Santiago Seage: Yes, thanks for the question. So obviously, what you described, I would agree with, the U.S. currently being tight from a labor market point of view. It is not the case elsewhere in the — in our markets in the Americas, let’s say. So that’s a very U.S. specific situation. We are not seeing that in the other markets where we operate, and we are not having risks of cost increases or labor inflation beyond what we expect in the rest of the markets. In the case of the U.S., obviously, we navigate every day through that, both in the plants we operate and in the assets we build. And up to now we believe that we understand the situation and we are able — we have been able to find suppliers locally with whom we have been able to work and manage the context that you described. So until now, I wouldn’t say that that’s top of the list from a worry or from a risk point of view for us. It’s one, obviously, other factors, but I wouldn’t say it’s top of the list.
Nelson Ng: Okay, thanks. That’s good color. And then obviously, in the U.S., you have a few wind facilities. I think one of them is merchants and the contracted term for the remaining — for the others are pretty short. So have you started discussions with your partner on potentially repowering those projects? And I guess the other question is like, is it also better to just wait on the repowering, given that the tax credits don’t expire for another decade or so in terms of qualified for tax credits?
Santiago Seage: So my answer would be, yes, the advantage of the tax credit situation we have today, as you rightly mentioned, is that we should not be in a rush. We have plenty of time in front of us to try to find the best moment to repower assets as PPAs expire and to decide how to repower, when to repower, try to guess what will be the CAPEX in wind in that specific case. So a number of moving variables there, and we will try with our partner to make the best decision. But again, we don’t need to be rushed into a decision. So we will be working and we are working as you suggested, but the best timing might not be in the very short-term.
Nelson Ng: Okay, thanks Santiago. I will leave it there.
Santiago Seage: Great, thank you.
Operator: Thank you. The next question today comes from the line of Rupert Merer from National Bank of Canada. Rupert, please go ahead. Your line is now open.
Rupert Merer: Thank you, good afternoon. Your disclosures highlight that 15% of your development pipeline would be ready to build in 2023 or 2024. What do you think is a sustainable pace for organic growth in the medium and long term for your company, given the state of your pipeline and the resources that you have available to bring those projects to construction?
Santiago Seage: So good morning Rupert. As you know, our target in terms of investment every year is to invest something like $300 million of course on average. And we believe that given the size of our pipeline and the maturity of the pipeline, a very large part of those $300 million in the coming years should come from construction of projects we have developed that are coming from the pipeline. So a very high percentage, whether that would be a 70% and 80% or 63%, we will see, but a very significant percentage.
Rupert Merer: Maybe this is something you’ll look at in your strategic review, but is there an opportunity to increase that pace of investment in the future, do you have the resources to do that and I don’t just mean capital, but perhaps also the infrastructure to develop projects?
