Gale Klappa: Is that responsive, Jeremy?
Jeremy Tonet: That is very helpful. Just one last one, if I could here. Just after this latest solar investment with the Samson announcement, how does the broader market interest currently stand? Anything notable to highlight here on this transaction?
Gale Klappa: No, other than — I mean, other than — in this particular transaction, there’s really no construction risk because the facility went into service in May of last year. So, we really have no construction risk here whatsoever. We’ve got a year of operating data that we can base our due diligence on. And again, we’re really pleased with this particular investment. And we think it’s going to, again, add really high, high-quality project to our infrastructure portfolio.
Jeremy Tonet: And just on the ITCs, had you guys disclosed how many years you’re amortizing this over?
Gale Klappa: Well, we’re using production tax credits instead of investment tax credits, and that’s really what helps our economics here. I mean, obviously, with the Inflation Reduction Act, solar is now eligible, you can choose either ITCs or PTCs. And our choice here is clearly PTCs, which will be spread over, Scott, a 10-year period.
Scott Lauber: 10-year period. And adding that second solar farm in our portfolio really adds diversity to portfolio, too. So, really happy to adding that second solar.
Operator: We’ll take our next question from Michael Sullivan with Wolfe Research.
Gale Klappa: Greetings, Michael.
Michael Sullivan: Hey Gale, how are you?
Gale Klappa: We’re good. You’re keeping Steve straight?
Michael Sullivan: All good. We’re going to steal Aaron Rodgers from, too.
Gale Klappa: He looks good in green, I believe.
Michael Sullivan: Yes, actually. Anyways, I wanted to start with just the credit metrics. I think you all used to give a reconciliation of FFO to debt with year-end earnings. Do you have that off the top of your head? Are you able to give where that ended up shaking out for the year?
Gale Klappa: Sure. We’ll ask Xia to give you a response to that.
Xia Liu: Michael, we disclosed the longer-term credit metrics and — but we have all the actual data, and we’ll be happy to provide that to you. I think it’s all public information.
Michael Sullivan: Okay. And then I just wanted to check on the solar build out. Scott, I think you said like assuming release of panels, which has kind of been like a little bit of a moving target? Just any updated color there on where things stand with where the panels are and being able to get them?
Scott Lauber: Yes. So, we’ve been able to get them in the U.S. We’ve been able to get them in the warehouse. In fact, about 40% of the panels we need to complete Badger Hollow 2 in Paris are in Chicago warehouse, and another 30% of the panels are about in the U.S. So we have the panels. We’re just working to get them through the paperwork to get through the Border Patrol. We’re starting to see a few panels, not ours, but a few panels get through the Border Patrol, so we’re optimistic. But we have them in the States, and we just need to get them released yet. So, we think all the paperwork is good. We’ve gone back and worked with our suppliers and worked with our developers to get everything lined up. It’s just a matter of getting it through the final Border Patrol. But, we’re already — the sites serve — the one site is ready, and we have a lot of the panels right here, just a few — 100 miles away to be able to put them on. We just got to get them out.
Michael Sullivan: Okay. Great. And then, last…
Gale Klappa: They’re in a hermetically sealed warehouse in Chicago.
Michael Sullivan: Got it. Okay. And then last one, just flipping to the Samson acquisition, I know like none of these projects are exactly alike. But just on like a $1 per KW basis, this actually was one of like the cheaper deals that you’ve done. Is that just a function of location, current environment, anything like nuance there that we should be thinking about?
Gale Klappa: No. I think when you look at the appropriate purchase price, one of the big factors is the particular elements of the offtake agreement or the purchase power agreement, in this case with AT&T. So, that was a heavy determinant of the overall value that we saw in the project. Xia, anything you want to add to that?
Xia Liu: No, that’s exactly right. It’s a function of the PPA purchase price.
