And Spain, you are right. But that is why if you see our depth of the pipeline, we are very cautiously developing Spain storage market. But we are very committed. We are very confident that the Italy and Poland will become our two major storage market at least in the near term for the next six months or so in Europe.
Donovan Schafer: Okay. And then I also just wanted to ask because when you made the Branston acquisition, you also highlighted and talked about some of the additional assets you would hang on to as IPP assets in Europe. And so you’ve got 60 megawatts in Europe, I think 50 megawatts of that is Branston. So I know it’s a small piece of things, like the remaining 10 megawatts. But if I recall correctly, I think, those were in Hungary. It might have been Poland, but you were going to — and I don’t think that PPAs, you were going to sell at the merchant price. So I know this could jump around a bit. But I’m just curious, can you share with us what kind of gross margins you’re getting from the other outside of Branston from the other IPP assets? And if you’re still planning on accumulating some of the ones in Hungary or Poland or other countries in the pipeline right now?
Yumin Liu: I think we explained before that we made a little bit revision of our strategy on IPP in Hungary as of the economic situation of the country. Although the country still maintained a BBB- credit rating, but — we are — and also we are active developing projects in the country, but we decided not to keep a big IPP portfolio in the country. So that is one part of the story. Another one is in Poland, we are — we already started the construction of our IPP portfolio. The first under construction is a little bit less than 20 megawatts, including several projects as we are planning to build up and get them online in the Q1 next year, okay? So that is part of the portfolio, and this is less than we predicted. But there are many different considerations while we slow down a little bit of the IPP construction, including, as I mentioned, Hungary, the big change on the Hungary strategy, but also on the — considering all the lower CapEx and also the target portfolio in Poland, we do face a little challenge of the interconnection.
So when we get interconnection approvals of our planned IPP assets, we will construct them. So our IPP strategy in Europe continues. As also as I mentioned, you talked about the price of other than Branston, Branston has a four-year PPA that will add another 3.5 years. But in other countries, for example, in Hungary, that is one of the countries where you see 2024 price will be around 30% or 35%, 40% higher as forecasted than the price today, okay? Similar to several other countries, we see about a minimum 20%, 25% tariff increase in the countries, in general, on a merchant basis.
Donovan Schafer: And does that get you to that like 70% kind of gross margin for assets like that? Or is it kind of we have to think about that differently?
Yumin Liu: I would think the merchant base, the Branston with a high PPA price for the four years, it definitely give us a good margin. And the — in general, on a merchant basis, I think the average margin should be around 50%.
Donovan Schafer: And that’s 50, 5-0 or 1-5?
Yumin Liu: 5-0.
Donovan Schafer: Okay. Fantastic. Okay. Thank you guys. Appreciate it. And I’ll take the rest of my questions offline.
Yumin Liu:
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Donovan Schafer: Thank you.
Operator: Thank you. Seeing no more questions in the queue. That concludes our call for today. Thank you, everyone.
Yumin Liu: Thank you all.
