Everybody. Mikkel and I are very pleased to be here to share with you the Q3 results, 2017. Power production in the last quarter has gone, as you will see later on, more or less according to plan, and that's very good. It's also a pleasure for me to share with you this quarter, the results of many quarters of hard work. It's finally surfacing in the numbers and various aspects that we can share with you. The financial results are very strong. We'll get into the details in a bit. As we've been waiting patiently before, we're also starting construction, and that's also transporting itself into an increased revenue. I will spend a bit of time later on how we have been approaching financing. The one that you see on the second bullet here, the Islamic bond, is a first.
It's the largest green Islamic bond ever issued in the world. I would say it's fairly innovative, and it's competitive in terms of financing. We are progressing well on manufacturing of the plant in Malaysia, Honduras. We have started construction together with Statoil in Brazil. That has translated into a little bit less than NOK 400 million in construction revenues in quarter three. We have entered, as you have seen previously in the press release, a partnership with Statoil in Brazil. I'll share some thoughts around that a bit later as well. In terms of backlog moving into construction and financial closure prior to that, Egypt is very close and South Africa is following suit. We will have some separate slides on both of those projects a bit later. We have had solid development and construction margins. In fact, they are extremely good in those terms.
Revenues from power production, NOK 140 million. Operation maintenance, about NOK 20 million. The big boost, development and construction, NOK 760 million. In total, NOK 922 million. If you look at the EBITDA, starting at power production, as expected, NOK 118 million. Operation maintenance, NOK 88 million. NOK 383 million from development construction. This number is realizing the value that is actually attributed to our projects. It has been important for us to share that with you. We will also provide you with more details later on. Half a billion NOK in EBITDA for the quarter. If you compare that to last year, of course, it's a tremendous improvement. Of course, the underlying performance here is power production. I would have to say that development is also a core part of our D&C business, where you should expect revenues and you should expect profits.
On the left-hand side, you know as well as I do that we have had very little construction activity. What doesn't show in these bars is, of course, the development activity that we have been working on, which is actually manifesting itself now into project that is moving into construction. That is seen in Q3 2017, where cash flow to equity is NOK 260 million. If you look at this in a 12-month rolling basis to the right, you will see the underlying increase in revenues from power production going from NOK 115 million in 2015 up to NOK 157 million. This blue part of the bar is expected to increase once the projects that we now have in construction are connected. You know that these contracts also have the new ones that are being connected, have a contract period of 20 to 25 years.
On top of that, you will see the bottom part, the O&M, and of course, the variable part, the development and construction, which for this quarter has been outstanding. The partnership with Statoil in Brazil. Of course, if you remember back a year, we switched a project we had into three new projects because we wanted some more time. We also wanted time to find partners. We started talking to Statoil quite some time ago, actually, in general terms, because they are in renewables and we are in renewables, we sort of meet sometimes on the same seminars. Anyways, Statoil is, of course, a very strong energy participant in the Brazilian market. For us to have a discussion with them there is something that we thought was a good idea.
Then we decided that, well, if we can combine two companies' strength into one, it'll become even stronger. Statoil's presence as an extremely important energy player, as I mentioned, and us as a global developer, also a construction company and an investor into the solar business, is something that is attractive. The way that we look at it is that combining a strong balance sheet, their presence in Brazil, together with our agility, our ability to develop good projects, that could only make the partnership stronger. I believe that this partnership is actually going to generate more megawatts for Scatec Solar than if we were on our own. That was the rationale behind the relationship. It's going well. We have actually started construction on-site as I speak, so I'm also happy about that. We have secured debt financing through Banco do Nordeste.
That's a development bank, and they are also very competitive in terms of interest margins. The project is becoming even more attractive. We expect start up of the project in October next year. Malaysia and Honduras. Malaysia, we have been working on for a long time. These are three sites, two on the West Coast and one on the East Coast. It's portfolio financing through this Islamic bond. 80% is debt financing, the rest is equity. We had financial closure earlier this month, as you've seen in the press release. The way that we have constructed this is a combination of convertible preference shares and preference shares. We have a substantial investment, and we are also extremely happy about this project. The project will allow us to actually use KL as a stepping stone into Asia for further development opportunities.
As you know, South Asia, Southeast Asia is growing rapidly with the Philippines, Thailand, Indonesia with 17,500 islands, of course, are all in need of additional electricity as they increase their economies. Honduras, 35 megawatts for the first round. We started construction in July to make sure that we would meet the date that we had to connect sometime in the first quarter and the first quarter or beginning of second next year. It has been going quite well, but we have encountered some civil unrest. There are some local people that haven't been informed well enough about what solar technology is. They claim actually that it cause cancer and it's stealing their water.
It's telling us that it's extremely important when you are in rural areas to spend enough time to inform the people because they are going to be your allies, not only for the execution part of the project, but also for the operation the next 20 years. The situation is improving. As we have said as well, it could have an impact on the cost and schedule. We are working extremely close with the authorities in Honduras as well as utility to sort out the situation. I'm quite happy about the way that things are developing at the moment. We will get more information back to you once everything becomes even clear. Egypt, Aswan Dam , southern Brazil. You must have read a lot of books about the old societies in Egypt. This is very close to some of those.
You must have seen press releases over the past few weeks that the banks are approaching financial closure. That means that we are approaching this financial closure too. The authorities have stated also that they would like to see the project closed by end of this month. We signed the loan agreements on Monday this week with EBRD, the leading bank, along with a few other banks that are supporting the project. We expect the financial closure to happen very soon with construction start very early in 2018. South Africa, fantastic country in many ways. They have a few ducks to line up, I think. We've been working on this project for a long time.
The authorities have encouraged all the bidders to sort of take a look at their fee or tariff, and they suggested that it should be around NOK 0.77, which I've said here. We have received a letter from the authorities that Eskom and the authorities are ready to sign the contract. We just have to understand that a bit more about the timing. We believe that it will be quite soon. What does quite soon mean? Well, it means quite soon. No, I have to say it's very encouraging. They have just changed also the new energy minister. Earlier in the week I was thinking, "Hmm, okay, is something else happening?" Well, no, we have been in meetings with the IPP Office, and they have confirmed that they're ready to sign. That's the information that we have that I'm sharing with you right now.
Two other smaller projects, Mozambique. When you are working with large development banks, you find yourself sometimes having to move from the front seat to the back seat. The development banks, of course, are involved on a political level. They're helping the bigger economies in these countries. Mozambique is a good example for that. They have been down. They have had to increase their electricity bill by 50% over the past two years. Of course, that has an impact on us that are trying to build a project. We're also here approaching financial closure, there are some CPs that are more linked to the development banks' ability to actually accept which they are approaching now.
I just have to say that if you look at the previous portfolio, there has been some of the same issues in Egypt, for example, and now we see it's being delivered, but a bit late. I have to say as well, looking at this final slide that I'm going to share with you on the project, that our total backlog is actually moving towards financial closure. With Egypt and South Africa there, I think, a bit of patience is actually paying off. You may think about us as a PV company. A company that is good in technology, which we are. But few think of us as a company that have a highly educated and experienced group of finance people. Innovation here is key. For Malaysia, as I said before, this is a first off.
If you look at all our projects in the backlog that moves into construction, we will finance almost NOK 10 billion in debt. It's not sort of the same repetitive type of transaction. There are different things all along. Egypt, for example, who would guess that behind these bullets, there are almost 500 agreements just to cover all the stakeholders, and these have all to be coordinated so that they fit together. Why is it so? Well, it's extremely complex, and the stakeholders here, of course, we are one of them, with our partners, our banks, our subcontractors, everybody else, they're going to be with us for the next 20 years. Then you have to anticipate everything that could go wrong and to make sure that you cover all those elements in your contract. That's why it's fairly complex. It's coming together.
As I said, we signed the loan documents with EBRD earlier in the week. I think also one of our shareholders had a press release the other day, Africa50, which is actually investing into this project as a first off. Brazil. Brazil is special in many ways, not only because they have bacalhau, which is extremely good, but because they have also development banks, and it has given Brazil a lot of success. They have been smart like Norway did. They say, "We're going to have Brazilian content," like Norway said, "We have to have Norwegian content," when they started the oil and gas business. That is to develop their own business, their own markets, and their own industries. In this instance, the debt is NOK 140 million, while the CapEx is NOK 215 million.
It's linked to how much Brazilian content you can get, how much debt you can actually get financed. It's not 80% in this case. I think it's around 65%. Yeah. Give or take. In addition to South Africa, Mali, and Mozambique, we have now secured financing for all the backlog that is amounting up to NOK 9 billion. I'll be happy to take questions about this once Mikkel and I have finished the presentation, but I'll leave the word to you now, Mikkel.
Thanks, Raymond. I will go through the financials in a bit more detail. Again, we will start with the consolidated financials, and we will report then NOK 655 million of consolidated revenues, EBITDA of NOK 595 million, and an EBIT of NOK 534 million. As Raymond alluded to, the main driver behind the big jump in consolidated result is the NOK 375 million of net gain that we had on the Brazil transaction. We have now deconsolidated the Brazilian project. It is no longer consolidated in our financials, that is also why it is hitting the P&L here. On the graph to the right, you see the proportionate financials and the development there. Here we basically include power production based on our ownership share and the contributions from O&M, D&C, and Corporate and add them together. Raymond went through the numbers.
I will now then move on to talk a bit about the segments. Power production, very stable. Extremely stable, actually. If you compare to the same quarter last year, we had a strengthening of the South African rand against the NOK of 12% that offset the impact of the contributions from the Utah plant that was producing revenues last year, which we then sold at the end of last year. That is not included in the current year's numbers, obviously. To the right, we see a steady growth of revenues in EBITDA. Of course, we will continue to see that as we connect new plants in the quarters to come. O&M is also fairly stable. O&M revenues of NOK 20 million and an EBITDA of NOK 9 million. We will have more revenues here also, as we connect new plants. Quickly moving on to development and construction.
After four quarters of really no revenues and EBITDA losses, we are happy to report a positive development in this quarter. With construction progress in Malaysia and Honduras, we report, as also Raymond mentioned, NOK 385 million of revenues. When it comes to the Brazil transaction, the net gain of NOK 375 is really two components. It is including also a NOK 200 million fair value adjustment of our assets based on the valuation of the assets through the settled transaction. As I said, we have deconsolidated these assets in our balance sheet, and will have a contribution on the equity method going forward. As we start construction in Brazil and continue in Malaysia and on Honduras in the fourth quarter, we will see solid revenues and margin contributions in the next few quarters. Looking at the financial position, total assets are NOK 7.2 billion.
In the table to the left, we specify cash and net debt levels on a consolidated basis, but it is also proportionate and at the group level. NOK 1.1 billion of cash across our power-producing assets and at the group level. NOK 176 million of free cash at the group level. I will, on the next slide, talk a bit about the cash movements in the quarter. Group-level book equity strengthened to NOK 2 billion, and the equity to capitalization ratio stood at 80% at the end of the quarter. This is both numbers based on how we define it in our bond and bank facilities, which is an important measure for us in terms of credit quality. Bridging the cash movements through the quarter. We have received NOK 51 million of cash from our producing power plants in the quarter as dividends.
We report NOK 183 million of cash flow from development and construction. It's important here to mention that the actual cash payment from the D&C activities was paid in early October. That is not included in the NOK 176 to the right here. With the financial close in Malaysia, we paid about NOK 200 million of equity. Also just after quarter end, we received NOK 500 million of advanced payment under the EPC contract in Malaysia. Again, it's illustrating how we structure our projects, and I will talk a bit more about that also. At financial close, we typically secure 15%-25% advanced payment under the EPC contract. Here we have basically the quarter coming in between equity injected and advanced payment being paid. We spent NOK 73 million on project development CapEx, mostly related to the backlog.
As we said before, this is being refunded at financial close, as you would expect. Lastly, we had a negative movement of NOK 178 million, which is basically mainly related to the NOK 200 million that I mentioned that was paid from Statoil in early October, which then gives us the NOK 176 million at the end of the third quarter. We want to reiterate that we are fully funded for realizing the backlog. I wanted to spend a couple of minutes to explain how we see the uses of funds and the sources of funds over the next couple of years. We have talked about the numbers in the table to the left earlier. First of all, we expect to invest about NOK 1.7 billion of equity into the project backlog. Total CapEx here is close to NOK 12 billion.
Raymond talked about the NOK 9 billion that we are now securing as project finance to these projects. We are looking at the average ownership of 60% across the backlog. That is giving you the NOK 1.7 billion of equity. We have also spent about NOK 700 million on project development of the backlog. From here onwards, we have another NOK 1 billion to spend as equity in these projects. That's again, the refund also often with a margin of the development expenses that we see at financial close. The NOK 1 billion is then the first bar in the graph on the middle of the screen. We have additional NOK 200 million-NOK 250 million of corporate expenses and dividends that we expect to pay to our shareholders over the next couple of years.
Another NOK 200 million-NOK 300 million of project development expenses gives you a NOK 1.4 billion-NOK 1.5 billion of total uses in that timeframe. Looking at the sources, we will generate some NOK 350 million of cash flow from existing plants in operation and O&M, and we'll expect an after-tax development and construction cash flow of close to NOK 1 billion by realizing this backlog. That gives you a NOK 1.6 billion-NOK 1.7 billion of cash generation, including the current cash sitting on our balance sheet. Once we have grid connected the backlog, the annual cash flow to equity from power production and O&M is expected to increase to NOK 400 million-NOK 500 million when we have grid connected all these plants. It's a significant growth from where we are today. I will also then add a few points related to working capital.
This illustration that I just went through is fine, we also manage working capital quite carefully. This is really a key element to our project structuring and a key element to the integrated business model, where we are very careful in how we put all the elements together, basically. First point is really that equity is not always injected first. It's, in several projects, injected at the end of the construction period. In Malaysia, that is partly the case. We will inject a bulk of the equity towards the end of the project. Also in South Africa, that is what we have agreed with the lenders. EPC milestones are important for us, how we define them, and I mentioned advanced payment under the EPC contract. Certainly an important aspect to how we manage working capital in the group.
We utilize supply chain financing and trade finance on key components on the EPC contracts. That is also additional lever for us in terms of managing working capital. Of course, the larger projects, we're not starting all at once. We do it in sequence to basically place orders and do the work over time. It's not something we do all at once. Lastly, of course, we are looking at access to bank facilities to match our growth plans, and we are currently in dialogue with our new group of banks to seek some further bank facilities and bank credit lines, which is also an important element to this equation. I'll leave the word back to you, Raymond.
Thank you, Mikkel. As you may have understood, a lot of projects are moving into construction finally. I think it's important also to keep in mind that at least we do it on our side, is that once operational, we will have an even more diversified portfolio. Meaning that the income will come from more different sources. You may or may not consider this a reduction of risk. We look at every project separately, of course, and we think that they are safe and good to produce for the next 20 years. It has been important for us, as Mikkel just went through, to show you that we have the sufficient financial capacity to cover all our equity investments that has been in our backlog. We have said this before, we have added a bit more flavor and more detail to it now.
I think that was required, and I think you now understand how we will source the equity. Now, we are also not sort of only concentrating on the backlog, although a lot of time has been spent on that to make sure that we actually deliver on what we have been guiding you on for the past almost two years now, the 1.5 gigawatt. The world doesn't stop there, right? We work on projects, and we have been working on projects all along, the development team. We are progressing quite well. We hope that a lot of these projects are going to actually transform themselves into the pipeline so we can start discussing them more in detail.
What is important to us and what I would like to share with you is that the returns and margin targets that we have on these projects are in accordance with what we have said previously. I'll just repeat it for reference, 15% IRR on electricity sales and 15% combined D&C margin. It's not going to be 50% as we had last quarter, but 15%. Of course, we may still have transactions like we've had. It's important that you recognize, as we do, that the development part of our business is actually a part of our business stream. Yes, it's a big number last quarter, but we may see this type. No, not to sell the same type of numbers, but you should see contribution from the development activities transporting itself into revenues and profits also in the future.
During the summer in our Q2 presentation, we had this last point that we are looking for partnerships and new business models. That continues to be a main focus. When we had this slide the last time, of course, we knew that we were negotiating with Statoil, and that was a part of a new business venture that we believe are going to increase the number of megawatts that we will add to our total portfolio. To put a bit more flavor to it, we are looking at distributed generation, not only utility scale. It will be a different type of financing structure for those. More like financing a business where you have maybe 1,000 installations rather than one big one. Then, of course, it's all about securing the income.
Maybe it could be a mobile platform or some other sources of income so that you can actually realize such a business idea. We're still working on that. We see hybrid solutions. I'm not allergic to combining PV with diesel as long as I can reduce the CO2 footprint. Right now we're experiencing that PV competes with any source of diesel-generated power. You cannot get down to the same levels of price per kilowatt-hour. You can reduce actually, the utilization of diesel by up to 50% if you combine it with PV and storage. The world is moving in the right direction there. In some of the developing parts of the world, you're paying four times as much per kilowatt-hour. Of course, getting some clean energy, reducing the carbon footprint is something that makes business sense for everybody, also us.
I think that's what we wanted to cover today. It has been a good quarter, and we are extremely busy now of executing at actually three continents, the projects. You know as well that we have spent a lot of time preparing for the execution, and I'm not concerned about that. Of course, every execution you need to put your finger on the pulse to make sure that you deliver on time and according to budget and connect according to what you have promised utility. Thank you very much, and we are open for questions. Yes.
Hi. Fredrik Steinslien from Pareto Securities. A couple of questions from me, if I may. You reiterate that you are fully funded for the backlog. Can you just talk a bit about the timeline uncertainty and what timeline impacts will need to happen for you not to be fully funded anymore? How do you perceive that risk?
You want to take that, Mikkel?
No. We do certainly look at, in our models, different scenarios for construction start. Certainly, with the most recent developments in Egypt and South Africa, we are quite firm on timelines now, more than earlier. Of course, we believe that what I have said today is robust even if we had some changes to timelines.
Okay. In terms of economics of the Upington project, in light of changed tariff, can you elaborate a bit on that, how the economics have changed given also declining component prices?
Yep. I can do that. You said climbing component prices. Okay, I'll answer that in a bit. In terms of 1515, if it wasn't meeting that, we would have shared that with you. Over the past two years, or two and a half years, since we actually were awarded the project, component prices or panel prices have been reduced from $0.45 per kilowatt peak down to $0.32, $0.33. So if you look at the $0.77, give or take, we are where we need to be. In terms of panel pricing, you have seen a slight increase. It's not been climbing. It has been actually reduced a very low level, and it's a bit up, about 3%-4%. These projects will most likely not start construction until towards the end of the first half next year.
We're not speculating in equipment prices, but I have a view that based on capacity increases, both on silicon, diamond wire, and the overall situation in the U.S. with Trump and also India with trade barriers, that the prices will not go further up. In fact, I think it could go further down. Which will again, have a positive impact on the Upington portfolio. Right now we're quite okay.
Thank you. Last one from me. Can you talk a bit about probabilities and timelines of your pipeline projects?
We don't really share with you the probabilities. I think it's actually intrinsic into the way that we're reporting, which is opportunity to 50%, where we actually charge all the costs we're spending to the P&L. We become a bit more sure it moves over to above 50% probability of being realized. We actually charge it or lift it into the balance sheet as a value because it has a second value. We can actually sell these rights, which we have done in the past. Projects that are in the pipeline now are moving a bit further up. It's one concern I think it's worth thinking about, and that is the next phase of South Africa. We have about 400 MW there.
They are revising the resource plan, they're going to come back to everybody in the market, I think in the first quarter next year, and we'll understand a bit more. The projects that we have in South Africa are extremely good. They are at the same level as Upington in terms of number of solar hours, 2,500 per year. In Norway it's 900 for reference. It's very healthy. There are projects that are sort of moving in the right direction on the opportunity side, and you will see them with names and content once they reach the pipeline, I think in not too long.
Thank you.
Thank you. Andreas Hårstad, Kepler Cheuvreux. Just two questions from me. One is regarding the Honduras project. The way I read it is that you're constructing, you may not reach financial close until the project is completed. Do you expect to carry the entire financial risk up until the project produces power?
Yeah, no. That is the potential scenario here, and that's what we say. Of course, that is also what we are prepared for in terms of our cash flow planning. Obviously, that's not what we prefer to do. Right now, that is what we need to take into account in our planning. Yeah.
just to add, that is the most pessimistic scenario. We're still working with CABEI and the bank to get financing before completion.
Okay. In a worst-case scenario, we're looking at an NOK 80 million-plus CapEx carrying from your side.
Also to be precise on this, of the NOK 80 million, we have, together with Norfund, already spent half of it.
The remaining cash that we need to carry to complete the project is NOK 40 million.
Okay. Great. Thanks. Secondly, in South Africa, I believe the government has said two things. That round three and round four will be back to the table to discuss the feed-in tariff, as you say. Do you know if that includes round 4B, which the pipeline projects are?
You will find out on the internet, I think so.
Okay.
Both the three and a half and four.
The last tender, they have said that they will want to discuss again. We expect that that will not happen until after the new Integrated Resource Plan have been published. All that we see from that is also that they would like more renewables in the years to come, even with nuclear into that equation. We believe that we have a very strong position with those projects in any scenario, even if they re-tendered that round 4C, as they refer to.
Just to follow up on that. I believe the new energy minister said that she expects the projects to be constructed more around 2020, 2021. You're indicating mid-2018. Do you see the potential of actually pushing those projects to a 2018 timeline?
We're not pushing it. We talked about that the other day, and I couldn't really go into detail, because we hadn't completed all our meetings. What has been important for us is that the infrastructure that is going to receive our output is ready. That is what we relate our schedule to. Eskom is actually completing that as we speak. We're working our way backwards from that with certain flexibility, 3 months or something like that. We said, "What date is a good date to start?" We expect the construction time of 9 to 12 months, which brings us back to, which is in our schedule at the moment. It could be revised, but that's what's in the financial model. Project start, end of June next year.
Number 1, there'll be a month or two for the next one, and so on. That's the plan.
Just to add that, we have received the letters from Eskom confirming the grid connection date and the COD date for these Upington projects, which has been one of the documents that all developers have been waiting for from Eskom. Those we have received with a confirmed grid connection.
Great. Thanks.
I was wondering, what about tariffs for the plants that's running? For long time, is the prices fixed or what can
In South Africa, the first product we have there is adjusted according to inflation. A percentage up on inflation, a percentage up on the tariff. I believe the other two are partially inflation-adjusted. Theoretically, if you have a link to inflation adjustment one to one, you are also protected against currency variations, more or less. Then there could be other projects, I don't have them all, you may have that, Mikkel, but that are not inflation-adjusted, but that is in our financial model. When we're talking about 15% returns, we take into account whether it's fully inflation-adjusted, partially inflation-adjusted, or not adjusted at all.
Maybe to follow up, we are entering 20-25-year contracts with basically fixed prices, tariffs, with this inflation adjustment mechanism.
Good.
Yeah.
Question in the back.
Hi. Lars Westby, Pareto. You, Raymond, mentioned distributed energy to multiple consumers in a small sentence. Where exactly would you see that being the biggest opportunity?
80% of the people living in Africa do not have access to power. There are many reasons for that. Number 1, it's not available. Number 2, if it was available, it would be available through this generated power, which is too expensive. I was actually yesterday morning doing a presentation at the U.S. seminar at The Research Council of Norway, where you actually get the feel for the problems. This is about in the kitchens of the big families. They use kerosene, they use charcoal, they use stuff that pollutes the air, that actually reduces the lifespan of these families. There is a strong and a huge need for distributed generation. Distributed generation, the way that we look at it, you have 600 kilowatts together with some batteries.
You install them in a small community, maybe a few hundred people, and you can actually provide them electricity so they can actually increase their standard of living, create small businesses. Then, as several people have done, or several companies have done, you secure a revenue by actually charging electricity consumption through a telephone or a mobile platform. We actually, and some of you may not know this, we electrified 28 villages in India back in 2011. It was a fantastic project for these villages. The children could read their books at night and they could create small businesses and so forth. For them, it was good. For us, it wasn't good because we couldn't secure income. That is slowly going on now with the new digital world, where you can have platforms distributed around in these rural areas, and create new business opportunities also for us.
The way that we would look at this, we have yet to map out the detailed business plans, we would actually look at this as several thousand small power plants, where you have a business plan to secure the revenue side, then you go to investors, to development banks, there are also a lot of grants available, then you start rolling these things out and it becomes a profitable venture for the consumers, hopefully also for us and the supporting partners. Long answer.
What about wind?
Yeah.
Do you consider wind being a potential technology that you could pursue?
We have discussed it. We're called Scatec Solar. If you look at, if you study the competence of the company, I think, 90% plus, maybe less myself and a few others, can be used in wind. I'm just kidding. Financing, execution, that kind of thing, it would be the same. What you have to actually collect is competence with regards to wind measurements. The execution side is very similar. Of course, offshore wind is a bit different, but you may also know that some of us have been working in oil and gas for 30 years, huh? Norway has a great opportunity, actually, and also Scatec Solar, if they decided to actually include wind. That is not a decision that is imminent on our side, and it may not happen. We have discussed it.
Okay.
Very good. Thank you very much for listening in. We'll see you next quarter. Thank you.