Philip Shen: Okay. Thanks, Yumin. And then I know I’ve taken a lot of questions, but can I ask another one on €˜23? You gave us the megawatts, I was wondering if you could kind of help us understand what the revenue might be for next year? If you have 400 megawatts being sold, I’m guessing that you could generate close to $500 million of revenue. I know the China assets will be less, but the European and the U. S. assets should be close to a (ph). So just curious if — so maybe it’s close to $400 million? Are we in the bright ballpark in terms of revenue for 2023? Thanks.
Yumin Liu: We are now ready to give the 2023 detail forecast yet at today, but we will do it when we conclude the 2022 number. But in the meantime, we do know we will grow. Not only we grow from these three acquisitions we talk about, the two acquisitions I’m talking about, it’s really Branston, IPP, and plus another 150 plus megawatts in Europe and plus the Emeren acquisition. Those three, as I mentioned, will contribute around $40 million top line revenue and also about $10 million, $15 million EBITDA in the year of 2023. Other pipeline sales 400 megawatts and plus other sales and the EPC activities will absolutely help both top line and bottom line, but we are not ready to release that number yet.
Philip Shen: Okay. I can appreciate that. Thanks for taking all my questions and I’ll pass it on. Thanks, Yumin.
Yumin Liu: Thank you, Phil.
Operator: Thank you. One moment for our next question. And our next question comes from the line of Amit Dayal from H. C. Wainwright. Your question please.
Amit Dayal: Thank you. Good afternoon, everyone. Congrats on all the progress. Just with respect to the 4Q guidance for 2022, does this factor in the monetization from China assets? Or will that be upside to the guidance?
Yumin Liu: It reflected a portion of it as we are closing the first portfolio in China. And we are working on the second portfolio right now. So it represents the understanding of the first portfolio is to be closed very, very soon. So we know the number. But the second one is still in the negotiation mode.
Amit Dayal: So that’s not in the guidance, I guess, right?
Yumin Liu: That is right.
Amit Dayal: Okay. Thank you. And then just looking at operating costs after these recent acquisitions and then moving more towards IPP ownership in Europe, etcetera, how should we think about operating cost changes going forward?
Yumin Liu: Amit, I think first of all for Branston, it is an operating project, so we don’t expect a whole lot of operating cost increase. And for Emeren, we do have additional 22 people . So again, we only expect a small increase of operating cost. Again, I would say between $3.5 million and $3.7 million, that’s what we’re expecting.
Amit Dayal: Understood. Okay. And then with respect to these recent board changes, is there any strategic implications from that that we should be thinking about?
Yumin Liu: You talk about ownership change?
Amit Dayal: Yes. With the new board appointments, etcetera. I know you have pointed towards cooperation, etcetera. Moving to the Delaware cooperation, is that still in play? And what should we be reading into those types of implications from these changes?
Yumin Liu: Okay. Let me also the first part of the story and then Ke will kick in about the next steps, which is in the process we are — in the process for access. Okay? The first one is we do have a bunch of changes. One is, the ownership change, as we explained earlier also from the press release like last month or couple of months ago. We did a share repurchase from the ReneSola Limited, Singapore, controlled by Mr. Li, the founder of the company, 6 million shares — sorry, sorry, 7 million shares. And the — so Mr. Li’s ownership goes from 22% to about 8% plus now at this time. So on the other side, the Board has also appointed Shah Capital’s Managing Director and CIO, Himanshu Shah, as our Board. In addition, we also restructured our committees of the Board.
On top of that, we are making more moves in different regions considering how to refund — how to report to our investors. On the other side, especially meeting the ICC demand requirement, I’ll let Ke to comment on this.
