Yumin Liu: Thank you, Donovan.
Ke Chen: Thank you.
Operator: Thank you. One moment for our next question. And our next question comes from the line of Pavel Molchanov from Raymond James. Your question please.
Pavel Molchanov: Thanks for taking the questions. As you own and operate more power plants in Europe, I suppose you have to start thinking about these price gap in the EU and separately in the UK that governments are imposing. Is there any financial impact on any of your IPP assets from these regulations?
Yumin Liu: Great question, Pavel. I will say that the situation is still uncertain. We have news one day news the other day, especially in U.K. the current news reflected to us we can’t really say — affirmatively say, oh, it will not impact us at all. But we do have considered all those potential price gaps. As I mentioned, Pavel, earlier that the — we say our IPPs we decided not sell, but keep in part of Hungary. The payback time is less than four years and that is not based on the aggressive merchant curve power price. As the merchant curve price for the €˜23, €˜24 are still 250, 350 per megawatt hour. But we use our model pretty conservatively in consideration is vastly under potential price gaps. In U. K. the same thing, we signed the long term — not long term, multiyear PPA for Branston to secure in the market a very good cash flow.
And those PPAs as we know by far will not be impacted. And also they are reasonable nice PPAs and should not be impacted by the UK to come — to be executed price gaps.
Pavel Molchanov: Okay. That’s helpful. Turning to the U.S. opportunities. You — like every utility scale developer are watching the (ph), and the restrictions on imports from China. So just to ask the question in a general sense, are you having any difficulty importing modules for your assets?
Yumin Liu: I will turn this one to John, our North America, CEO. But as you know, we do not do any procurement in the U.S. Although we absolutely care about ABCVD case or any forced labor issues. John, please?
John Ewen: Yes. I mean, I would just echo that. I think, Yumin answer is the answer. Although it’s the same thing as when COVID’s — it’s the same type of answers when COVID started and pushed supply chain prices up. We are somewhat insulated. And the value of the development slice, I still — I maintained that — I’m not saying it’s a fixed component forever and ever, but it is a valued piece of the chain because you can’t build solar projects without development. So we’re somewhat insulated from it. I think insulated from it because we’re not the procurer directly, but we’re also insulated from it because in a competitive process, the NTP assets are valued and paid up for and some of that inflation probably makes its way to the PPA pricing. So the development slice is relatively protected on both hands.
Pavel Molchanov: Okay. And maybe just kind of accounting question, given how much M&A and buyback you’ve done recently, can you give your cash balance as of, let’s say, November 1 or December 1?
Ke Chen: Well, Pavel, we actually have very strong cash flow. We’re collecting operating cash from the project we’re selling this quarter. So our cash position is still pretty strong right now.
Pavel Molchanov: Okay. Appreciate it, guys.
Yumin Liu: Thank you, Pavel.
Ke Chen: Thank you.
