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Boralex Inc
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Ladies and gentlemen, thank you for standing by, and welcome to the Boralex, Inc.'s Third Quarter 2020 Results Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions]I would now like to hand the conference over to your speaker today, Stéphane Milot, Director of Investor Relations.
[Foreign Language] Thank you, operator. So good morning, everyone. Welcome to Boralex Third Quarter Results conference call. So thank -- special thanks for joining us on this Remembrance Day, I wanted to highlight also that we wanted to take just a minute of silence before our call.So that being said, I would like to introduce people on the line with us. We have Patrick Lemaire, President and Chief Executive Officer; we have Patrick Decostre, Vice President and Chief Operating Officer; Bruno Guilmette, Vice President and Chief Financial Officers; and other members of our management and finance team.So as usual, Mr. Lemaire will begin with comments about the highlights of the third quarter. Afterwards, Mr. Decostre will provide comments on the operations and the development. Mr. Guilmette will carry on with financial highlights, and then we'll all be available to answer your questions.So as you know, during this call, we will discuss historical as well as forward-looking information. When talking about the future, there are a variety of risk factors that have been listed in our different filings with securities regulators, which can materially change our estimate or estimated results. So these documents are all available for consultation at sedar.com. Our webcast presentation document, the disclosed results are presented both under IFRS and on a combined basis. So unless otherwise stated, all comments made in this presentation will refer to combined basis figures.For the press release, the MD&A, the consolidated financial statements and a copy of today's presentation are all posted on our website at boralex.com, under the Investors section. So if you wish to receive a copy of these documents, please contact me. Mr. Lemaire will now start with his comments. So please go ahead, Patrick.
Thank you, Stéphane. Good morning, everyone. Third quarter results showed continued growth in our EBITDA and in our development as we made good progress again in all 4 orientation of our strategic plan. As you all know, our sector of activity is also at a turning point as many governments around the world are indicating renewable energy will be a strong component of their economic recovery plans.Some regions like New York state are already taking concrete actions to accelerate the development of renewable energy. We are also noticing strong growth in funds dedicated to renewable energy and ESG from the investment community.We are more than happy to see all this attention to our sector and more confident than ever that the energy transition will accelerate in years to come. This is very positive news for the execution of our plan. This environment also creates opportunities for acquisition and partnerships to realize ambitious projects.Getting back to our third quarter result. We experienced strong wind and hydro condition in Canada. This growth of our production in Canada, combined with all the optimization initiatives undertaken in the past year enabled us to increase our combined EBITDA by 18% compared to the third quarter of 2019. We have also been able to recover the construction delays caused by COVID-19 at our wind farms under construction. As a result, our Blanches Fosses wind farm was commissioned on November 1, and we expect to commission our Cham Longe repowering project on December 1.4 secured projects totaling 47 megawatt advanced to the ready-to-build phase during the quarter. We have been also quite active in the participation to RFPs. We build 3 solar projects totaling 140 megawatt in September RFP with the New York Power Authority. And October RFP with NYSERDA for Index RECs. Results are expected to be unveiled in 2021.And finally, we recently announced a well-planned transition for my replacement as I will be retiring at the end of the year. As mentioned on our recent call on the subject. I'm very proud of all we have accomplished together in the past 14 years and very happy about the choice of Patrick Decostre as the new CEO.I won't go over all our achievements with regards to our strategic orientation, as I already covered, many of them, but you can find the details on Slide 5 of our presentation. To conclude my part, I would like to highlight the fact we had no significant impact related to COVID-19 so far. We pursue the disciplined execution of our plan. We are seeing increasing development opportunities, and we have a strong financial position to capture these opportunities.Last point and the most important one, in order to continue our growth, we have a highly mobilized group of executive and employees working together with Patrick to take advantage of opportunities ahead and continue to have fun at work.I will now let Patrick cover our development and operations. I will be back later for the question period. Patrick?
Thank you, Patrick. Good morning, everyone. I will go directly into the analysis of our production. As shown on Slide 8 in our presentation document, our Canadian wind operations performed quite well again, this quarter with production 6% higher than anticipated production and 10% higher than the same quarter last year.In France, conditions were less favorable with production 5% lower than anticipated production, but in line with the third quarter of last year. Production from the commissioning of wind farms was lower than expected due to the slight delay in commissioning of our Santerre wind farm and the wind conditions.Overall, total wind production for the quarter combining Canada and France was 1% higher than the anticipated production, and 5% higher than last year. Turning to hydro now. The production of Buckingham power station was 27% higher than the anticipated production following its reopening. Comparable hydro production in Canada was 11% lower than anticipated, but 7% higher than last year.Conditions were much more difficult in the U.S., where we had production 39% lower than anticipated and 30% lower than the third quarter last year.In summary, total production for the quarter was 2% higher than anticipated production and 10% higher than last year. On a year-to-date basis, as indicated on Slide 9 of our presentation, our total production is 3% higher than the anticipated production and 5% higher than last year, reflecting very good conditions at the beginning of the year in France and in the second and third quarters in Canada.Turning to development now. As you can see on Slide 10, we added only 9 megawatt to our portfolio of projects in the third quarter after an addition of 103 megawatt in the second quarter. This is a reflection of the transition period to adapt to the development of new sites in the context of COVID-19.Given measures adopted recently to counter the second wave of COVID-19, our teams are working on new ways to continue adding projects to our pipeline. We will have more to share with you on this initiative in coming quarters. That being said, we are making good progress with projects already in our pipeline. Project in France and North America moved forward to mid and advanced stages during the quarter.No projects advanced from the portfolio of project to our growth path, but we are confident some of them could progress in the coming quarters. Turning to our growth path now. We added 11 megawatt to our production capacity with the commissioning of our Blanches Fosses wind farm in France on November 1.As mentioned by Patrick, we are expecting to commission our 35-megawatt Cham Longe wind farm on December 1. During the quarter 4 project move forward to the ready-to-build phase. Our 2 solar project, Peyrolles and La Cle des Champs in France, totaling 21 megawatt are ready to build and with expected commissioning in 2021. The our wind project, Extension Seuil de Bapaume and Mont de Bezard II repowering totaling 38 megawatt are also ready to build with commissioning expected in 2021 and 2023, respectively. I would like to take some time to talk about our CSR/ESG initiative. Over the past 2 quarters, we have put considerable effort in updating our corporate social responsibility plan, CSR, and its positioning with respect to ESG criteria. This process is not yet completed, but has already encouraged us to go further. For example, why we have always promoted the value of inclusion, countering racism and building diversity within the corporation, we are making new commitments in these areas.In fact, we have announced that we have signed the diversity charter in France and that in North America, we have made a commitment to countering racism against First Nations people through the group Mouvement EnsembleInc, an initiative by business leaders in Québec to make concrete contributions to diversity and inclusion.These examples show that we want to go beyond renewable energy. To that end, we also decided to include completion of the CSR plan in our 2023 strategic objective at the same level as our financial objectives. As you can see on Slide 12, we have identified 10 priority issues and grouped them into 3 commitment directions. So stay tuned for more in coming quarters.In conclusion for my part, I'm quite happy with the production in the third quarter and year-to-date as well as with all the optimization initiatives put in place in the past year. Our results clearly reflect strong execution by our teams. Our projects are progressing well in our pipeline and growth path and I'm very pleased to see all the good work put in place by our team to diversify our activities towards solar.Finally, I am also encouraged by all the efforts put in place by our team to elaborate a clear and well-structured CSR/ESG strategy, which will be unveiled at the beginning of 2021. This is very important for us, and we strongly believe a well-balanced approach toward environment, social and governance practice is key to create long-term value. This complete my part. I will now let Bruno cover the financial portion in more detail, and will be back later for the question period.
Thank you, Patrick. Good morning, everyone. I will start with a review of the progress made in light of our 2023 financial objectives. Starting with our last 12-month AFFO, which increased by $24 million from $124 million in the second quarter to $148 million in the third quarter.The growth in the third quarter EBITDA and positive effect from all the refinancings completed in the past year drove this increase in AFFO. Please note that this number includes strong fourth quarter 2019 and first quarter 2020 AFFO due to strong wind conditions in France.Our dividend distribution ratio now stands at 44%, in line with our 40% to 60% target. Our net installed capacity stands at 2,067 megawatts, and we still aim to reach 2,800 megawatts by the end of 2023. Third quarter revenues followed pretty much the same pattern as production with growth compared to last year coming from the Canadian wind and hydro.The increase in hydro revenues is coming from the Yellow Falls power station, which was selling at market price last year before the contract was in effect. And from the commissioning of the Buckingham power station which also produced better results than expected.EBITDA on a combined basis increased from $70 million in the third quarter of last year to $83 million this year. EBITDA for the wind sector was $13 million or 16% higher than last year, and hydro EBITDA increased by $3 million or 48%.Moving to cash flow now. We generated $63 million of IFRS cash flow from operations in the third quarter compared to $35 million in the same quarter last year. AFFO increased by $24 million from minus $8 million in the third quarter last year to a positive $16 million this year for the reasons mentioned before.As indicated on Slide 19, our financial position remains solid with our net debt to total market capital ratio of 41% on September 30, 2020, compared to 56% on December 31, 2019.In conclusion, all financial indicators are positive this quarter, thanks to all our Boralex teams. Combined production and EBITDA are up 10% and 18%, respectively. Last 12 months AFFO is up $24 million at $148 million over the previous quarter. We successfully put in place an $806 million refinancing for our Niagara wind farm facility. And we closed a 201 public offering in August. We are, therefore, in a very solid financial position to pursue our growth and seize future opportunities. Thank you for your attention. We are now ready to take your questions.
[Operator Instructions] [Foreign Language] Your first question comes from Rupert Merer from National Bank.
Congratulations again to both Patricks on past success and future opportunities. Maybe if we could start with development in Canada and in Québec. Can you give a little more color on how your developments in Canada are coming along? And I know you've talked a little about the Apuiat project in the past. But are you also looking at other projects? I think historically, we'd looked at an expansion at the Seigneurie de Beaupre as well. And how do you look at these? Are they considered early stage or mid stage? How are you looking at the Canadian market?
Yes. Indeed, you have probably seen, Rupert, that there was some meeting about from -- with our partner, the new First Nation with Hydro-Quebec and the Minister about our pre-ap, which was a positive -- very positive meeting.So we are working on this project. On other projects, it's too early to take conclusion from the position of the premier in July, we said that they will restart -- win in Québec. So the projects are for the moment, considered in our portfolio in mid-stage and early stage. And we are looking to this, but we think it's a little bit too early to say that it's concrete project for the moment for us.
So no change in the status of the outlook on the Apuiat at this point?
No, not yet. As I mentioned, there was a very important meeting mid-October. You can probably find some information on the -- at least the social network because there was some post from the minister on this and from Hydro-Québec too, it was positive. But it's not yet concluded, and we will come back if it concludes positively.Just remind that we have the commitment from the [indiscernible] it will be the first project when wind will restart in Québec, but we don't know when it would be.
And if I can add, Rupert, let's say, the momentum for more renewable in Québec is directly linked to export for Hydro-Quebec. So you've seen Hydro-Quebec. Left in New York state lately doing conference regarding exports. So if they can -- if Hydro-Quebec can conclude something on the export side, over and above Massachusetts, that's when I'm going to say this is going to be the kicker for more renewable in Quebec.
Right. Very good. Okay. And secondly, Bruno, if I could ask you a question about financing. So you've done a number of big refinancings. And in France, you aggregated a number of project finance facilities. So with that, how do you look at financing growth projects in France going forward? Will you put on individual project finance facilities as you bring new projects online? Or are they going to also be aggregated somehow?
We have -- as part of their refinancing, we have a sort of a revolving facility for certain identified projects. And as we add new projects, according to certain criteria, we can roll them into the facility, if they're there within those types of criteria. So it will really depend on the type of projects and we have continued support of our lenders in France to continue to add these types of projects.
Your next question comes from David Quezada from Raymond James.
My first question here, I guess, in Europe, with the upcoming climate law, I'm curious if you see any potential for acceleration of projects in France or if you could even move into other jurisdictions in Europe with some of the aggressive goals they have there?
I think the first point is, I think the plan of development of France was already aggressive before the recovery plan. So we -- and you have to bear in mind all the time that in France, you have the global target and then you have the local development.We have been managing this for the last almost 18 and 19 years. And so we are indeed optimistic on the development, but I'm not sure it will really accelerate locally to develop in the future, but we have a strong pipeline and we will work on this.Looking to other countries, it's not for the moment what we are targeting, except what we're doing in Scotland to create value with this first portfolio of side France in Europe, and that's -- I think we are obviously looking to things when they are coming to us, but we're not hunting actively for the moment.
Okay. Great. That's helpful. And maybe just one more for me. I believe there's a comment in the release, a 71-megawatt project in France that didn't get approved in or didn't get selected in July but was resubmitted for November. I'm just curious if you are changing the submission in any way in terms of pricing? Or if it's just seeing if there's different bidding activity in November and substantially the same submission?
Both. We're doing both. So at each round, we are looking to -- the size of the round. In July, it was 250, in November, it was 500. The situation is different because there was some project, which were frozen in terms of obtaining authorization during the lockdown. So all those things we're taking into account, all of the information that we can get. And we were probably one of the first who did not win in July. But we knew in July that there will be another round in November. So to answer your question, we have been a little bit more aggressive in terms of reducing the price of the bid, but still above our threshold of return. And so we're -- we have taken all the information we have in November.
Excellent. And I'll echo the congratulations and best wishes for Patrick Lemaire in his retirement and to you Patrick in your new role.
Thank you, David.
Thank you.
Your next question comes from Sean Steuart from TD Securities.
A couple of questions. The year-over-year EBITDA transition. There was $6 million of positive EBITDA trends in the wind segment that you attributed to a variety of other factors that included currency, repatriation of maintenance and a number of other variables. Can you give us some context on what the principal drivers of those gains were this quarter?
You're talking about the EBITDA on a combined basis?
Yes.
Let me just get back to you. It'll be...
I can follow-up afterwards.
Yes, I think we'll follow-up afterwards. I need to get into the -- do you have another question? I'll get there.
Yes. There was a reference to ongoing efforts to secure corporate PPAs in France and Scotland, and I'm wondering if you can give us any update on developments on that front?
Yes, I will -- in France, as you know, we have secured 2 corporate PPAs already for projects, which are exiting the EDF PPA by the end of the year. There is still 1 project, which is coming the site [indiscernible] of 8-megawatt project. So we are working on this, and we are in advanced negotiation for this project with another interesting global corporation. So that's good because it creates the trademark of the branding of Boralex in this market. Then we have no other end of contract in short term. So we don't have electricity available to be sold.And in Scotland this -- in the -- to finance our Limekiln project, we need to have somebody buying the electricity. So we are looking to that and working with counterpart, but nothing to announce today yet.
Okay. One last question for me. And I presume this is all factored into your time line of advancing your development projects. But France has reentered lockdown and you referenced earlier, you're able to catch up on construction activity there post the initial COVID wave. It seems the country has gone back into lockdown. Any perceived risk to the time line of the developments in the near to mid-term as the country tightens up again?
Yes, despite the figures of the health situation, the lockdown is not exactly the same than the first wave. I mean there are still -- people who are able to work from home should work from home, but some other activities are still there.And typically, in the first wave, we have to stop the construction of Cham Longe and Santerre, and this is why we had a delay on Santerre. So no, it's a little bit different. So we are working, protecting the health of the people and respecting the law, obviously and being a good citizen, corporate citizen, but there are possibilities. So we're working on that. And also, we are -- I have asked my team to, say, put you in idea that it will last, say, 2 years because it's also a possibility. What should we do? So they are working on this. And I hope, as I mentioned, I hope we will have some more information to give you later about this, but we need to work around the situation one way.
Understood....
I think that getting back to your previous question. So on a combined basis, the main impacts from last year to this year are volume. So the increased volume, as we mentioned, the Buckingham impact, I also talked about the new assets put in service. And in the other sort of by bucket, there's currency, Yellow Falls on pricing, which I mentioned as well. A bit of maintenance impact. And I mean, these would be the -- and then some change on expenses that are different from last year, and that would be the main impact.
Okay. Yes, I was referring specifically to the wind segment. Maybe I'll follow-up after the call.
Our next question comes from Ben Pham from BMO.
Okay. I wanted to ask on your ESG strategy that you're planning to put out early next year. Is it thinking that you'll be able to provide long-term goals on ESG? Or is it just more an update on catching up on the historical data points on ESG?
Thank you. We will do both, but we have -- we will definitely disclose more information because we think we are not fairly measured today because we're not disclosing. It's our question, we're not disclosing to you and the market all the things we are already doing. And for long-term objective, we have -- this is typically things we have still to decide during November and December, but we will, and we will disclose some objectives that we think are the more -- the prior -- which will be the priorities of Boralex for the next 3 years.
Okay. So you're really quite catching up on that. Okay. That's good to hear. And then on the U.S. store acquisition that you filed for. If you get approval in December, is that when you update us on more details? Or is there any other sort of requirements you need to get confidence and getting that deal done?
Just to clarify at this point, we have active discussion with -- on the possible acquisition. I'm saying a possible acquisition. That's why nothing is disclosed yet. So when -- if the conclusion of the discussion that we have comes out positive, we'll inform you like we usually did in the past. So this is a process -- only discussion up to this point, but it's more active than usual. That's it. So.
Okay. And I thought I saw some sort of sale agreement. Is that just not signed yet? Or you're just saying there's more details in that you need to flesh out?
I think if I may, on this one, Ben, I think we'll leave it there. Like Patrick mentioned, we'll comment when we'll get there, so.
Your next question comes from Mark Jarvi from CIBC.
In the last RFP in France, it seemed like there was a higher proportion of solar projects that were successful and the average price came down. I'm curious, does that shift your positioning, your expectations for securing more wind or maybe trying to pull forward your solar development efforts in [ Ukraine ]?
And just one point. The tenders are either a wind or for solar. So it's not -- they are not mixed. Indeed, in wind, what we see, it's -- we can achieve better return from our experience of the last different rounds. But -- and there was probably also a reason why the price of wind has gone down in July and will probably go down also in November because if you remember, there was 6 round of 500 megawatt. And the last one was November. So next year, there will be rounds -- 2 rounds of 925 megawatts, so a higher demand. But we don't know exactly -- I'm speaking about wind, we don't know exactly yet what will be the entry rules, the bidding rules. So this is reason for some competitors to be more aggressive in terms of reducing the price in wind. But I think my view and our view is that solar, like, I think in every market is a little bit lower than wind in terms of return, but there are some reasons for that because the risk is different. So we are continuing to focus on wind and solar.
But just given the continued decline in solar and the proportion that went to solar in the last round, just curious, you think that, that shift continues more where procurement starts leaning more and more towards the solar over wind? Or do you think there's -- your outlook for wind is as steady as you would have thought a couple of years ago?
Yes. Typically, our solar, we are focusing on more on solar in New York state. Because we think it's the best sector technology to be there. And in France, as you mentioned, we have a long experience in wind. And as I mentioned, the return are better than in solar. So we think it's better to -- I'm not saying we are not doing solar in France. We are doing -- we have some in the pipeline. But we are more definitely focusing on the wind because it's a better return for us. But solar, it's very important as a cooperation because it's very complementary to wind. If you compare the revenues, you compare the annual variability. If you compare the cost, it's very interesting to be -- to have an exposure in both and not only in one of the technology.
Right. And then there's some reports about some retroactive feed-in tariff cuts in France. From my understanding, it's only applies to solar, but can you guys just confirm if there's any implications to any of your assets? If they did fall through with that?
Yes. It's very specific to a certain period of solar feed-in tariff in France. So it's not material to Boralex because we have only one 5-megawatt DC asset, which could be affected. But to be -- it's very clear that it's not -- it doesn't apply to any wind. This has been set by the ministry. This has been reiterated by the Minister, Barbara Pompili. So we think it's -- the risk is very limited on that or, no this for the wind part.
Okay. And then my last question, just on the increased efforts around your ESG disclosures. Do you get a sense that if with improved disclosures, it increases your ability to look at green financing or some mobility to shape basis points? Is there an added financial benefit of adding improved disclosures?
I think it's -- the first point is to disclose reality of Boralex and our experience. The way we are doing our business. I think I am personally with the company since 19 years, as you know, and I think since -- even before I was there, ESG was not branded, but was already in the DNA of the company. So that's the first point. I think it will attract some investors, which are -- which need to have information. So that's also important for us to give them this information. And if on top of this, we have access to new financing. I'm sure Bruno will take the opportunity with his team to go for this financing.
Okay. Great. And then Patrick Lemaire, again, congratulations on the retirement.
[Operator Instructions] Your next question comes from Nelson Ng from RBC Capital Markets.
Great. So just a big picture question. What are your thoughts on taking a bit more merchant exposure? I guess we've seen some other developers working on merchant projects in Texas or Mexico or even Alberta. Just wondering if your thoughts have changed in terms of either taking some direct merchant exposure or to develop a project with a view to hedge or get corporate off-takers for a part of the generation?
The first point, it's clearly not our focus on Boralex to have merchant exposure. We have -- we are working in market where it's possible to still sign long-term contract. And even we mentioned it, I think the fact that in New York state, the fixed RECs contract will be converted into Index RECs contract is even better because it reduced the risk, and we have a full contract for 20 years with less risk. So typically, we are concentrating our effort on this. And as I mentioned, in Scotland, we have their fully permitted project, which is a significant 190 megawatt, and we are working to create value with it. But we are not -- we have -- we will not decide to go merchant on this project even if it's -- you can say, okay, it's just 9% of Boralex portfolio, but we are not going this way. It's the strategy we have approved at Boralex. And Bruno, if you have any comment on this, you can go so.
Like I mentioned, the fact it's the core of our strategy, getting long-term contracts. So we -- from a financing perspective, it's certainly what we do quite well. And we'll continue prioritizing that.
Okay. And then just a follow-up. Like given that you're pretty active in France and New York, are there other markets that offer long-term contracts that you're currently not involved in that interest you?
I would say today, in terms of greenfield development, we are concentrating our effort on this. We are also looking for opportunities in other market if there is long-term contract, and if we can access to long-term contracts. So we will continue this. And we will -- if we are successful somewhere, we will tell you where we are successful and where we will continue to go for a long-term contract.
I think we've demonstrated. We've talked about the potential of the markets we already are involved in. So there's quite a bit of room to grow there.
Your next question comes from Naji Baydoun from Industrial Alliance Securities.
Just maybe going back to the question on retroactive FIT contract cuts in France. I know it doesn't apply to your assets or the wind portfolio specifically, but does it change your view on sort of the risks in that market? And maybe on the flip side of it, do you think there will be an opportunity to maybe pick up some distressed assets if those cuts go through?
Yes. There are 2 questions. The first point is, it doesn't change our view typically. It's easy today to make post rationalization, but I can tell you that 10, 12 years ago, Patrick Lemaire and myself, we discussed about developing rooftop-integrated solar at EUR 600 megawatt hour, and we decided not to go this market because the difference of price between the electricity price and the subsidized price was too high and that we are an electricity producers and not subsidies, I don't know to say, getter, somebody who is just looking for subsidies. And today, we are happy with that. We're not exposed -- we're exposed with EUR 330 per megawatt hour for 5 megawatt, as I mentioned. So it's not material. Some competitors are. It could create some difficulties to some. But -- and obviously, we will look to this. There was -- if you go back in the past, in 2012, there was a lot of discussion about the European Commission notification on wind. We took the opportunity to make some acquisition at that time. So we will look to -- if there are some people who are in their stress, for sure.
Okay. That's good. That's helpful. Can you just comment maybe on the recent partnership with SOLATERRA in France? What are some of the maybe details behind that partnership?
With which you mentioned?
SOLATERRA.
No. I don't...
What you're referring to, Naji?
Sorry, I didn't catch that.
What are you referring to? I'm just...
There was a social media post about partnering with SOLATERRA to co-develop some solar projects in France. So I was just wondering if you can give more details on that.
Yes. No, but it's -- we have some co-development in wind and some solar. I was not aware of the social media disclosure. So I'm a little bit uncomfortable to answer your question. And Stephane will come back to you, Naji, on this because it's not clear to me what it covers.
Okay. No problem. That's fine. And just a final question for Bruno. The payout ratio, I know you're still targeting 40% to 60%. Just if -- would you be okay if temporarily the payout ratio was sort of below that target range, if the right growth opportunities were to present themselves for you?
Well, I mean, we're comfortable with that target, Naji. And we'll see how things evolve in the next few months. And if we continue to see strong conditions. We are seeing quite a bit of opportunities. And I mean, the ratio was set out to allow us to reinvest money in the company and the growth, which we believe our shareholders appreciate. Dipping below the ratio on a temporary basis, yes, over sort of medium term, we'd like to stay within the ratio. So you can draw your own conclusions.
We have no further questions in queue. I'd like to turn the call back over to the presenters for any closing remarks.
Okay. I just take a minute. I'm sorry. I was just going to introduce you, Patrick. I just wanted to say this is Patrick's last call. So I'll let him the mic and for this -- for the end of this call. Please go ahead, Patrick.
You can do the end after that. But I just wanted to -- just like Stephane mentioned, this is my last call. So I wanted to thank you all for your contribution to Boralex success because by doing usual reports to the investors community and also organizing meetings with investors, I think you you've contributed to the Boralex success over the last 14 years. And I just wanted to say a big thank, and I'm sure your contribution will be greatly appreciated in the future. So again, thank you, and to you, Stéphane.
Yes. Congratulations on this new, not a challenge, but this new life for you, Patrick, and always will appreciate.
And thank you from us, for sure, Patrick. Thank you for this.
Thank you, Patrick. Well done.
Okay, good, good job. And so everyone, I will thank you for your attention. And if you have questions, you call me. And I just wanted to say that our next call will be February 25 for year-end and fourth quarter results. So see you there. Remain healthy. Have a great day. Thanks a lot.
Ladies and gentlemen, this concludes today's conference call. You may now disconnect. [Foreign Language]