Welcome everyone to the ACWA Power financial results conference call for the six-month period ended June 30, 2024. My name is Carla, and I will be coordinating your call today. If you wish to ask a question during the webinar, please use the raise hand button if you have joined the call via Zoom. Alternatively, you can submit a Q&A chat box for a written question. If you have joined us on the phone, please press star followed by one on your telephone keypad. I will now hand you over to Ozgur Serin, Head of Investor Relations at ACWA Power to begin. Ozgur, please go ahead.
Ozgur, you are on mute.
Ozgur, you are on mute.
Yes. Yep. I just realized myself. Thank you very much. Good morning, good afternoon, and evening, everyone, depending on where you're joining the call. Thanks for being with us once again. The purpose of today is obviously to go through with you the financial results and the operational results of the company for the first six months of 2024. Marco Arcelli, who's our CEO, and Abdulhameed Al Muhaidib, who is our CFO, they are both in Riyadh and joining from Riyadh for this call. Me as the Head of Investor Relations, I am this time joining from Dubai. Without further ado, I just would like to pass the word to Marco. Before saying that, we are very cognizant of the fact that it's a Sunday for all of these people who are joining from the western parts of the world.
We do apologize for this, the internal calendar circumstances have basically compelled us to do something which we had never done before. We really appreciate your time on a weekend. Marco, over to you.
Thank you, Ozgur, and great comment. We will be more mindful for the future. Welcome to everybody. I am very pleased, together with our CFO, Abdulhameed, and on behalf of all our colleagues at ACWA Power, to report another very solid quarter of results for your company, both in terms of financial and operational results, as we will see, and the growth in the period. Let me start with the safety and operation that you see on this slide. We are putting a lot of emphasis together with our new head of safety, security, and environment, Simon Watson, to really move the company forward and not only focus on lagging indicators like LTIs, but also leading indicators and strengthening our operations so that we can really prevent and proclaim ourselves the benchmark in the industry in this field. The results for the first six months were very good.
I have unfortunately, however, to report a fatality in July, outside of the reporting period, I think that being so recent, we cannot really not mention that. It is a particular site, an overhead transmission line construction site in Uzbekistan in a very remote location, which makes it more complex than others to manage from a safety compliance and safety performance. I think that it prompted all the organization who was immediately mobilized to the site to investigate what happened, and we now have a clear action plan to improve our performance, not only at the sites that are, let me say, more controllable because they're generating or very well contained site, but also on these more remote and more distributed site across all our operations. Be reassured that this remains the number one focus area for the company and all our colleagues.
On the availability, we're very pleased with the improvement, both in power and water. We're now reaching really benchmark levels. If you see, power is a little below water. If we see that the performance is really can be pinpointed to a few locations, and in particular Noor 3 that we already disclosed earlier in the year, which is a very technologically complex CSP solution, which at the time when it was realized was one of the pioneer projects in the world. Was the biggest and the most complex at the time that it was designed and put in operation. We now have a clear plan to repair and add a spare to the plant that will bring it back online by the end of the year.
I'm sure that at that point, it will be able to deliver power at a very strong capability and efficiency and reliability. If we can move to the next slide. We can see here basically the growth trajectory of the company. Also in the first half and the last quarter, we saw significant progress with more than 10 GW added to our portfolio for a total of SAR 37 billion. That is about $9 million. You see that we're really on track to deliver on the target to triple our size to $250 billion under management by 2030. Part of this is the 5.5 GW PV of the PIF program round four, together with our partners, PIF and Aramco. I think that this is a testimony of the speed and acceleration that the program of decarbonization in the country is taking.
I'm really happy, not only for what this means for ACWA Power, but really as solid evidence for the country, which is really fast becoming, and we will see it, one of the beacon of decarbonization in the world. The further growth, if we move to the next page, is building on a very strong pipeline that you see here for the next 6- 12 months. The shorter term, where both in terms of new bids that we expect to make and the results awaited on some of these bids that we have done in the recent past, is very important. It's underpinned by a number of financial closes that we expect between now and the end of the year that Abdulhameed will cover in the next session.
Not only we are focusing on the growth from, let me say, the new plans and the new projects that we're bringing inside of the pipeline, inside of the portfolio, but also by the improvements that we're making to the organization that is managing that. In particular, I would like to report a number of MOUs that we signed in Tunisia and Egypt to explore green hydrogen with a number of international players from Japan, from China, but also some of the European partners that we're working on. Securing the supply chain. In particular here, on the short term, we secured framework agreements that will cover more than 60% of our needs over the next couple of years with three PV module OEMs. In particular, Jinko, LONGi, and Tongwei.
We're setting up an R&D center in China that will work closely with our core suppliers to continue to improve the performance and the competitiveness and the reliability of our plants in all the tenders that we are making. If we move to the next slide. You can imagine that the acceleration that we're doing will require additional capital commitment from our side, which is here in the center of the page, moving from about $1 billion - $1.3 billion that we announced at the time of IPO, to more than $2 billion, $2 billion - $2.5 billion that we expect between now and 2030.
In order to maintain leverage ratios that will remain at 5x-6x our POCF, we have brought to the board in June our proposal to go for a $1.9 billion capital increase that will now be presented to an extraordinary general meeting in the second half of the year. The board approved it overwhelmingly, and I think that's a strong indication of the consensus that we have for the strategy, the potential, and the optionality that we have in our business. Building on the four key regions that you see here. KSA, underpinned by the big decarbonization program, where we are the national champion, and we're working with Aramco, and we're working with PIF to deliver that. That makes it very strong and very predictable. We're also bidding on the combined cycles. Last year, we won Taiba and Qassim.
We're now participating in the next tender that is expected in a few weeks. In China, we continue to further the due diligences on the identified solar and wind and water desalination opportunities. Here, I'm sure and confident that we will be announcing results in the second half. In Central Asia, we continue to develop a pipeline that is both negotiated, in Uzbekistan, Kazakhstan, Azerbaijan, Turkey, that we classify Central Asia in a broader region, but also on tenders. Middle East and Africa and Southeast Asia, where we continue to make tenders, and we continue to try to achieve negotiated deals in all these countries. It is a pipeline that is very predictable, and that's why we said to the board it is the time to go to strengthen the financials of the company and support this growth, basically, to propose this capital increase.
It's a capital increase that, if you go to the next page, reflects on our strong base on Saudi Arabia and the Middle East. As I keep repeating, in a world that is really marred by uncertainty and fear for the future, it's fast becoming a beacon of stability and hope. It is underpinned on Vision 2030 that is also at the basis of our acceleration in the last few years. What I see increasingly, it's really building on this transformation that is cultural, it's economic, and it's also, in the energy sector, creating great opportunities for green shoring in the region, which we are seeing.
A few notable examples in the recent past, Pirelli, Jinko, CATL, Envision, all announced plans building on previous manufacturers like Toray and others to start production in the country that will benefit from the fact that all this new capacity is going to be renewable, is going to be based on a young population, educated population, the overall reforms, the availability of capital. macroeconomics, micro fundamentals that are very well under control and along the major shipping lines across the world. What we see is really an increase in this activity that is going to underpin a growth in demand and a growth for renewable power that we are very happy to support with the activities that are core to ACWA Power. With that, I would like to move it to Abdulhameed to focus a little more on the financials.
Thank you. Thank you, Marco. Good morning, good afternoon, good evening, everyone joining us today for this call. Today, actually, we have more than usual slides from the finance. I would like to be efficient in terms of focusing only on the key messages for each slide, and the next 10, 11 slide, I would like to make it short to also give you the opportunity to have your questions during the Q&A session. You have seen the number that was announced in the market today. [Non-English content], in terms of growth, we have actually exceeded our targets in all the three key KPIs metrics that we have, which is the operating income. One second, please. Can you hear?
Yes. Now we can hear.
Good. Thank you, Carla. From a leverage point of view, we have increased our leverage ratio for this six month of the year. However, it is still within our long-term and short-term guidance balance. When it comes to financial close, I think it's a great achievement by the team. We have, Alhamdulillah, achieved three financial closes during this two quarter of 2024. We will go through the details. Perhaps I go back to the overview slide, where we can also highlight the key figures, which is the 1.5 billion of assets brought into operation during the course of the six month. We have also completed both the cash distribution and for the first time also, the bonus share has been successfully completed, [Non-English content]. We have brought also closure to the first phase, I would say, of the Long-Term Incentive Plan program.
We have bought 391,000 share for this program, the period has expired last in June of this year. We will look forward for another period subject to the board and share another approval in 2025. Also, we will talk a bit on the capital raise and the progress that has happened for our upcoming SAR 7.1 billion raised . First, on the financial closes, I think it's an important achievement to reach SAR 18 billion in the first six months of the year. This is a great achievement that has been done by the team with the three main projects. Two of them are CCGT assets in Saudi, that we have a partnering with a Saudi-listed company and another partner for that. Together with Hassyan IWP, which has achieved the financial close.
This is the first IWP that we are performing together with DEWA in Dubai. When it comes to a comparison for this number, this is around SAR 18 billion. When you compare it for same period of last year, you will see a high number of SAR 34.7 billion for last year, but that is mainly driven by a SAR 31 billion financial close of NEOM Green Hydrogen. Moving to the project that have achieved commercial operation. There is four projects that has progressed successfully. First is Kom Ombo, 200 MW that has achieved complete COD in this period. Taweelah have added a few thousand, that was the end of the project. The project is now fully in operation with around very close to 1 million cubic meter per day of operation. Sirdarya have added also the last capacities of 918 MW.
Now we are waiting for hopefully the next two to three months where we are going to achieve the full year COD and get 582 million megawatt into operation. Sudair have reached the 1.5 GW. That brings it to a full plant operation capacity. Maybe we will move to the next slide to see how does that reflect on the figures. The operating income for the period, we have seen a big jump to SAR 990 million. When it come for the six month from the beginning of the year, it is around SAR 1.3 billion. This is around 7.8% increase from the same period of last year. Net income had also came close to SAR 1 billion for the first time. It is around SAR 927 million.
We have also, in line with the previous sessions we had, we tried to as much as possible to bring it into an adjusted net income. That is bringing the number to around SAR 723 million. This is taking out some of the provisions that we took in a specific asset that is abnormally taking longer outage than expected. Plus, we have also taken out the termination of the three hedges that was considered also a one-off, which brings the adjusted net income to around SAR 723 million. Net debt to POCF is 6.32x. We will go to the details at a later stage of this presentation.
When you compare the operating income in the next slide to operating income of last year for the same period, you will notice that around SAR 400 million is related to the gain that has happened on the recently announced Bash and Dzhankeldy divestment. These assets we used to own 100%, and as you are aware, part of the strategy always to keep a shareholding between 30%-35% of each asset. We have successfully divested around 35% of the assets. We are still remaining with the 65% of this project. In term of an over, let's say, long-term strategy, we still have a space also to bring in another partner in this assets.
When it comes to the second point related to the development cost and provision, we took a more conservative approach, and we have booked close to SAR 60 million of provisions, given that also the larger scale of BT pipeline that we are having. Contribution from operational assets has reduced. This is mainly to what we have communicated earlier this year in relation to one CSP plant that has a long outage, and we have conservatively booked the provision of the year ahead. When it comes to the G&A, mainly in relation to the Strategy 2.0, where we are building all the capabilities within the company and different basically functions and had basically hired in advance to build up the curve for the upcoming projects that we are doing, whether it is in the execution, construction, or developments.
When it comes to the report of net income, you will see the first impact is the SAR 100 million that we just explained, we also have the other income that is related to what we have announced earlier in Q1 for the hedge reserve that has been terminated, together with the SAR 80 million other basically gain on the net income. Taking it to the item number four, which is mainly related to the SAR 246 million provision that we took over, let's say, impairment costs related to Noor 3 and for the zakat and tax, it is mainly related to the different tax movement in continuation of the strengthening of the Moroccan dirham against the dollar, which has basically built up the provision this quarter.
I think this slide is an interesting slide that will give the audience a good breakdown link to ACWA Power operating model when it comes to the development, investment, operation, and optimizing asset. I will not go through the details of this slide. We'll keep it with you and submit it in our website. However, a key message that we'd like to take into consideration that if you look at around SAR 2 billion profits before all the corporate and operating and financing expense, you will notice that around 70% of that coming from the three building blocks that are in the middle, which is basically the O&M and the project company or the investment part of the company, together with the other incomes. Whereas only 28% will come from the divestment gain and the development business.
This gives you a better visibility on the recurring and non-recurring basically effect sectors of the company and better visibility on the breakdown of each line of the business. We move now to the cash flow. We'll talk about first parent operating cash flow. Total cash inflow is around SAR 1.1 billion, this is almost 24% increase from last year. Good distribution and also good optimization has occurred during this six-month period. You will notice also on the other side, the cash inflow has increased around 25%, more or less equal to the increase of the total cash inflow, which brought the parent operating cash flow into SAR 544 million. We've talked about the G&A earlier.
However, one of the other parts has also increased is basically related to the finance expense as this is also start seeing the ACWA 39 bond, basically the repayment principle has started kicks in as well. So when you take this SAR 544 million parent operating cash flow and you add the opening cash balance, you will end up at SAR 5.2 billion of cash. During this period, we have used around close to SAR 1 billion. That is between 34% into dividends. 12% we have used for the share buyback project that we are working on, and a big part related to also 31% related to the finance expense and around 23% related to investing the cash, whether it is direct equity injection or basically a repaying of an existing equity bridge loan.
So that give you a flavor of the cash flow during the period, and we are now closing the cash balance at around SAR 4.2 billion. When it comes to the equity commitment, you have noticed that you start to see what has been communicated last year when it comes to the increasing the number of equity commitment period. This is also linked to one of the slide that Marco took at the beginning of the presentation on the targets for Vision 2030, the Strategy 2.0, where we are expecting to increase that number to around $2.5 billion. And you can see today that for this period, we have committed almost SAR 5.8 billion in term of equity commitment for this period. And this is compared to SAR 3.4 billion in the same period of last year.
This number we expect it to continue, as the pipeline has a big potential, whether it is in Saudi or in the international markets we are operating in. Final slide I will take you through is related to the current levels, or current level of debt. So looking at the total, I would say, balance sheet, you have more or less SAR 26.4 billion of debt. Out of that, SAR 9.6 billion is recourse to ACWA Power and the remaining is non-recourse. So we usually take the recourse part and then add all the other commitment in the contingency, whether it is related to equity standby LCs or equity bridge loans, and bring it all together. So this shows you a total, let's say, liability on ACWA Power of SAR 20.4 billion.
We take out the cash that we have communicated earlier to get into a net debt position of SAR 16.1 billion. And that's taking also the comparable period of the parent operating cash flow, brings the ratio to around 6.8x. So total basically net debt divided by the parent operating cash flow has reached a level of 6.8x, which is still within the long-term view targets that ACWA Power has, which is lower than 7x over the long period. I will, sorry. I will stop here, and then we'll open it up for the Q&A. Thank you.
If you'd like to ask a question and have joined the call via Zoom, please press the raise hand icon on your screen. Alternatively, you can use the Q&A chat box to submit a question. If you have joined us on the call on the phone, please press the star followed by one on your telephone keypad. When preparing to ask your question, please ensure your line is unmuted locally. Our first question comes from Syed Akhtar. Please state your company name and proceed with your question.
Syed Akhtar.
My name is Syed, and I'm from The Olayan Group, Saudi Arabia. My question is, first of all, thank you for the call, congratulations on your another strong quarter. I have one question regarding the increase in general and administration expenses, which has increased from SAR 273 million -SAR 434 million in second quarter 2024. What are the reasons behind this, and do you think that it will continue at these levels going forward?
Thank you, Syed. Syed, sorry, I did not get the company name. Which is the company that you're referring to?
The Olayan Group.
Yeah.
The Olayan Group. Yeah.
Yeah. Thank you, Syed. When it comes to the G&A, you have noticed an increase also last year, partially related to a couple of programs that we have announced. With the Strategy 2.0, we have announced significant program on the people side as well. This is simply to prepare our internal capabilities for the growth coming up. We take it sector by sector. When it comes to development, we are talking about increasing our equity commitment maybe from SAR 1 billion or SAR 1.2 billion to SAR 2 billion to S AR 2.5 billion. That's definitely an increase in the development side and the development capabilities within the company. When it comes to construction, we used to manage six to seven projects, eight projects at max at one time. Today, our portfolio carries more than 24 projects under construction at the same time.
That's also planned to enhance that capabilities of managing project under execution. Finally, also on operation, it is growing in the right direction. Aside from that people strategy, we have seen that we need to enhance our programs to ensure a long-term view for our people within and being one of the best employer in Saudi Arabia. We have seen that a couple of programs has been announced, whether it is the L10 program or the Long-Term Incentive Program, together with few educational programs, that ultimately you have to invest on it upfront for a longer-term view. I believe we have reached a high level today that does not require us to do another jump in the coming short period. Marco, you have?
Yeah. I think I would like to add one thing because the G&A, what we call G&A in this reporting includes are also cost that I consider direct to manage the company. The BD staff, the people who oversee construction of our projects, the people who oversee operations outside of the project companies and that allow us to have basically the ability to do outages, long-term service agreements, and the clusters above the project companies. This is all included in the G&A. To make an example, we hired dozens of people in our China office to go after the new opportunities in China. All this is what we call G&A, but in reality are revenue-generating for the future. It's not a pure G&A like support function like would be HR, finance, or other support function to the core business.
In that regard, I see it an acceleration and hiring ahead of the curve to be able to deliver the tripling of the size of the company by 2030.
Okay. Clear. Thank you.
Thank you.
Our next question comes from Waffa Wael. Please state your company name and proceed with your question.
Hello.
Yes.
yeah, I am Waffa Wael from Asharq News. My question is, what are your expectations for the company's performance in the second half of 2024, and also the expectations for the performance of the activities that the company operates in Saudi Arabia and abroad? Thank you.
Yes. Okay, thank you very much, Waffa. From a forward-looking point of view, we have a big pipeline of development projects that we are contemplating. We are also basically maintaining our targets when it comes to the equity investment per year. There is always a few projects that we are targeting to achieve the financial close, but we don't usually announce a target for the next six months. When it comes to a number of projects or basically the target of operating income, that's forward-looking that we don't usually provide in our forecast. We focus on the strategy, the KPIs and the past performance, I would say, in this session.
Our next question comes from Faisal Alharthi . Please state your company name and proceed with your question.
Hello. Good afternoon. I'm Faisal Alharthi , I'm an investor. I just would like to ask a question regarding, is there any plan to distribute any dividend on quarterly basis?
Thank you, Faisal. Looking at where we started the journey and the IPO, we had announced a plan for a three years program, based on which we have targeted to increase our dividend distribution from an average from 6% - 9% on a yearly basis. That period has been completed successfully. Today, we are focused on the upcoming capital raise. With that, we're also going to announce our program for 2024 and beyond. It will be clearly set on the capital raise proceeds. When it comes to quarter distribution, to be honest today, frankly, I don't see it coming. This is for the following reasons. First, there is a significant pipeline ahead of us. For us, we are seeing ourself as a growing company for the next six to seven years. There is a significant part of capital to be deployed.
You're talking about SAR 2 billion - SAR 2.5 billion on a yearly basis to grow the portfolio to a triple capacity by 2030. With that, yes, we are targeting to announce subject to the board approval and subject to the shareholder approval a plan for a distribution on a yearly basis. That plan will be announced in due course. For us, it is more efficient, more sense to do it on a annual basis rather than a quarterly basis.
Thank you so much.
Thank you.
Our next question comes from the phone lines from Giuseppe Villari from Morgan Stanley.
Thank you. My question, I have two, if I may. The first one is about China. You've been talking about the Chinese potential since the Investor Day. When should we see the first project there, and how should returns compare with this in the Middle East and Central Asia? The second is about Chinese suppliers in Saudi. As they will develop local capacity, how does that impact your CapEx for projects in the kingdom? Thank you.
Yes. Let me take the first one on China and KSA and Central Asia. We deployed the team since the last part of last year. Of course, we want to make sure that when we enter China, we enter in good terms, and we have no surprises from the first investments that we make. That's why we are running a number of due diligences in parallel for projects to enter, and potentially, also some projects to acquire in very late development. I think that I'm confident that we'll be announcing concrete results by the end of this year. We are also looking at making sure that once we have the first investments made, we are able to accelerate the growth.
I think that the amount of opportunities that we see in China is very large, I'm not worried that we will not meet the targets that we have set for 2030. In Central Asia, you saw the announcement about new agreements that we signed at the beginning of the year and in fact, in the quarter. I see there the pipeline still strong and a lot of the opportunities are also on bilateral basis. Thanks to the approach that some of these countries are taking of the dual track between tenders and negotiated deals, which I think is a very smart approach to lead the decarbonization. Through the tenders you get good benchmarks for the pricing at which you want to sign the terms. The negotiated deals allow you to give really size.
If you know, we're now in the final stage of negotiating 1 GW in Kazakhstan, for instance, and we have similar projects in different countries in the area. There is another area that we are very confident. In terms of Saudi Arabia, we see an accelerated momentum, particularly around the renewable energy project. I think that if you take overall, this will be about 60%-65% of the overall volume that we expect to achieve by 2030. Considering that here we have a negotiated deal from the PIF-mandated program, and we have been quite successful on the combined cycle tenders, you see how predictable the pipeline is for us in this region. The second question was?
I think the second question is related to China supplies and Saudi. I think this is a recent announcement by PIF, which is they have basically signed a few supply agreements for renewable related businesses in Saudi. Definitely for us sitting on the other side, I think this is a great initiative and it will help us reach our local content percentages. I think for more details about this, I don't think we are the right people to answer the question.
Thank you very much. Very clear.
Thank you.
As a reminder, to ask a question, please use the raise hand button if you have joined the call via Zoom. You can also use the Q&A chat box to submit a written question. If you have joined us on the phone, please press star followed by one on your telephone keypad. Our next question comes from Ildar Khaziev . Please state your company and proceed with your question.
Yes, thank you very much. Thank you for the presentation. This is Ildar Khaziev from HSBC. I have just a quick question about the recent tender which you won last year for the CCUS-ready CCGT plants. Can you maybe elaborate a bit what exactly that means for those plants to be CCUS- ready, and by how much that requirement increases CapEx for these projects? Thank you.
Yeah. Maybe I will take that. As you know, if you were to build today a plant with CCUS capacity today or direct air absorption of CO2, you're not able. Basically when you sign these long-term contracts that might go for 20 years, 25 years, 30 years, of course you need to look at the technological improvements that will be there. What we have is a solution that will be able to be CCUS- ready, so to capture the CO2 and to be able to pipeline it for uses of the CO2, so that as soon as the technology becomes commercially available, because technically they are available, it can be installed in the plant.
Do I understand correctly that this is not a huge investment at this point yet to be CCUS- ready?
Correct.
Okay. Can I also ask you, maybe you could elaborate, without CCUS, how would the levelized cost of power differ between CCGT plants in Saudi Arabia and the renewable energy?
You can imagine that these are bidding information, so commercially sensitive, we will not disclose, if you don't mind.
Sure. Thank you very much.
Thank you.
Our next question comes from Anna Antonova from JP Morgan.
Yes, good afternoon. Thank you very much for the presentation. Two questions from our side. First on the leverage. With growth ambitions and with the accelerated portfolio growth that you're targeting, especially if and when you enter China, how comfortable are you with this 6x - 7 x net leverage ratio guidance by this year-end or in the short-term? Can we reasonably expect that if portfolio growth accelerates, then you perhaps temporarily can exceed the 6 x-7x net leverage ratio? That's the first question. The second question is, you mentioned you are focused on the equity raise. Is there any additional color that you can provide there? Are there any timelines yet, or maybe there is a date that has been already set for the EGM? Thank you.
Thank you. Thank you, Anna. It's always great to hear your questions. For the first question, you are a modeler and you know it very well. When you model this six to seven years plan, you will definitely not be able to get exactly to the level of leverage that you are looking for. I think long-term, on an average basis, for most of the years, yes, we will maintain at below 7x. However, given that too many variables that we are playing with when it comes to a capital raise for the short-term period, there is a big pipeline. This big pipeline could be development plus acquisitions. It could be that one year or so that you will end up at a leverage ratio that is higher than you basically target.
This is where you start to activate your plan B and C and D in terms of increasing your divestment strategy, in terms of basically trying to repay some of your existing debt to try to balance again and go back, slow down the growth required to get to the right balance of 6 x- 7x over the long-term. We have actually a funding strategy that is linked with a very strong commitment to maintain a threshold lower than 6 x- 7x for our mandate to long-term Let's leave it to POCF. However, yes, you will expect that one year or so that you will get higher and you know it's going to be controlled. This is why we always give the guideline that on an average basis. However, there could be a one year off for this seven-year time.
For your second question, look, today we are in August. It will take us minimum four months to get ready in terms of drafting the capital raise prospectus and go to an approval and take the approval of basically the CMA. From a planning perspective, I don't think anything will happen before November. I think this is the guideline that we are having, but definitely within that quarter, Q4 or Q1 of next year. That's maybe more or less the plan that we are having in our table, subject to the AGM approvals.
Abdulhameed, if I may just complete. Anna, we cannot convene any EGM for the purpose of a capital raise before November anyway, because there was a bonus shares announcement at the end of April. We are in a six-month lock-up period before we can take any other capital structure into EGM.
That's very helpful color. Thank you so much.
Thank you.
We currently have no further questions on the line. I will hand back over to Ozgur Serin for any final remarks.
Thank you so much, Carla. Secondly, thank you, Marco and Abdulhameed. It was a great session, at least as much as we heard. Thanks for the questions and thanks everyone for participating. Again, it is a Sunday and we really appreciate allocating your time. Further questions, anything, any other inquiries, please reach out to us at, you know how to reach IR at ACWA Power. Thank you very much. With that, I would like to close the meeting.
Thank you, everyone.
Thank you.
This concludes today's webinar. You may now disconnect from the call.