.

當然。因此，正如您將在披露中看到的那樣，Atlantica 多年來一直在建設這條管道，並正在努力繼續建設這條管道。我們相信，對於像我們這樣的公司來說，在許多情況下，與合作夥伴一起開發項目並與收購相結合是有意義的。關於我們目前的管道，你把它分解為短期項目、我們預計今年或明年準備好建設的項目以及處於早期開發階段的項目。正如您將在那裡看到的，我們的開發管道還很年輕。因此，這些項目中有很大一部分仍處於我稱之為早期階段的階段。但我們確實相信，在可預見的未來，如果你想建設這些項目，我們將能夠養活自己，它們將占我們每年投資的很大一部分。它不會是唯一的增長來源，但我們希望成為我們未來增長的重要組成部分。

Excellent. And maybe just kind of a follow-up here or thoughts around your funding plan and asset recycling. Do you see a business model eventually trending towards a company that is maybe selling operational assets or a stake in operational assets and even that to fund an ongoing development pipeline?

出色的。也許只是這裡的後續行動或關於您的籌資計劃和資產回收的想法。您是否看到一種商業模式最終趨向於可能出售運營資產或運營資產的股份，甚至為正在進行的開發管道提供資金的公司？

So we will obviously consider all options when deciding how to finance growth. And obviously, the conditions are the right ones. What you are mentioning could be one of the ways to finance the pipeline going forward. It won't be the only one, and Francisco, as the CFO, will obviously be looking at all the alternatives. At this point in time, our leverage ratios are, we believe, more than reasonable. But we will obviously be analyzing all options, including the one you mentioned.

因此，在決定如何為增長融資時，我們顯然會考慮所有選項。顯然，條件是正確的。你提到的可能是為未來的管道融資的一種方式。它不會是唯一的，作為首席財務官，弗朗西斯科顯然會考慮所有替代方案。我們認為，目前我們的槓桿率是合理的。但我們顯然會分析所有選項，包括您提到的選項。

Our next question comes from Angie Storozynski of Seaport.

我們的下一個問題來自 Seaport 的 Angie Storozynski。

So maybe first on the strategic review, I mean, what are you trying to achieve? I mean, obviously, the stock has struggled, but is it just an attempt to facilitate an exit for your larger shareholder? Is it basically an attempt to find a strategic partner? Again, I mean, what are we trying to achieve?

所以也許首先是戰略審查，我的意思是，你想要實現什麼目標？我的意思是，很明顯，這隻股票一直在掙扎，但這只是為了讓你的大股東退出嗎？基本上是在嘗試尋找戰略合作夥伴嗎？再一次，我的意思是，我們要達到什麼目的？

I obviously won't be able to be too specific because if we wanted to be specific, we would have released something more specific. So at this point in time, the Board has decided to start a strategic review and analyze a number of options brought in order to maximize value. And as you could see in the announcement, this process has the support of Algonquin as the largest shareholder. But we need to leave the Board to identify all those options, work through the options and get to a conclusion. So I won't be able to be very specific because we just started this process. And as you know very well, in a strategic process, you typically analyze a wide range of alternatives.

我顯然不能說得太具體，因為如果我們想要具體一點，我們就會發布更具體的內容。因此，在這個時間點，董事會決定開始戰略審查並分析所帶來的一些選擇，以實現價值最大化。正如你在公告中看到的那樣，這個過程得到了作為最大股東的阿爾岡昆的支持。但我們需要讓董事會來確定所有這些選項，研究這些選項並得出結論。所以我不能說得很具體，因為我們才剛剛開始這個過程。眾所周知，在戰略流程中，您通常會分析範圍廣泛的備選方案。

And then secondly, so all of the projects that you show that are either under construction or about to be under construction, when should I expect them to start contributing to your EBITDA and CAFD? So basically, what's the construction cycle for these assets?

其次，您展示的所有正在建設或即將建設的項目，我應該期望它們什麼時候開始為您的 EBITDA 和 CAFD 做出貢獻？那麼基本上，這些資產的建設週期是多少？

Yes, typically, construction cycle for these assets are fairly short. And a lot of what we are doing, as you can see there, is PV and storage, which depending on the size, configuration and so on, but probably you can be talking about a year, a bit less, a bit more depending on each project. So that's typically how long it would take you to go through construction. And after construction, they should be able to start contributing to CAFD fairly soon.

是的，通常，這些資產的建設週期相當短。正如你在那裡看到的，我們正在做的很多事情是 PV 和存儲，這取決於大小、配置等，但可能你可以談論一年，少一點，多一點，具體取決於每個項目。因此，這通常是您完成施工所需的時間。在構建之後，他們應該能夠很快開始為 CAFD 做出貢獻。

Okay. And lastly, I don't see any comments about longer-term CAFD per share growth. And I'm just wondering, is it -- is it a function of the pending strategic review? Or has there been a change in your outlooks on your potential growth?

好的。最後，我沒有看到任何關於長期 CAFD 每股增長的評論。我只是想知道，這是否是未決戰略審查的一個功能？還是您對潛在增長的看法發生了變化？

It is. Having started -- having us do that review, we thought that we would need to wait for that to be over before sharing midterm guidance.

這是。已經開始 - 讓我們進行審查，我們認為我們需要等待它結束才能分享中期指導。

Okay. And then last one. What FX -- what is the FX ratio or exchange ratio embedded in your CAFD guidance for '23 for euro versus dollar?

好的。然後是最後一個。什麼 FX——您的 CAFD 指南中嵌入的 23 年歐元兌美元的外匯比率或匯率是多少？

So yes, as you know, we typically work with a range. And therefore, it would be a range around where the exchange rate is today, more or less today or yesterday or at least it was around [1.06]. So we have a certain cushion, let's say, around that number.

所以是的，如您所知，我們通常使用一個範圍。因此，這將是今天匯率附近的一個範圍，今天或昨天或多或少，或者至少在 [1.06] 附近。所以我們有一定的緩衝，比方說，圍繞這個數字。

We now have Mark Jarvi of CIBC Capital Markets.

我們現在有來自 CIBC Capital Markets 的 Mark Jarvi。

Just in light the strategic review, just wondering, Santiago, what that means in terms of willingness or capacity to pursue M&A-driven growth? Could you still do small tuck-in deals? I assume maybe larger transactions are sort of off the table for now?

就戰略審查而言，只是想知道，聖地亞哥，就追求併購驅動增長的意願或能力而言，這意味著什麼？你還能做小的折價交易嗎？我想也許更大的交易暫時不在考慮範圍之內？

So as we mentioned in the announcement of strategic review, and we were explicit about that, the company will continue with its current plan. So call it the typical $300 million equity investment target that we have every year. Our intention is to work towards that, and that would be a combination of, let's say, construction of projects we have developed with the ones we talked about earlier today, plus M&A if we find the right opportunities. So the typical our -- let's say, our strategy does not change because of the strategic review, and we will continue working as normally, at least until the review is over.

因此，正如我們在戰略審查公告中提到的那樣，我們明確表示，公司將繼續其目前的計劃。因此，將其稱為我們每年的典型 3 億美元股權投資目標。我們的意圖是朝著這個方向努力，比方說，我們已經開發的項目與我們今天早些時候談到的項目的建設相結合，如果我們找到合適的機會，再加上併購。所以典型的我們 - 比方說，我們的戰略不會因為戰略審查而改變，我們將繼續正常工作，至少在審查結束之前。

Okay. And then what about in terms of dividend and dividend increases? Would there be a pause while you sort of initiate the strategic review? Or is that something if CAFD rolls through with incremental growth and performance, you could continue where you could increase the dividend this year?

好的。那麼在股息和股息增加方面呢？當你開始戰略審查時會有暫停嗎？或者，如果 CAFD 實現增量增長和業績，你可以繼續今年可以增加股息的地方嗎？

Yes. Our current strategy has not changed because of the fact that we are doing a review. As you know, the dividend is a decision to be taken by the Board every quarter, but our current policy continues being the same, to have a sort of an 80% kind of payout ratio. So obviously, depending on CAFD. But no change there because of the review. We want to make sure that we continue operating and working exactly the same way.

是的。我們目前的策略沒有因為我們正在進行審查而改變。如您所知，股息是董事會每個季度做出的決定，但我們目前的政策仍然是相同的，即支付率為 80%。很明顯，取決於 CAFD。但由於審查，那裡沒有變化。我們希望確保我們繼續以完全相同的方式運營和工作。

Understood. And then in terms of the incremental growth from what was announced last quarters, the one -- like what's new this quarter versus prior Q3 disclosure? I mean the cost of batteries were discussed and the PV stuff was discussed. And then maybe in terms of the incremental growth, can you kind of comment in terms of where returns are trending for you guys in terms of the newest investments you're looking at?

明白了。然後就上個季度宣布的增量增長而言，一個 - 比如本季度與第三季度之前的披露相比有什麼新變化？我的意思是討論了電池的成本和光伏的東西。然後也許就增量增長而言，您能否就您正在尋找的最新投資方面的回報趨勢對你們發表評論？

Sure. So if you look at the, let's say, the projects we have discussed today, some of them we announced them last quarter and others are new, including some of the PV projects, some of the storage plus a smaller hydrogen project I mentioned as well. In terms of returns, probably we haven't seen a significant change in the last few quarters. Interest rates went up. It took the market a bit of time to adjust to that new reality. And for somebody like us today, and we think that returns are reasonable, given where cost of capital is both for projects we develop and build and on the M&A front. As we have always done, we will close transactions if we believe that the numbers make sense.

當然。因此，如果你看看我們今天討論的項目，其中一些是我們上個季度宣布的，還有一些是新項目，包括一些光伏項目、一些儲能項目以及我提到的一個較小的氫項目.就回報而言，過去幾個季度我們可能沒有看到重大變化。利率上升了。市場花了一些時間來適應新的現實。對於今天像我們這樣的人，我們認為回報是合理的，因為我們開發和建設的項目以及併購方面的資本成本都是如此。正如我們一直所做的那樣，如果我們認為這些數字有意義，我們將關閉交易。

So in response to your comment about higher interest rates, you have not changed your hurdle rates, particularly just you're being able to pass through the higher debt costs. Is that what you're implying?

因此，針對您關於更高利率的評論，您沒有改變最低利率，尤其是您能夠承受更高的債務成本。你這是在暗示什麼？

So what I'm implying is that, in our case, our hurdle rates when we invest, get adjusted automatically because of the way we work. And what we are saying is that, yes, we believed that we are going to be able to maintain the spread that we have typically maintained in the past.

所以我的意思是，在我們的例子中，我們投資時的最低迴報率會因為我們的工作方式而自動調整。我們要說的是，是的，我們相信我們將能夠保持過去通常保持的傳播。

Okay. Then one last question. You did go through a strategic review a couple of years ago. I'm sure the circumstances are different, and there's different possibly backdrop today. Through that experience, what kind of disruptions of that cost for the organization? And how can you protect this time as you go through the strategic review?

好的。然後是最後一個問題。幾年前你確實進行了一次戰略審查。我敢肯定，情況有所不同，今天的背景可能也有所不同。通過這種經驗，該組織的成本受到什麼樣的破壞？在進行戰略審查時，您如何保護這段時間？

Yes. So that was 4 years ago, but we think that we are able to go through something like this without affecting the day-to-day business. And maybe that experience also helps. But as I mentioned before, our intention is to continue managing the business, doing our investments, paying our dividends following our current strategy, if you want, while we do the review and we think we can do both things at the same time.

是的。那是 4 年前的事了，但我們認為我們能夠在不影響日常業務的情況下經歷這樣的事情。也許這種經歷也有幫助。但正如我之前提到的，我們的意圖是繼續管理業務、進行投資、按照我們當前的戰略支付股息，如果你願意的話，同時我們進行審查，我們認為我們可以同時做這兩件事。

Your next question comes from William Grippin of UBS.

你的下一個問題來自瑞銀集團的 William Grippin。

My first question is just more of a clarifying question. But between the committed investments you're showing on Slide 12 and then the pipeline on Slide 13, is there any overlap between those two? Or should I just think about them being completely independent?

我的第一個問題更像是一個澄清問題。但是在您在幻燈片 12 上展示的承諾投資和幻燈片 13 上的管道之間，這兩者之間是否有任何重疊？還是我應該只考慮他們完全獨立？

They are independent.

他們是獨立的。

Very good. Okay. And then curious just to hear a bit more on the hydrogen project that you disclosed here in the committed investments. Where is that? Is it more of a -- should we think about that being more of a pilot project? And who's the offtaker to the extent you can talk about it?

非常好。好的。然後好奇只是想听聽更多關於您在承諾投資中披露的氫氣項目的信息。哪裡是？它是否更像是一個——我們是否應該將其視為一個試點項目？在您可以談論的範圍內，誰是承購商？

Sure. So hydrogen is an area where we believe that there will be significant opportunities. At the same time, given our risk profile, we are going -- and we have been talking about this for the last few quarters, we -- our intention is to enter hydrogen in a smaller incremental projects versus coming up with some huge investment like some other companies are doing. This is our first project in hydrogen. As I said, it's a 10-megawatt facility, including PV and electrolyzer and some additional equipment. It is in Spain. And the project very recently obtained a grant European Union driven, let's say, innovation grant. That should make the project viable.

當然。因此，我們認為氫是一個將有重大機遇的領域。與此同時，考慮到我們的風險狀況，我們將——過去幾個季度我們一直在談論這個，我們——我們的目的是在較小的增量項目中進入氫，而不是進行一些巨大的投資，比如其他一些公司正在做。這是我們的第一個氫項目。正如我所說，這是一個 10 兆瓦的設施，包括光伏和電解槽以及一些附加設備。它在西班牙。該項目最近獲得了歐盟推動的撥款，比方說，創新撥款。這應該使該項目可行。

At this point in time, we are negotiating the offtake agreement. So I will not be specific because the negotiation is not over. Nevertheless, now that we were able to secure that grant, and we think that the project is going to be viable and we should be able to close an offtake agreement at some point in time in the next few quarters, and we will be updating you regarding that. We are working on other hydrogen projects, and we do expect to do more than this one. And again, with an approach where we do a number of smaller projects where we manage the risk return profile of this technology.

目前，我們正在就承購協議進行談判。所以我不會具體，因為談判還沒有結束。儘管如此，既然我們能夠獲得這筆撥款，我們認為該項目將是可行的，我們應該能夠在接下來幾個季度的某個時間點完成承購協議，我們將向您更新關於那個。我們正在開展其他氫氣項目，我們確實希望做的不僅僅是這個項目。再一次，我們採用一種方法進行許多較小的項目，在這些項目中我們管理該技術的風險回報情況。

We now have [Julien Dumoulin-Smith] of Bank of America.

我們現在有美國銀行的 [Julien Dumoulin-Smith]。

This is Morgan Reid actually on for Julien. I was curious if you could all talk a little bit about kind of the comfort that you feel in hitting that $300 million annual investment target, the kind of long-term average that's outstanding? Appreciate the comments around the $165 million to $185 million already committed for 2023. But just what kind of like to understand kind of where you think the remaining pieces of growth may come? I appreciate the earlier comments on acquisitions and early-stage success with the internal development arm. Just kind of curious how you're thinking about that.

這是 Morgan Reid 實際上是 Julien 的代言人。我很好奇你們是否可以談談在實現 3 億美元的年度投資目標時感到的那種安慰，那種出色的長期平均水平？感謝有關 2023 年已承諾的 1.65 億至 1.85 億美元的評論。但是，您是否想了解您認為剩餘的增長可能來自何處？我很欣賞早期關於收購和內部開發部門早期成功的評論。只是有點好奇你是怎麼想的。

Sure. So at this point in time, early March, we are confident about the $300 million number. That's probably our average. If you took -- if you take a number of years, that's what we have plan on average for the last few years. And the remainder between the number we shared with you on the $300 million should be a combination of additional projects that we are developing that we might be bringing to the finish line this year, plus some acquisitions. And typically, again, if you look at us, we -- over the years, we have typically been able to close acquisitions in some of our geographies. And this year, that would be our plan, again, assuming that we can close acquisitions with the right numbers. But as of today, we -- in early March, we are confident that we should be able to hit a number close or above the $300 million.

當然。因此，在這個時間點，即 3 月初，我們對 3 億美元的數字充滿信心。這可能是我們的平均水平。如果你花了 - 如果你花了很多年，那就是我們過去幾年的平均計劃。我們與您分享的 3 億美元數字之間的其餘部分應該是我們正在開發的其他項目的組合，我們可能會在今年完成這些項目，再加上一些收購。通常情況下，如果你看看我們，我們——多年來，我們通常能夠在我們的一些地區完成收購。今年，這將再次成為我們的計劃，假設我們能夠以正確的數字完成收購。但截至今天，我們 - 在 3 月初，我們有信心我們應該能夠達到接近或超過 3 億美元的數字。

Great. That's really helpful. And I guess just lastly, as we kind of start to branch into storage as an increasing kind of portion of the portfolio here, I was just curious if you could kind of talk us through how you think about contracting those storage assets, the risks you're sort of willing to take there? And I guess, the kind of interest that you might have in the mix of your portfolio kind of going forward, where you think like storage might go in terms of its proportion of the mix, that would be helpful.

偉大的。這真的很有幫助。我想最後，當我們開始涉足存儲作為投資組合中越來越多的部分時，我只是想知道你是否可以和我們談談你是如何考慮承包這些存儲資產的，你的風險有點願意去那裡嗎？而且我想，您可能會對未來的投資組合組合產生興趣，您認為存儲可能會在組合中所佔的比例方面有所幫助，這會有所幫助。

Sure. So we think that the storage is going to be a key part of the solution regarding energy transition. And we start to see in a number of geographies and that storage plays a very important role. We can talk about some states in the U.S., including California, for example. We can talk about locations with a high penetration of solar PV, where now you need storage to do what natural gas used to do. And therefore, we believe that it will be a significant part of our growth and of any company that is doing renewable energy. In our case, the way we want to do storage is obviously different by geography. But in general, the common theme should be partially contracted or partially regulated depending where you are.

當然。因此，我們認為存儲將成為能源轉型解決方案的關鍵部分。我們開始在許多地區看到存儲發揮著非常重要的作用。我們可以談談美國的一些州，例如加利福尼亞州。我們可以談論太陽能光伏普及率高的地區，現在您需要存儲來完成天然氣過去的工作。因此，我們相信這將是我們增長的重要組成部分，也是任何從事可再生能源的公司的重要組成部分。在我們的案例中，我們想要進行存儲的方式顯然因地理位置而異。但總的來說，共同的主題應該根據你所在的位置進行部分收縮或部分調節。

So we are not looking at situations where we would go only merchant and totally merchant, but we are willing to do projects where part of your revenues are guaranteed through a contract or through regulation and part of the revenues depend on, let's say, on merchant revenues because that's what the storage does well, move production from certain hours in the day to other hours where prices are higher. And knowing that our current portfolio is 99% or 98% contracted, we believe that in the storage we can do that combination of contracted/regulated and some merchant revenues.

所以我們不是在考慮我們只去商人和完全商人的情況，但我們願意做一些項目，在這些項目中，你的部分收入是通過合同或監管來保證的，並且部分收入取決於，比方說，商人收入，因為這就是存儲的優勢，將生產從一天中的某些時間轉移到價格更高的其他時間。並且知道我們當前的投資組合是 99% 或 98% 的合同，我們相信在存儲中我們可以將合同/監管和一些商家收入結合起來。

We now have Nelson Ng from RBC Capital Markets.

我們現在有來自 RBC Capital Markets 的 Nelson Ng。

Just a quick follow-up on an earlier question. In terms of the hydrogen projects, should we assume that the other hydrogen projects you're working on are also in Spain?

只是對先前問題的快速跟進。就氫氣項目而言，我們是否應該假設您正在進行的其他氫氣項目也在西班牙？

So in hydrogen, we are working in a number of geographies, but mostly at this point in time, is Spain and the U.S.

因此，在氫方面，我們正在許多地區開展工作，但目前主要是西班牙和美國。

Okay. And then just on your development pipeline, do you anticipate getting any -- or bringing any strategic or financial partners to build out the pipeline?

好的。然後就您的開發管道而言，您是否期望獲得任何 - 或引入任何戰略或財務合作夥伴來構建管道？

So following up a question we had earlier today, and that's something we need to look at how we are going to finance our growth pipeline and we will need to look at all the options, including, in some cases, bringing partners or not bringing partners or divesting assets or, in general, how to finance and it's going to depend a lot on the options that we can have in front of us.

因此，跟進我們今天早些時候提出的一個問題，這是我們需要研究如何為我們的增長管道提供資金的問題，我們需要研究所有的選擇，包括在某些情況下引入合作夥伴或不引入合作夥伴或剝離資產，或者一般來說，如何融資，這在很大程度上取決於我們面前的選擇。

Okay. And then just one last kind of big picture question on your EBITDA and CAFD guidance so other than the new projects added to the portfolio, are there any material swings in EBITDA or CAFD from any specific projects or asset classes to highlight?

好的。然後是關於您的 EBITDA 和 CAFD 指南的最後一個大局問題，因此除了添加到投資組合中的新項目之外，是否有任何特定項目或資產類別的 EBITDA 或 CAFD 有任何重大波動需要強調？

No. It's typically the -- let's say, if you look at the lower versus the higher range, the difference is typically how well the projects will perform depending on whether the sun is shining and the wind is blowing or not, albeit of exchange rate when you look at EBITDA, not on the CAFD side because it [hedged] and the incremental new projects, how quickly they come online or when do we close new investments. So those are probably the biggest shrinks there. So nothing huge anywhere.

不，這通常是 - 比方說，如果你看較低和較高的範圍，差異通常是項目的執行情況取決於是否有陽光和風在吹，儘管匯率當你看 EBITDA 時，而不是 CAFD 方面，因為它 [hedged] 和增量新項目，它們上線的速度有多快，或者我們什麼時候結束新投資。所以這些可能是那裡最大的收縮。所以任何地方都沒有什麼大不了的。

(Operator Instructions) I would like to close the Q&A session and hand it back to Santiago to say some final remarks.

（操作員說明）我想結束問答環節，並將其交還給聖地亞哥以作最後的評論。

Okay. So thank you very much, everybody, for attending our call. Thank you.

好的。非常感謝大家參加我們的電話會議。謝謝。

Thank you.

謝謝。

Thank you all for joining. That does conclude today's call. Please have a lovely day. You may now disconnect your line.

謝謝大家的加入。今天的電話會議到此結束。請有一個美好的一天。您現在可以斷開線路。