Atlantica Sustainable Infrastructure PLC (AY) 2023 Q4 法說會逐字稿

Welcome to Atlantica's full-year 2023 financial results conference call. 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.

歡迎參加 Atlantica 2023 年全年財務業績電話會議。請注意，此電話會議正在網路上進行網路直播，並將在 Atlantica 的公司網站上提供此電話會議的重播。

Atlantica will be making forward-looking statements during this call, which are based on current expectations and assumptions and 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, 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. Atlantica does not undertake any duty to update any forward-looking statements.

Atlantica 將在本次電話會議期間發表前瞻性聲明，這些聲明基於當前的預期和假設，並受到風險和不確定性的影響。實際結果可能與我們的前瞻性陳述有重大差異。如果我們的任何關鍵假設不正確或由於其他因素，包括隨附簡報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 不承擔更新任何前瞻性聲明的義務。

Joining us for today's conference call are Atlantica's CEO, Santiago Seage; and the CFO, Francisco Martinez-Davis. As usual, at the end of the conference call, we will open the lines for the Q&A session.

加入我們今天的電話會議的是 Atlantica 的執行長 Santiago Seage；以及財務長弗朗西斯科·馬丁內斯-戴維斯。像往常一樣，在電話會議結束時，我們將開通問答環節。

I will now pass you over to Mr. Seage. Please, sir, go ahead.

現在我將把您交給 Seage 先生。先生，請繼續。

Thank you very much. Good morning. Thank you for joining us for our 2023 conference call results.

非常感謝。早安.感謝您參加我們的 2023 年電話會議結果。

In 2023, we have met the guidance we provided at the beginning of the year, both regarding EBITDA and for CAFD. If we cover briefly some of the achievements during the year, we remind you that in early 2023 we were able to refinance two large assets in Spain, creating long-term value by extending maturities at what -- at the time we're still very reasonable in costs.

2023 年，我們達到了年初提供的 EBITDA 和 CAFD 的指導。如果我們簡要介紹這一年取得的一些成就，我們提醒您，在 2023 年初，我們能夠為西班牙的兩項大型資產進行再融資，透過延長期限來創造長期價值——當時我們仍然非常成本合理。

Additionally, 2023 has been a year where we have continued evolving in our growth strategy, demonstrating that Atlantica can grow through a combination of development and construction of our own pipeline, and through the acquisition of assets whenever we find opportunities with reasonable returns. In fact, during the year, several new solar assets have reached commercial operation.

此外，2023 年是我們繼續發展成長策略的一年，這表明 Atlantica 可以透過開發和建造我們自己的管道相結合，並在我們找到具有合理回報的機會時透過收購資產來實現成長。事實上，今年以來，多個新的太陽能資產已實現商業營運。

Additionally, our development team in the US has made very significant progress during the year. At this point in time, we have three new projects, fully contracted and under construction or about to start construction in the southwest of the US, leveraging the IRA. As you all know, North America continues to be our main target geography in terms of new investments, in terms of capital allocation.

此外，我們在美國的開發團隊在這一年中取得了非常重大的進展。目前，我們利用 IRA 在美國西南部擁有三個已完全簽約、正在建造或即將開工的新項目。眾所周知，就新投資和資本配置而言，北美仍然是我們的主要目標地區。

And finally, in 2023, we have continued finding and moving forward new development opportunities in our key geographies. In fact, our renewal pipeline has increased by 12% versus last year.

最後，到 2023 年，我們將繼續在關鍵地區尋找並推動新的發展機會。事實上，我們的續訂管道比去年增加了 12%。

If now, we look forward and we talk briefly about 2024, we see that as of March 1, we have already committed or earmarked between $175 million and $220 million in new investments, with the majority allocated to solar and storage projects in the US. This represents a 60%, 70% of our $300 million investment target.

如果現在，我們展望並簡要討論 2024 年，我們會發現截至 3 月 1 日，我們已經承諾或指定了 1.75 億至 2.2 億美元的新投資，其中大部分分配給美國的太陽能和儲存項目。這代表了我們 3 億美元投資目標的 60%、70%。

Additionally, we expect to complement that amount with some targeted acquisitions, as we believe that the current M&A market is constructive in some areas where we believe that we should be able to lock in accretive transactions like the ones we have done in the past. So all in all, at this point in time, we think that the $300 million target is achievable.

此外，我們預計透過一些有針對性的收購來補充這筆金額，因為我們相信當前的併購市場在某些領域具有建設性，我們認為我們應該能夠像我們過去所做的那樣鎖定增值交易。總而言之，目前我們認為 3 億美元的目標是可以實現的。

Finally, together with our partner, we are in the progress of divesting our 30% stake in Monterrey. We consider that, that is a good example of capital recycling opportunities.

最後，我們正在與我們的合作夥伴一起剝離我們在蒙特雷的 30% 股份。我們認為，這是資本回收機會的一個很好的例子。

With that, I will now turn the call over to Francisco, who will guide us through our financial results.

現在，我將把電話轉給弗朗西斯科，他將指導我們了解我們的財務表現。

Thank you, Santiago, and good morning to everyone. Please turn to slide number 4, where I will present our key financials for full year 2023.

謝謝你，聖地牙哥，祝大家早安。請前往第 4 張投影片，我將在其中介紹我們 2023 年全年的主要財務數據。

Revenue remained stable at $1,099.9 million. Adjusted EBITDA was $794.9 million within our 2023 guideline range and showing a 1.7% increase versus 2022, excluding the effect of foreign exchange in our scheduled -- unscheduled outage at Kaxu. Regarding cash available for distribution, we generated $235.7 million in 2023, also once again meeting the yearly guidance.

收入穩定在 10.999 億美元。調整後的 EBITDA 為 7.949 億美元，在我們 2023 年指導範圍內，與 2022 年相比增長 1.7%，不包括 Kaxu 計劃外停機中外匯的影響。關於可用於分配的現金，我們在 2023 年產生了 2.357 億美元，也再次達到了年度指引。

On the following slide number 5, you can see our performance by geography and business sector. In North America, revenue increased by 4.9% to $424.9 million in 2023 compared to the same period over last year, mostly due to higher production in our solar assets in the US with higher availability at Solana. The increase in adjusted EBITDA was lower, 3%, mainly due to lower production from our wind assets where we had lower wind resource during the year.

在下面的第 5 張投影片中，您可以看到我們按地理位置和業務部門劃分的業績。在北美，2023 年營收較去年同期成長 4.9%，達到 4.249 億美元，這主要是由於我們在美國的太陽能資產產量增加以及 Solana 的可用性更高。調整後 EBITDA 增幅較低，為 3%，主要是由於我們的風電資產產量較低，而我們年內風電資源較少。

In South America, revenue increased by 13% compared with 2022, up to $188.1 million, and EBITDA increased 15.9% to $146.7 million. The increase was mainly due to assets which recently entered into operation and inflation in the indexation mechanisms in our contracts.

在南美洲，營收較2022年成長13%，達到1.881億美元，EBITDA成長15.9%，達到1.467億美元。增加的主要原因是最近投入營運的資產以及我們合約中指數化機制的通膨。

In the EMEA region, revenue and adjusted EBITDA decreased by 8.2% to $328.9 million, and 8.8% to $26.6 million, respectively. The reduction was mainly due to an unscheduled outage at Kaxu that we discussed in the previous quarter. As a reminder, we expect the insurance policy to cover the impact of business interruption after a 60-day deductible.

在歐洲、中東和非洲地區，營收和調整後 EBITDA 分別下降 8.2% 至 3.289 億美元和 8.8% 至 2,660 萬美元。減少的主要原因是我們在上一季討論過 Kaxu 的意外停機。提醒一下，我們預計保單將涵蓋 60 天免賠額後營業中斷的影響。

Let's now please turn to slide number 6, where we will review our operational performance. Electricity produced by our renewable assets reached 5,458 gigawatt hours in 2023, an increase of 2.6% versus the same period of 2022, mainly due to the increase in production in our solar assets in United States and Spain as well as the contribution of recently consolidated assets and those that have entered into operation recently.

現在請轉到第 6 張投影片，我們將回顧我們的營運績效。2023年，我們的再生能源資產發電量達到5,458吉瓦時，較2022年同期增長2.6%，主要是由於我們在美國和西班牙的太陽能資產產量增加以及最近合併資產的貢獻以及最近投入運營的項目。

Looking at our availability-based contracts, our efficient natural gas and heat segment and water segments continued to achieve very high availability levels during 2023.

看看我們基於可用性的合同，我們高效的天然氣和熱力部門以及水部門在 2023 年繼續實現非常高的可用性水平。

Let me now please turn the call back over to Santiago.

現在請我將電話轉回聖地牙哥。

Thank you, Francisco. If we take a look at page 7, and as many of you know, Atlantica targets around $300 million of investments every year. As of early March, and as I mentioned before, we have already invested, committed, or earmarked between a 60% and 70% more or less of that target. As of today, we expect to complement that with additional developments that might get into construction during the year, and targeted acquisitions in certain areas.

謝謝你，弗朗西斯科。如果我們看第 7 頁，你們很多人都知道，Atlantica 的目標是每年約 3 億美元的投資。截至 3 月初，正如我之前提到的，我們已經投資、承諾或指定了該目標的 60% 到 70% 左右。截至今天，我們期望透過年內可能投入建設的其他開發項目以及某些領域的有針對性的收購來補充這一點。

A majority of those $175 million to $220 million are expected to be invested in solar and storage projects that we have already contracted in the US, including Coso 1 and Coso 2, and a new project called Overnight.

這 1.75 億至 2.2 億美元中的大部分預計將投資於我們已在美國簽約的太陽能和儲存項目，包括 Coso 1 和 Coso 2 以及一個名為 Overnight 的新項目。

As a reminder, Coso Batteries 1 and 2 are two stand-alone battery projects in California with combined storage capacity of 180-megawatt hours, and both of them have signed PPAs with an investment-grade utility and are currently under construction. We also expect, as you see there, to invest another $35 million to $60 million in solar and storage projects in other geographies, mostly South America and a bit in Europe.

需要提醒的是，Coso Batteries 1 和Coso Batteries 2 是加州的兩個獨立電池項目，總儲存容量為180 兆瓦時，兩個項目都已與投資級公用事業公司簽署了購電協議，目前正在建設中。正如您所看到的，我們還預計將另外投資 3500 萬至 6000 萬美元用於其他地區（主要是南美洲和歐洲）的太陽能和儲存項目。

If we move on to page 8, we highlight there two other projects or the most recent projects, highlighting there a little bit how the portfolio that is starting construction looks like. Overnight, as I mentioned before, is a new 150-megawatt solar PV project in California. Recently, we entered into a 15-year busbar PPA with an investment-grade utility.

如果我們轉到第 8 頁，我們會突出顯示另外兩個項目或最近的項目，並突出顯示正在開始建立的投資組合的樣子。一夜之間，正如我之前提到的，加州新建了一個 150 兆瓦太陽能光電專案。最近，我們與一家投資級公用事業公司簽訂了為期 15 年的母線購電協議。

Under that PPA, Overnight will be receiving a fixed price per megawatt hour with no basis risk, something that, as you all know, we like. We are now busy working on a second phase of the same project that will include storage resulting in a solar plant with storage in California.

根據該購電協議，Overnight 將獲得每兆瓦時的固定價格，沒有基本風險，眾所周知，我們喜歡這一點。我們現在正忙於同一項目的第二階段，其中包括存儲，從而在加利福尼亞州建立一個具有存儲功能的太陽能發電廠。

But meanwhile, we have contracted the solar part of the plant, and we will be starting construction soon. Another example of new projects, ATS and ATN expansions. These projects are expanding some of the transmission lines we own in South America. And these new investments will be receiving capacity payments with inflation indexation and denominated in US dollars.

但同時，我們已經承包了工廠的太陽能部分，很快就會開始建造。新項目的另一個例子是 ATS 和 ATN 擴展。這些項目正在擴大我們在南美洲擁有的一些輸電線路。這些新投資將獲得與通膨指數掛鉤並以美元計價的產能付款。

In summary, a very low-risk contract in what we consider is a very low-risk asset class in geographies where we can find very good returns that, as you know, we like to combine with our investments in North America.

總而言之，我們認為風險極低的合約在我們可以找到非常好的回報的地區是一種風險極低的資產類別，正如您所知，我們希望將其與我們在北美的投資結合起來。

Moving to the next page. You can see an update of our pipeline that includes 2.2 gigawatts of renewable energy, and 6 gigawatt hours of storage projects. We continue to focus on North America as our key geography, and we continue to focus on solar and battery storage as our main sectors or technologies.

移至下一頁。您可以看到我們管道的更新，其中包括 2.2 吉瓦的可再生能源和 6 吉瓦時的儲存項目。我們繼續專注於北美作為我們的關鍵地理位置，我們繼續專注於太陽能和電池儲存作為我們的主要部門或技術。

With that, Francisco will now close the presentation with our 2024 guidance.

弗朗西斯科現在將用我們的 2024 年指導來結束演示。

Thank you, Santiago. On the next slide, we're initiating our 2024 guidance. This year, we expect adjusted EBITDA in the range of $800 million to $850 million, and cash available for distribution in the range of $220 million to $270 million. We're initiating this guidance with a wider range for CAFD because of four major effects. The proceeds from the potential sale of our equity interest in the Monterrey assets that we expect to close in the first half of 2024.

謝謝你，聖地牙哥。在下一張投影片中，我們將啟動 2024 年指導。今年，我們預計調整後的 EBITDA 在 8 億至 8.5 億美元之間，可用於分配的現金在 2.2 億至 2.7 億美元之間。由於四個主要影響，我們開始為 CAFD 提供更廣泛的指導。我們預計將於 2024 年上半年完成出售蒙特雷資產股權的潛在收益。

Then scheduled outage at Kaxu. Although we expect insurance to cover the business interruption after a customary 60-day deductible, the outage will affect distributions in 2024. Volatility and electricity market prices in Spain could also affect distributions in 2024. However, deviations against regulatory prices during this period are to be compensated starting in 2026 according to the regulation.

然後卡須停電。儘管我們預計保險將在通常的 60 天免賠額之後涵蓋業務中斷，但中斷將影響 2024 年的分配。西班牙的波動性和電力市場價格也可能影響 2024 年的配電。但根據規定，從2026年開始，在此期間與監管價格的偏差將得到補償。

And finally, uncertainty regarding the level of collections at ACT could bring volatility to the 2024 CAFD. And this could have either a positive or negative effect. We expect to be able to narrow the range in the upcoming quarters.

最後，ACT 收款水準的不確定性可能會為 2024 年 CAFD 帶來波動。這可能會產生積極或消極的影響。我們預計在未來幾季能夠縮小這一範圍。

With this, let me conclude today's presentation. Thank you all for joining us. And now, operator, we are open for Q&A.

到此，我就結束今天的演講了。感謝大家加入我們。現在，操作員，我們開始接受問答。

(Operator Instructions) Nelson Ng, RBC Capital Markets.

（操作員指令）Nelson Ng，RBC 資本市場。

Great. Thanks. I just had a few questions on Monterrey. Can you give some color on what the proportionate EBITDA contribution was in 2023? (multiple speakers)

偉大的。謝謝。我只是有一些關於蒙特雷的問題。您能否說明 2023 年 EBITDA 貢獻比例為何？（多個發言者）

Yeah, we can hear you. Good morning, first of all. So the EBITDA contribution, as you know, is not a public number. What we can tell you is that it's a very small part of the EBITDA.

是的，我們能聽到你的聲音。首先，早安。因此，如您所知，EBITDA 貢獻不是一個公眾數字。我們可以告訴您的是，它只佔 EBITDA 的一小部分。

Okay. Great. And then in terms of, I guess, the CAFD bridge that you've included. So it includes, I think, $30 million for Monterrey. Can you describe how you came up with $30 million relative to the $45 million to $52 million in proceeds? And I guess, do you generally include sale proceeds in CAFD? And should we expect that going forward?

好的。偉大的。然後，我想，就您所包含的 CAFD 橋而言。我認為其中包括為蒙特雷提供的 3000 萬美元。您能描述一下相對於 4500 萬至 5200 萬美元的收益，您是如何籌集 3000 萬美元的嗎？我想，您通常會將銷售收益計入 CAFD 嗎？我們應該期待這種情況會繼續發生嗎？

Nelson, I propose that you follow up on this detailed question with IR.

Nelson，我建議您透過 IR 跟進這個詳細問題。

Okay. Sounds good. And then one last question on Monterrey, which I can also maybe follow up with IR later. But I think in the notes, you mentioned that you can't guarantee that the transaction will close. So are there any particularly, like onerous condition precedents or anything? Like is the risk of closing particularly higher for this transaction? Or generally, you expect it to close, but you're just saying --

好的。聽起來不錯。最後一個問題是關於蒙特雷的，我也可以稍後透過 IR 來跟進。但我認為在註釋中，您提到您不能保證交易會完成。那麼有沒有什麼特別的，像是繁重的條件先例之類的呢？這筆交易的成交風險是否特別高？或者一般來說，您希望它關閉，但您只是說--

No. I mean, we do expect to close. And in our disclosure, you will see that what we say is that we expect to close during the first half of this year. There is nothing abnormal or that is not customary in the conditions to close. The only thing is, obviously, we don't control the timing that's why we have been cautious in the wording, but we do expect to close.

不。我的意思是，我們確實預計會關閉。在我們的披露中，您會看到我們所說的是我們預計將在今年上半年關閉。關閉條件不存在任何異常或不符合慣例的情況。唯一的問題是，顯然，我們無法控制時間，這就是我們在措辭上一直謹慎的原因，但我們確實預計會結束。

Okay. I just have one last question. On the Overnight solar and potential storage project, I think it could be a pretty large project for you, particularly if there's also a storage component. Would you be looking at, I guess, retaining 100% of that project? Or would you look to get a partner? I'm just thinking in terms of strategy, but also funding as well.

好的。我只有最後一個問題。在夜間太陽能和潛在存儲項目上，我認為這對您來說可能是一個相當大的項目，特別是如果還有存儲組件的話。我想，您會考慮保留 100% 的物品嗎？或者你想找一個合作夥伴嗎？我只是考慮策略，但也考慮資金。

Yes. So at this point in time, what we have contracted, and we will be starting to purchase and build, is the solar component. And at this point in time, our expectation is to retain 100% of the equity. As you know, in the US, if you include tax equity financing and back leverage, the amount of equity as a percentage of the total investment, let's say, is fairly low. If and when the second phase happens and depending on financing, we will obviously be able to consider options like the one you're suggesting.

是的。因此，目前我們已經簽訂了合同，並將開始購買和建造太陽能組件。而此時此刻，我們的期望是保留100%的股權。如您所知，在美國，如果包括稅收股權融資和反向槓桿，股權金額佔總投資的百分比相當低。如果第二階段發生，並且根據融資情況，我們顯然能夠考慮您所建議的選擇。

Great. And what's the timing for that project? When does the PPA kick in? Or when does the project need to be completed?

偉大的。該專案的時間安排是什麼？PPA什麼時候生效？或是該專案需要什麼時候完成？

So the way we have signed the PPA is fairly flexible. So there's, let's say, a fairly long window in which we can start operations.

所以我們簽署PPA的方式是相當彈性的。因此，可以說，我們有一個相當長的時間窗口可以開始運作。

Mark Jarvi, CIBC Capital Markets

馬克‧賈維 (Mark Jarvi)，加拿大帝國商業銀行資本市場部

Yes. Good morning. Some decent progress towards equity commitments for the year and you're talking about M&A. How do you think about the funding backdrop right now if you do get to $300 million of equity deployment. And does access to capital at all constrain your willingness to push towards the $300 million in the short term?

是的。早安.今年在股權承諾方面取得了一些不錯的進展，而您正在談論併購。如果你確實達到了 3 億美元的股權部署，你如何看待現在的融資背景？獲得資金是否會限制您在短期內向 3 億美元目標邁進的意願？

Mark, this is Francisco. I mean, that is a very good question. Well, we expect -- as I said, the $175 million to $220 million, these are our commitments throughout the year. So that is spread out throughout the year. So we expect to fund those through a combination of several levers that we have. We have the retained portion of the CAFD that we generate throughout the year. We also have a cash position on hand that we could use towards that purpose. We could have additional drawdowns on our corporate facilities since we are in a position where we could increase our leverage within our target.

馬克，這是弗朗西斯科。我的意思是，這是一個非常好的問題。嗯，我們預計——正如我所說，1.75 億至 2.2 億美元是我們全年的承諾。所以這是全年分佈的。因此，我們希望透過結合我們擁有的多種槓桿來為這些項目提供資金。我們擁有全年產生的 CAFD 的保留部分。我們手頭上還有現金頭寸，可以用於實現這一目的。我們可能會對公司設施進行額外的提款，因為我們可以在目標範圍內增加槓桿率。

And then we could also use, as Santiago mentioned to the previous question, non-recourse debt at the project level. These are fully contracted assets. So we are looking at a combination of project financing and tax equity. And we have been in active discussions with potential lenders regarding these three projects. And then finally, we mentioned the Monterrey project. As I said, we have some opportunities with regards to capital recycling, and we could put that in the mix also, Mark.

然後，正如聖地牙哥在上一個問題中提到的那樣，我們也可以在專案層級使用無追索權債務。這些是完全承包的資產。因此，我們正在考慮專案融資和稅收公平的結合。我們一直在與潛在貸款人就這三個項目進行積極討論。最後，我們提到了蒙特雷專案。正如我所說，我們在資本回收方面有一些機會，我們也可以將其納入其中，馬克。

Okay. And then again, if you try to get it to $300 million, do you think all those tools, or those different options would get you there as it stands today? Like there's no need for equity to get to $300 million of equity deployments this year.

好的。話又說回來，如果你試圖讓它達到 3 億美元，你認為所有這些工具或那些不同的選擇會讓你達到目前的水平嗎？就像今年不需要股權就能達到 3 億美元的股權部署。

At this particular stage, we are not going to play with equity, Mark.

在這個特定階段，我們不會玩公平遊戲，馬克。

Yes. Okay. So the guidance midpoint sort of implies -- I know the sale of Monterrey is maybe a one-time item, but even if you're at the lower end, you're sort of in that 11% to 12% CAFD yield relative to where the share price is today. I just wanted to check how you guys think about the new hurdle rates for growth? Are you able to get that on projects above where your stock yields versus maybe buying back some shares right now? Just trying to think about hurdle rates, your perception on your cost of capital and capital allocation right now.

是的。好的。因此，指導中點有點暗示——我知道蒙特雷的出售可能是一次性項目，但即使你處於低端，相對於 CAFD 收益率，你也處於 11% 至 12% 的水平。今天的股價是哪裡。我只是想看看你們如何看待新的成長門檻？您是否能夠在高於您的股票收益率的項目上獲得這一點，而不是立即回購一些股票？只是想考慮一下最低資本回報率、您現在對資本成本和資本配置的看法。

Both in projects we have developed and are building in M&A. Our hurdle rates obviously are higher. At this point in time, we are able to deploy capital with those higher hurdle rates because of the fact that we are under a strategic review, stock repurchase at this point in time is not an option we can consider. Obviously, in the future, it would be an option if the strategic review was not there.

無論是我們在併購中開發的還是正在建造的項目。我們的門檻率顯然更高。目前，我們能夠以較高的門檻利率配置資本，因為我們正在進行策略審查，此時回購股票不是我們可以考慮的選擇。顯然，未來如果沒有策略審查，這也是一種選擇。

Okay. And then maybe one question for Francisco. Is there any option to resculpt some of the debt in Spain over the next year or two, here, just as you deal with the current parameters and the adjustments that come in 2026 to either enhance free cash flow in the short term or optimize the cash flow profile of those assets?

好的。也許還有一個問題想問弗朗西斯科。是否有任何選擇可以在未來一兩年內重新調整西班牙的部分債務，就像您處理當前參數和 2026 年的調整一樣，以在短期內增強自由現金流或優化現金這些資產的流量概況？

As Santiago mentioned, I mean, we refinanced a couple of the projects. We continue to look actively, not only in Spain, Mark, but in -- just the geographies where -- that we have opportunities on those projects that have long tail. So to answer the question is yes. We continue to evaluate actively some of the refinancing opportunities, not only in Spain but in our whole portfolio.

正如聖地亞哥提到的，我的意思是，我們為幾個項目進行了再融資。馬克，我們不僅在西班牙，而且在那些我們在長尾計畫上有機會的地區，繼續積極尋找機會。所以回答這個問題是肯定的。我們繼續積極評估一些再融資機會，不僅在西班牙，而且在我們的整個投資組合中。

And those would not be in your guidance, those would be potentially beneficial or additive to the CAFD profile this year or next year?

這些不會在您的指導中，這些可能對今年或明年的 CAFD 概況有潛在的好處或補充？

Mark, I mean they're not in the guidance. I think they are more midterm opportunities. But as I said, this is something that we consider -- that we keep evaluating on a constant basis, but more midterm opportunities, Mark.

馬克，我的意思是它們不在指南中。我認為它們是更多的中期機會。但正如我所說，這是我們考慮的事情 - 我們不斷評估，但更多的是中期機會，馬克。

Angie Storozynski, Seaport.

安吉·斯托羅辛斯基，海港。

Hi, good morning. So I was just wondering the -- you mentioned, obviously, M&A opportunities, an ongoing strategic review. So is this strategic review basically a search for growth opportunity? I mean, it almost feels like we're in this perpetual strategic review with no updates, no timeline, anything on what the target here is?

早安.所以我只是想知道——你顯然提到了併購機會，以及正在進行的策略審查。那麼，這次策略審查基本上是在尋找成長機會嗎？我的意思是，感覺就像我們正在進行這種永久的戰略審查，沒有更新，沒有時間表，沒有任何關於這裡的目標是什麼？

So on the strategic review, Angie, as you will understand, we cannot make any comments.

因此，關於策略審查，安吉，正如你所知，我們無法發表任何評論。

Okay. And then on the Monterrey and the CAFD, so is it fair to assume that this contribution is basically like a debt paydown with the use of proceeds as -- basically, that's what it is for 2024 CAFD?

好的。那麼對於蒙特雷和 CAFD，那麼假設這筆捐款基本上就像用收益來償還債務一樣公平嗎？基本上，這就是 2024 年 CAFD 的情況？

Angie, I mean, it's included in the guidance. What I mentioned before, with regards to use of proceeds, we have the deployment of the capital that we want to -- that we have mentioned in the presentation, and part of the proceeds of Monterrey will be used to fund a portion of our development pipeline.

安吉，我的意思是，它包含在指南中。我之前提到過，關於收益的使用，我們已經在演示中提到了我們想要的資本的部署，蒙特雷的部分收益將用於資助我們的部分發展管道。

Okay. And lastly, are you guys seeing any deterioration in the EBITDA, or more importantly, CAFD of existing assets like as they age? And we obviously see it some existing wind power assets in the US. And I'm just wondering if you're experiencing the same phenomenon across other assets and other jurisdictions?

好的。最後，你們是否看到現有資產的 EBITDA（或更重要的是 CAFD）隨著老化而惡化？我們顯然看到了美國現有的一些風電資產。我只是想知道您是否在其他資產和其他司法管轄區遇到了相同的現象？

So overall, my answer would be no. Obviously, each asset is different, and you do need to work on your assets. You do need to spend some money to make sure that they are going to continue generating what they need to generate. But overall, my answer would be no.

總的來說，我的答案是否定的。顯然，每項資產都是不同的，您確實需要對自己的資產進行處理。你確實需要花一些錢來確保他們能夠繼續產生他們需要產生的東西。但總的來說，我的答案是否定的。

William Griffin, UBS.

威廉‧格里芬，瑞銀集團。

Good morning. Thanks very much for the time. My first question, just clarifying here on the EBITDA guide. Does that include the gain on sale piece of the Monterrey sale that you're contemplating? Looks like the CAFD guide includes the $30 million, I assume that's the return on capital portion. Just wondering where the gain shows up if anywhere in the guidance.

早安.非常感謝您抽出時間。我的第一個問題，只是在 EBITDA 指南上澄清一下。這是否包括您正在考慮的蒙特雷拍賣的銷售收益？看起來 CAFD 指南包括 3000 萬美元，我認為這是資本回報率部分。只是想知道增益出現在指南中的哪裡。

It's in the CAFD, as we mentioned before. And is that -- there is a one-time gain that's small on sale of the Monterrey asset, William, but it's not material.

正如我們之前提到的，它位於 CAFD 中。威廉，在出售蒙特雷資產時，一次性收益很小，但並不重要。

Is that reflected in -- so how do we bridge the gap then between the $30 million you're showing for the CAFD walk versus the $45 million to $52 million proceeds that you're anticipating? I mean, is that $15-plus million begin to show up? Is that what's adding to the EBITDA guidance? Or is this something less than that?

這是否反映在 - 那麼我們如何彌合您為 CAFD 步行展示的 3000 萬美元與您預期的 4500 萬至 5200 萬美元收益之間的差距？我的意思是，15 多萬美元開始出現了嗎？這就是 EBITDA 指引中的內容嗎？還是這還不夠？

William, let's do something. Let's walk through that to fine-tune the numbers. As said, the transaction hasn't closed. Let us circle back to you with that question.

威廉，我們來做點什麼吧。讓我們逐步了解一下以微調數字。如前所述，交易尚未結束。讓我們帶著這個問題回到你身上。

All right. Fair enough. And just wanted to -- coming back to some of your comments on M&A. What types of assets are you seeing most attractive opportunities for you here potentially? And where are they in their life cycle? Are these maybe assets that are a bit more seasoned or were things that have more recently been developed and commissioned?

好的。很公平。只是想——回到您對併購的一些評論。您認為哪些類型的資產對您來說最具吸引力？它們處於生命週期的哪個階段？這些可能是更成熟的資產還是最近開發和委託的東西？

So in terms of potential acquisitions, we spent time looking at assets in operation, mature with a lower risk profile. Obviously, the challenge is to find such opportunities at the right return. So typically, when we do acquisitions, it will be assets where we have some sort of competitive advantage, either because it's close to assets we own already or because there are some synergies somewhere that allows us to make an additional return. And those would be the opportunities we will be closing.

因此，就潛在收購而言，我們花時間研究正在運作的資產，這些資產成熟且風險較低。顯然，挑戰在於如何以正確的回報找到這樣的機會。因此，通常情況下，當我們進行收購時，我們會收購具有某種競爭優勢的資產，要么因為它接近我們已經擁有的資產，要么因為某些地方存在一些協同效應，使我們能夠獲得額外的回報。這些就是我們將要關閉的機會。

Additionally, we spent a bit of time, sometimes looking at assets in earlier stages where we can still add value, improve them. But historically, most of our investments have been assets in operation, generating the cash, low risk where we can add some value and get a higher return than anybody else. That's what we need to do in order to make sure that those investments are accretive, obviously.

此外，我們花了一些時間，有時在早期階段查看資產，我們仍然可以增加價值，改進它們。但從歷史上看，我們的大部分投資都是營運中的資產，產生現金，風險低，我們可以增加一些價值並獲得比其他人更高的回報。顯然，這就是我們需要做的，以確保這些投資能夠增值。

Rupert Merer, National Bank of Canada.

梅勒 (Rupert Merer)，加拿大國家銀行。

Hi, good morning. Just to follow up on that last question on M&A. So is it fair to assume, you wouldn't look at M&A in any new jurisdictions at this point, but just focus on where you have an existing footprint?

早安.只是為了跟進有關併購的最後一個問題。那麼，可以公平地假設，您目前不會在任何新的司法管轄區考慮併購，而只專注於您現有的足跡嗎？

No. I wouldn't say that, but there would need to be clear synergy value creation or a situation where we can achieve the return we need.

不。我不會這麼說，但需要有明確的協同價值創造或我們可以獲得所需回報的情況。

Okay. Very good. And then secondly, wondering if you can give us an update on supply chain. It seems over the last few quarters, we've stopped worrying about supply chain. But just wondering if you can give us an update on where you see the supply chain heading. Where it matters for you in solar panels and batteries? What kind of trends you're seeing on prices and availability, delivery times of equipment?

好的。非常好。其次，想知道您能否向我們提供供應鏈的最新情況。在過去的幾個季度裡，我們似乎不再擔心供應鏈。但只是想知道您是否可以向我們提供有關供應鏈走向的最新資訊。太陽能板和電池對您來說最重要的是什麼？您在設備的價格、可用性、交貨時間方面看到了什麼樣的趨勢？

So what we see at this point in time overall is that the supply chain, at least for us, it's not an issue. If we look at PV panels globally, there's an oversupply, prices have been coming down during 2023 significantly. More recently, we are starting to see that in the US as well in recent months, let's say, a bit less than in other markets. But overall PV dynamics, I think, are good for somebody purchasing like us.

因此，我們目前看到的總體情況是，供應鏈，至少對我們來說，不是問題。如果我們看看全球光電面板，就會發現供應過剩，價格在 2023 年大幅下降。最近，我們開始看到美國近幾個月的情況也比其他市場少一些。但我認為，整體光電動態對於像我們這樣的購買者來說是有好處的。

In the case of batteries, battery prices have been coming down as well, significantly during 2023 globally, everywhere. So again, good dynamics for us.

就電池而言，電池價格也一直在下降，2023 年全球各地的電池價格都會大幅下降。再說一次，這對我們來說是良好的動力。

The only area where, as a developer, you need to be careful and planned properly is when you are purchasing some specific electric equipment, transformers, some breakers, some very specific products where today supply chains are longer, and you just need to plan your purchasing ahead. But overall, for us, this is not and has not been, in the last few quarters a problem.

作為開發商，您需要小心並正確規劃的唯一領域是當您購買一些特定的電氣設備、變壓器、一些斷路器、一些非常特定的產品時，這些產品如今的供應鏈更長，您只需要規劃您的提前購買。但總的來說，對我們來說，這在過去幾季不是也不是一個問題。

We have no further questions, so I'll turn the call back to the management team for any closing comments.

我們沒有其他問題了，所以我會將電話轉回給管理團隊以獲取任何結束意見。

No, operator, we will conclude the call by now. Thank you very much to everybody for attending.

不，接線員，我們現在就結束通話。非常感謝大家的出席。