Charlie Cao: Yeah, so firstly, the demand side, definitely we see there’s some more attractions for the end customer to continue to develop more solar projects in utility segment because IRR is becoming more and more attractive. The yield is higher and higher. However, it’s a cycle, right? So when you develop a project, it doesn’t happen at day one. It takes 12 months, 18 months, sometimes even 24 months, even more to have all this — to finish the whole development cycle, even early financing to close the financing part to be ready to place orders to the module side. So it takes pretty long cycle. So my simple answer is yes, we see a very promising future, both US and Europe, but it takes some time to have all those pipelines released to become a real order for the manufacturer like Jinko. And secondly for — your question is regarding, sorry, I forgot your second question.
Alan Lau: Yeah, how does that compensate the increase in interest rate? Because in some of the earnings calls in the US, because banks like JPMorgan and Bank of America are saying that the increase in interest rate and also…
Charlie Cao: The interest rate, I randomly check with some customers, I won’t say that’s 100%, but I check some key clients of us and most of them, their feedback is positive. So because for the existing projects, even if their financial is closed, so normally they secure a fixed interest rate across the whole life cycle of their projects, investment cycles. So for them it’s safe. And even with the module price coming down and they have more returns for their investments or the interest rate doesn’t hurt that part. And for the ongoing projects, because the interest rate is higher, and most of the clients can pass the majority of the interest rate, higher interest rate cost to the end customers, to the PPA customers who can sign a more attractive PPA price than before. But definitely that won’t be 100%, but that’s my — I share that point from the customer feedback.
Alan Lau: Thank you. That’s definitely part of the — some of the cases may happen. Thank you. So I think, yeah, my final question will be in relation to what is your view on — what is the progress of your US expansion capacity and what is your view as of now as to the chance of capping the IRA subsidies because there has been quite a lot of market chatters as to there are some [lobbying] (ph) happening in Washington, et cetera, to target against Chinese players. So we’d like to know, do you have an update on those?
Charlie Cao: No, we don’t have a clear — we are waiting for this detailed guidance — official detailed guidance release as well. So I think it’s still not finalized yet. So we are waiting for that as well. But for the US market, we believe that’s a very promising market. We’re still holding our bullish positions on that. And we are trying to do whatever we can to serve the US market. But we will take more actions once all those details get released.
Alan Lau: So your plan will complete by the end of this year, right?
Charlie Cao: We will see. We will see. But the previous plans stick to what we have. And if your question is regarding whether we have new plans, we have to wait until the detailed guidance releases.
Alan Lau: Okay. So your plant in Jacksonville, your 1 gigawatt plant, will be completed on time, right?
Charlie Cao: Yes. [indiscernible]. Yes, yes.
Alan Lau: Okay, thank you. Thanks a lot.
Operator: At this time, we will conclude our question-and-answer session. For any additional questions, please contact ir@jinkosolar.com. The conference has now concluded. We thank you for attending today’s presentation and you may now disconnect your lines.
