Connor Teskey: Yes. I would definitely say it’s both. In the last call it 12 months to 18 months, as demonstrated by the transactions that we have done, we have really focused on a lot of businesses that are what you would call pure play developers. We felt like a lot of those €“ the pipelines in those businesses were very far advanced. There were projects that were either under construction or about to come online. So, a very few of them had operating assets. Even when you look at something like Scout Energy that we did at the end of last year, you could already see the market moving in that direction as when we bought Scout, it comes with not only a very large pipeline of future development opportunities, but a large portfolio of operating assets as well.
So, we are seeing opportunities on the private side as well. But no doubt, the current economic environment and some of the down wins throughout Q4 across public markets have certainly increased the opportunities we see in the public take private space as well.
Frederic Bastien: And Connor, can you share whether you have taken some to hold positions like your sister LP company?
Connor Teskey: So, what I would say is we take to hold positions almost on an ongoing basis throughout the cycle. I wouldn’t say our activities in that regard have gone up or down, in particular over the last couple of quarters. But it’s something we do on an ongoing basis and something we will continue to do. It’s been a useful way to help us source transactions over the last 5 years to 10 years.
Frederic Bastien: Okay, cool. That’s helpful. Last one for me, of the 19 gigawatt of advanced stage and construction ready projects that you highlighted, how much of that will be commissioned this year versus next year and the following years? Thank you.
Connor Teskey: So we are targeting about 5 gigawatts this year.
Frederic Bastien: And just maybe for the following year?
Connor Teskey: Oh, sorry. I jumped. It’s about 5 gigawatts for this year. And a little bit more, closer to 5.5 gigawatts the next year. But I would say 5 gigawatts, probably a pretty healthy run rate of where we are at right now.
Frederic Bastien: Great. Thank you.
Operator: Our next question comes from the line Naji Baydoun with Industrial Alliance Securities.
Naji Baydoun: Hi. Good morning. I just wanted to go back to the funding picture. So, $1.5 billion of targeted asset sales for this year, a large part of I think your overall targets for proceeds from asset sales for the next few years. How much of this pulling forward of capital recycling as a function of near-term funding needs versus just the strong valuations on the assets as you previously mentioned?
Connor Teskey: Yes. So, I will answer that question in two ways, I would say the asset sales that we are planning, I would say those will happen throughout 2023. And some may stretch into 2024. So, we wouldn’t want to give anyone the impression that that it’s all coming in the next 11 months. Some of these processes are for large businesses and may take time, so certainly could extend into next year. To answer your second point, what’s driving this, I would say, it’s almost the entirely the latter part of your question. It’s the robust demand we are seeing for our assets. And the simple fact I would almost say it’s coincidental that we are at a point where we are completing the business plans, and believe that we have extracted the value add opportunity that we saw in a number of businesses around this time.
