Matthew Koranda: Okay. Great.
Yumin Liu: And then another point on this one is the demand for renewable energy, solar specifically, is so big in the Europe, and we have been seeing all those strong support from all the governments in Europe that will help on the demand side while when the demand is high, the price remains to be very, very good throughout the 2024 based on the forecast.
Ke Chen: Our Branston project, we signed full year PPA with a much, much higher price than current merchant price, so we’ll benefit from that.
Matthew Koranda: Okay. Great. Thank you. I appreciate the color there. And then moving to the US utility-scale market just as a whole, we’ve been doing some work recently that there could be some slowing because some developers might be having difficulty accessing liquidity for project financing and working capital, resulting in some project delays. Are you seeing this at all? And if so, how big of an issue do you think this could be for the industry looking ahead?
Yumin Liu: Very good question. You are absolutely the expert on this one. We do see from Novator West Coast or East Coast, PJM, PG&E, all those utilities, they put on hold of their approval process for the interconnection queue, okay? That is also one reason that we mentioned that we have a lot tighter control on our pure system, qualifying our projects into the advanced tier or the one stage, okay? We absolutely consider that as part of our quality or of our customer base, okay? I do see that the speed of the development may get picked up sooner than later within the next six to 12 months in the US. We feel proud about one big thing we present today, which is a very profitable quarter because of our contribution from the European business. Our US is low as we see same as many other companies who reported in the last three, four weeks. But we reported today a very strong quarter, thanks to our balance, our strategic business operations in Europe.
Ke Chen: Again, I would like to add, again, we talked about this. We have a strong balance sheet. That’s part of our competitive advantage. I believe we talked about this in the last quarter, we have deposits put refund deposits with this US utility projects. So again, we overdraw balance sheet, we can’t compete to others. We can carry this out, and you will see the results our US results in the second half and next year.
Matthew Koranda: Okay, great. I appreciate the color
Ke Chen: Thank you, Matt.
Operator: Thank you. One moment for questions. Our next question comes from Amit Dayal with H.C. Wainwright. You may proceed.
Amit Dayal: Thank you. Good afternoon , everyone. With respect to the storage pipeline, can you clarify if the solar pipeline and the storage pipeline are tied in some fashion? Just trying to see if — when you are successful in converting your solar projects, does that also imply that you will convert the storage projects as well or are they really independent?
Yumin Liu: Very interesting question. We have two different portfolios when we talk about megawatt hours on the storage. One is the solar attached to solar called Solar Plus. But here, when me say that advanced-stage of the storage pipeline, the majority or almost all of them are independent storage projects. And those are not solar attached. And also, that is also a trend we are developing and in different countries, we have different strategy developing different sizes. And even in the different states in the US. We have different approach on the signs of the storage facilities. So but most of them are independent solar independent storage projects.
