William Grippin: 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 off-taker to the extent you can talk about it? Thank you.
Santiago Seage: 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 a grant. That should make the project viable. At this point in time, we are negotiating the off-take 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 off-take 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.
William Grippin: Great. Appreciate the color. Best of luck.
Santiago Seage: Thank you.
Operator: We now have Julien Dumoulin-Smith of Bank of America.
Morgan Reid: Hi. This is Morgan Reid actually on for Julien. I was curious if you could all talk a little bit about kind of the comfortable — comfort that you feel in hitting that $300 million annual investment target, the kind of long-term average that’s as 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 are thinking about that?
Santiago Seage: 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 $300 million.
Morgan Reid: 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 are 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?
Santiago Seage: 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.
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.
Morgan Reid: Great. Thank you. I will take the rest offline.
Santiago Seage: Great. Thank you.
Operator: We now have Nielsen Mitch from RBC Capital Markets. Your line is open.
Unidentified Analyst: Great. Thanks. Just a quick follow-up on an earlier question, in terms of the hydrogen projects, should we assume that the other hydrogen projects we are working on are also in Spain?
Santiago Seage: So, in hydrogen, we are working in a number of geographies, but mostly at this point in time, is Spain and the U.S.
Unidentified Analyst: Okay. Thanks. And then just on your development pipeline, do you anticipate getting any or bringing any strategic or financial partners to build out the pipeline?
Santiago Seage: 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.
Unidentified Analyst: 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?
