Operator: Thank you. The next question today comes from the line of William Grippin from UBS. Please go ahead. Your line is now open.
William Grippin: Great, thanks, good morning. My first question — actually, most of my questions have been answered. So I just wanted to ask one here. But just on the storage pipeline, could you speak to what extent the storage you have in the pipeline is co-located with your existing projects, I know you have Coso, but just outside of that and then what opportunities are you seeing here to kind of leverage your existing asset base to deploy storage versus new opportunities elsewhere, given the stand-alone tax credit?
Santiago Seage: So probably within storage, we have three types of developments. We have situations like Coso 1, where it is physically co-located with another asset, but from a contractual/client point of view, it has nothing to do. So Coso 1 is physically inside the geothermal plant. It would be operated by the same people, but it will have a totally separate PPA with a totally different client. That would be type 1. We are leveraging our existing footprint, but it’s — commercially, it’s a separate project. Then a second type of opportunities would be situations where we co-locate and not only we co-locate but we leverage the commercial agreement. So you include storage in an existing asset and you are going to leverage the PPA or sign a new PPA using whatever the PV component and storage.
And then the third bucket would be a stand-alone totally new developments. If I look at our portfolio, we have the three types of projects. In the U.S., we have a lot of the first one at this point in time, leveraging our assets from a co-location point of view and some of the third bucket. And over time, the second one will become more important. So situations where we can add storage to an existing plant in the short term, probably they are more outside the U.S., like in Chile. We have discussed in the past a situation where we have a PV plant where we plan to include storage next year. So it’s a little bit of the three. Again, in the short-term, more the first and then the second — sorry, then the third and later the second option, where you include storage in an existing plant sharing the client.
I hope I confused you enough.
William Grippin: No, I appreciate the color there. That’s all for me.
Santiago Seage: Thank you.
Operator: Thank you. The next question today comes from the line of Antoine Aurimond from Bank of America. Please go ahead, Antoine. Your line is now open.
Antoine Aurimond: Thanks for taking my question. Hope you are well. So just on the credit side, I think you mentioned that you have corporate debt over CAFD of 3.4 times. Can you please remind us how you see parent leverage going forward? And related to that, any sort of insight in terms of potential capital markets activity at the corporate level for the back half of the year and next year?
Francisco Martinez-Davis: Okay, Antoine, good morning. We do have the 3.4 times that have been steady. You know that we have a target at Atlantica of keeping our leverage around the 3-ish, 3 times x leverage multiple. So right now, what you saw in the materials, as I said, we have good liquidity. And going forward, as I said, we would look for a combination of what’s the best capital structure going forward, the combination of both debt and equity with maintaining that target that we have. It’s important to remember that, that’s a target, that’s not a covenant in the financial debt that we have at the holding company. So our target continues to be this 3 times, and we look — we’re always monitoring the market to see what’s the most competitive way to be able to finance the company Antoine.
