We expect the presentation to last approximately 30 minutes, following which there will be Q&A. Those joining us online, of which there are now over 100, you can submit your questions in the question box, and we will endeavor to get to those at the end of the presentation. I will now hand over to TRIG's Chairman, Richard Morse, for introductory comments. Thank you. Good morning, everyone, and thank you, Mo. We're very pleased to welcome you to TRIG's annual results presentation for the year ended 31 December 2023. It's been an important year in the company's history. As you will hear, the underlying performance of the company is strong, and cash generation has never been healthier. This is against a challenging backdrop for the share price, with tighter monetary conditions contributing to a decline in the company's valuation and a sustained discount in net asset values as market return requirements have increased. If the interest rate cycle continues as expected, however, the coming year should be showing signs of a more benign macroeconomic environment for the company. And as you will hear, the managers have been working hard to create additional value from within the portfolio. It's also an important year from a personnel perspective. After a decade at the helm of TRIG's investment management team, Richard Crawford is retiring from full-time duties in the summer and will be handing over the reins to Minesh Shah, with effect from 1 July 2024. My board colleagues and I are extremely grateful for Richard's contribution to TRIG's success over all these years, and we're very pleased to continue with Minesh. Minesh is well known to the analyst and investor community, and the board who have worked closely with him over the last few years have every confidence that he will be an able replacement for Richard. However, we won't be letting Richard go that easily. TRIG will continue to benefit from his long history with the company as he remains a key part of TRIG's investment and advisory committees. As a board, we welcome the opportunity, such as today, to interact with investors and analysts. We were pleased to hear from shareholders, including at our two investor events for TRIG during 2023, and there will be further opportunities this year. With that, I will now hand over to Richard himself to introduce the results. Thank you. Many thanks, Richard. And good morning to you all. To start, I'd like to do a quick reminder of TRIG's core proposition, including the evolution of this proposition to deal with the current macroeconomic and investment environment. So we enjoy favorable fundamentals: decarbonization and energy security. These are essential themes driving enormous levels of investment into the sector. Within this, we focus on the mature European markets and strong regulatory environments. So this is unchanged. But underpinning this, we have what we term responsible investment. So responsible investment includes maintaining a durable balance sheet, and that's a cautious approach to debt, a sustainable dividend policy, and the right investment decisions, creating a portfolio with inflation correlation, attractive returns, and high ESG standards. Now, we are in a difficult macroeconomic environment. This has especially hit investment company share prices. Our strategy remains unchanged, and it is to produce attractive total returns. Our emphasis has shifted. We have a disposal program to reduce the revolving credit facility with its floating-rate debt, but also to prove our valuation data points. We still consider investments, but the bar is higher with respect to strategic and economic merit. Construction works, for example, where we can add value when we move the assets from construction into operations. Buybacks have been and will remain under consideration. New investments were made, maybe relatively modest in terms of committed outlay and focused on future growth, but they will have returns and portfolio advantages, which place them ahead of buyback alternatives. That's an evolution of our proposition as return requirements increase and capital remains scarce. Now, we have a balanced portfolio which diversifies risk. So we have a broad remit within our investment policy with respect to geographies, technologies, and revenue types. And the portfolio is well diversified and at a scale that provides shareholder liquidity. So we have, for some years, been doing more in development and construction, and we've now added a development platform. So this brings 100% owned development expertise within TRIG and adds to our growth prospects. We'll then combine this with operational excellence, driving the best possible outcome with respect to technology and innovation to enhance our returns. Chris will talk in more detail about this in a moment. And InfraRed and RES provide a unique and highly specialized management team, many years of experience in renewables. This not only includes development and construction, but it also includes platform investment structuring and management. So this slide shows you the scale of the portfolio we've built over the last 10+ years. 2.8 GW spans 80 projects, 6 power markets, and 4 renewable technologies. So we have significant opportunities to grow this portfolio. We have a 1 GW development pipeline across wind, solar, and storage. This could grow the portfolio by in excess of one-third by 2030. Now, Minesh, we'll go into this in detail later. But importantly, I want to say we have the means to fund this without necessarily recourse to the equity markets. That can be through retained cash flows. It may be through disposals, and it may also be through debt issuance. This is to create the liquidity that enables us to improve the portfolio mix and portfolio returns. Now moving to the performance during 2023. We are pleased with the healthy cash generation, strong underlying performance, pro forma portfolio EBITDA GBP 610 million, and distributable cash flow GBP 0.114 pence per share. Now, we're making disclosure in this way for the first time. This is to enable investors to look through the valuation and see the underlying performance of the portfolio. And Phil will step us through the calculations for these numbers a bit later. On capital allocation, we continue our investments in development and construction projects, investing GBP 92 million in the year with about 300 MW of projects moving through into operations. We disposed of three of our older wind farms, contributing to a reduction in the revolving credit facility of GBP 34 million. More on capital allocation and our disposal program later. I'm really pleased to say we're making strong progress on further disposals. We have three assets at exclusivity. Now, the balance sheet remains healthy. We repay our fixed-cost project debt in line with our usual discipline. And we've repaid nearly GBP 220 million in 2023, taking project gearing to 37%. And last but not least, we remain sharply focused on the sustainability of the dividends. This strong underlying performance we're reporting on has led to 1.6 times dividend cover, and that's 2.8 times gross cash cover if we add back the repayment of project debt. And this is the highest in TRIG's history, full-year cover ratios. Now, in setting the dividend target for 2024, we take into account the outlook for both near and long-term cash flows, and we include the moderation that we're currently seeing in power prices and inflation expectations. We've set a target of GBP 0.0747 for 2024, and that is an increase of 4% year-on-year. Phil will now take us through the valuation and the financial highlights. Thank you, Richard. So I'll take you through the financial highlights and the valuation movements for 2023. The NAV at 31 December 2023 is 127.7 pence, with a portfolio value of GBP 3.5 billion. The valuation of the investments, and therefore the net asset value, have declined. This is due to significant increases in valuation discount rates and reductions in forecast power prices during the year, partially offset by the benefits of elevated inflation and value enhancements. Being an investment company, the valuation reduction reduces earnings, which within the year are +0.2 pence, which means after dividends paid in the year of 7.1p, the NAV has reduced by 6.9 pence per share. Underlying portfolio performance was strong, with pro forma portfolio EBITDA of GBP 610 million in the year, which I'll expand on later, and strong cash generation. Cash cover over the dividend for the year is 2.8 times before the repayment of project level debt, which totaled GBP 219 million in 2023. Dividend cover after those repayments is 1.6 times. The target dividend for 2024 has been increased by 4% to 7.47 pence per share. Stepping through the valuation bridge shows a trail from the opening valuation of GBP 3.737 million to the closing valuation of GBP 3.509 million. Starting from the item on the left, investments of GBP 92 million funded construction spend at Ranasjö, Salsjö, and Grönhult wind farms in Sweden, and also our four new solar farms near Cádiz in Spain. The Grönhult and Cádiz projects are now operational. Pre-construction work has started on our UK battery project at Ryton. Moving to item 2, GBP 22 million of cash proceeds from the sale of three projects reduced portfolio value. The 26% profit on disposal is included in portfolio return and supports the overall portfolio valuation. We had strong cash flows up from the investments in the year of GBP 334 million. Adjusting portfolio value from the investments made, disposals completed, and cash distributions, the rebase portfolio value is GBP 3.474 million. The rest of the bridge represents the operating income shown in the profit and loss account. I'll be going into more detail on most of these items in the following slides, but briefly, power price forwards have declined significantly in the front end of the power curve, reducing NAV. During 2023, reflecting the higher returns environment, we continued to increase the discount rates used to value the portfolio, which has adversely affected NAV. Moving to inflation, with over half of the projected portfolio revenues of the next 10 years being directly linked to inflation and most of the balance being indirectly linked through wholesale power revenue, TRIG's income is highly correlated to inflation. Changes to actual and forecast inflation have benefited the valuation in 2023. On the bridge, we show the movement in foreign exchange on our euro-denominated assets. Sterling has strengthened 2% against the euro in the year, resulting in a loss before hedge offset of GBP 31 million, as shown in the bridge. The company hedges FX outside of the portfolio, and the gains in these hedges in the year offset this loss entirely. The final item on the bridge, portfolio return for the year is GBP 344 million, which represents a 10% increase of the rebase value of the portfolio. This is appreciably ahead of the expected returns represented by the portfolio discount rate, which increased during the year from 7.2% to 8.1%. The portfolio return includes the impact of actual generation, which was lower than budget, with slightly lower wind speeds overall in the year. It also includes several value-enhancing items that together benefit NAV by around GBP 0.07, although adjustments to energy yields on some assets reduce NAV by GBP 0.02. This slide provides more detail on power price forecasts. Power prices declined during 2023, driven predominantly by reducing gas prices, with gas stocks high and mild winter weather reducing gas demand. The forwards for the next three years have reduced significantly over the year, and we overlaid the power price forecast with those reduced forwards, with a further discount for cannibalization and volatility of just over 15%. The long end of the power price forecasts are materially unchanged. We continue to provide data on our average assumed wholesale power prices. The donuts show the proportion of our forecast revenues that are fixed per megawatt-hour and exposed to merchant pricing over short, medium, and long-term horizons. The point to note is the high proportion, which is fixed, which is 66% over the next 10 years, for instance, providing some protection against variation in power prices and good inflation linkage. Before I leave this slide, we should note the softening in wholesale power prices during early 2024 and that forwards for the next 3 years are now around 20% lower than the position at the year-end. We've provided a sensitivity in our annual report showing that a 10% decline in power prices for the first five years of the forecast period could reduce net assets by around GBP 0.022 per share. Hence, a 20% decline, if unchanged, could be expected to have an adverse impact of around GBP 0.04 per share. Moving on to discount rates. The table on this slide shows the risk-free rates, or the benchmark government bond yields, relative to the portfolio discount rate. The overall portfolio weighted average discount rate has increased during the year from 7.2%-8.1%. This mainly reflects the average 80 basis points increase in discount rates, but also the addition of higher-returning battery assets into the asset mix. We increased discount rates during 2023 by 1% in relation to U.K. investments and 0.5% to non-U.K. investments. This recognizes the higher long-term government bond yields in the UK versus EU countries. Overall, the portfolio discount rate has increased by 1.5% in the last 18 months and reflects increases of 1.8% in the UK and 0.8% in Europe. Applying a blend of UK and EU risk-free rates reflecting the portfolio composition leads to a weighted average risk-free rate of around 3% and an applied risk buffer from the portfolio return to the risk-free rate of around 5%. The company carries out an independent valuation exercise each year and also commissions a review of the valuation discount rates. The independent valuer has confirmed the discount rates used in the valuation remain appropriate. This slide shows the inflation assumptions, which are unchanged on those at the half-year. We assume inflation continues to track down during 2024, normalizing in 2025. At the half-year, we added 0.75% to the expected 2024 inflation levels versus our assumptions at December 2022. At the half-year, we also increased the long-term assumption for UK inflation to 2.5% for CPI and increased RPI to 2030 also, recognizing the market expectation of stickier and higher inflation in the UK versus the EU. The slide shows the level of RPI inflation implied by UK gilts, which, as you can see, is tracking appreciably above the TRIG forecast levels. This slide bridges the NAV per share during the year and analyzes the movements between the macro items we've already covered, the impact of lower wind speeds and energy yield budget changes in the year, and the NAV gains made from active management. The point to emphasize here is the positive impact of this active management on the NAV, which totals some GBP 0.068 per share. The areas of active management include value realized as we release construction-phase discount rate premia as construction projects move into operations and are de-risked, profit on disposal from sale of three smaller projects we completed in 2023. We entered into a corporate PPA at the Blary Wind Farm for 10 years at an attractive fixed price. We entered price fixes at several other projects, including Valdesolar in Spain and our UK solar and wind projects. We've also realized good upsides in relation to Guarantee of Origin and REGO income, where RES have accurately managed this income stream, including reviewing PPA contracts and, in many cases, negotiating a higher price from power off-takers. While the market price of these certificates in both the UK and the EU has been strong in 2023, we've assumed a significant discount is applied to the current and forward prices of these certificates. We assume that future prices of these certificates reduce quite quickly to a lower level. Finally, as we announced at the half-year also, during early 2023, the French government ceased its action against the older solar projects, where the French government were intending to reduce the feed-in tariffs following successful appeals against their actions and the initiation of international arbitration from parties including TRIG, which has now allowed for the release of the provision made there. This year, we've added additional information about the revenues from projects. Our share of revenues from the projects across the portfolio of 87 projects is GBP 793 million, which is slightly down in 2023 versus 2022 as average power prices were lower in 2023 versus 2022, slightly offset by new projects moving into operations. The operating costs are a low proportion of revenues, and the EBITDA ratio for 2023 is 77%. After deducting interest payable on project-level debt, tax payments, and movements in working capital, the cash flows at project level for 2023 are GBP 558 million. This is higher in the previous year as higher power revenues from 2022 converted into cash in 2023. After GBP 219 million at project-level debt repayments, GBP 339 million was paid up to TRIG from the projects in 2023. Cash cover over the last two years has been very strong. Looking forward, taking into account lower power price forecasts, we currently project dividend cover over the next five years to be on average around 1.2-1.3 times, or over two times on a gross basis before the repayment of project-level debt. Note we expect H1 2024 to be a little softer, with some asset-specific issues affecting cash flows, such as our German wind farms reserving cash to meet changes in corporation tax timing. We have reduced income as repairs progress to cables at two of our U.K. offshore wind farms and the timing difference between disposals and their cash flow benefits. That brings me to the end of the financial items. I'll now hand over to Chris, who will cover our operational performance. Hello. I'm going to talk you through the operational highlights in the year. During the year, we generated 6 TWh, that's an 11% increase on 2022. The portfolio of over 80 projects are spread across the weather systems and markets of Europe. These are in onshore wind, offshore wind, solar, and batteries, with a wide range of manufacturers and models limiting our exposure to any one technology or counterparty. The portfolio performed well commercially. While electricity pricing has fallen since last year, it remains elevated compared to the long-term average. REGO prices have increased, and the index-linked feed-in tariffs continue to benefit from the high inflationary environment. Generation is 6% below budget in the period, which you can see split out by region in the table. Generation was impacted by poor wind, particularly across the UK and Sweden, coupled with grid outages and some maintenance activities, partially offset by good weather resource in France and solar. Ultimately, the low onshore wind in the UK and Swedish wind speeds were partially mitigated by the other geographies and technologies in the portfolio. Within the development and construction pipeline, the Cádiz solar projects in Spain and Grönhult onshore wind farm in Sweden have now both been fully operational for the year. During this time, the additional diversification to portfolio by technology and geography has been clear. At Ranasjö and Salsjö in Sweden, all turbines are now erected, grid connection energized, and easy and early generation commenced, with contractual takeover to follow shortly. We've made good progress on the development of the battery storage projects, with preliminary construction on the first of the 4 projects now starting, leveraging RES's long experience in storage development, construction, and operation. Within French repowering, a grid connection has now been secured at Claves and Cuxac, in addition to executing on the land agreements for Cuxac. Repowering assessments are also being performed at a site in Northern Ireland. We also continue to assess opportunities to enhance existing sites, such as expanding or adding storage capacity or exploring the potential to add wind turbines to solar sites in Spain. Safety remains a top priority, with a 7-day lost-time accident frequency rate per 100,000 hours now down to 0.09, reflecting the lower construction activity in 2023 compared to recent years. Proactive safety activities continue to receive a lot of attention, supporting and collaborating with asset managers across the portfolio on safety drills and near-miss reporting to reduce the risk and severity of accidents. Within the graph, you can see how the weighted average wind and solar resource varies over time in each of the regions compared to the long-term mean. These long-term averages are based on a period of 20 years, and variances are to be expected in the shorter period. You can still fundamentally see the weighted average dashed line smoothing out the regions, delivering a better result than would be available with concentrated geographical deployment in a single technology. On this next slide, you can see how wind speeds have varied across Western Europe over 2023 compared to the prior 30 years, with blue shading denoting less wind and red denoting more wind. TRIG sites are shown as black dots, and you can see the theme of our northerly assets experiencing low wind and our southerly assets experiencing more wind in 2023. How we manage our assets is key to delivering value. With RES as TRIG's operations manager, we're uniquely positioned to benefit from RES's deep knowledge and capability. RES has been at the forefront of the renewables industry for the last 40 years and has specialists across the globe that we draw upon to ensure that our assets are performing their best. The wheel on the right depicts the categories of enhancements we pursue, with a structured approach to identifying, appraising, and implementing value-add opportunities. Here, you can see a sample of the ongoing enhancement works. We typically adopt a phased approach, benefiting from RES's research and development on trial projects, which are then rolled out more widely as their performance is validated. Each project's potential upgrade is individually appraised on its own merit to account for varying energy yield uplifts and value creation, with a small generation uplift in percentage terms still generating significant value on a large site. Let's look at a case study within the Blade Hardware Group of enhancements. AeroUp is a package of innovative blade hardware and turbine controller upgrades developed by RES. It was first trialled in 2021 on 2 turbines in the TRIG portfolio and since rolled out to all turbines at Hill of Towie following validation of a 5% yield uplift. We're now in the process of installing across 4 additional GB wind farms. First, RES performed detailed technical analysis for each project to determine the optimal combination of hardware upgrades. Prior to deployment, these configurations undergo a feasibility study. RES then managed the procurement and installation in one package. Once the hardware is installed, RES's unique TuneUp software improves yield further by adjusting the turbine performance to match the changes made to the blade's geometry. We take a phased approach with installation at 2 or 3 turbines on each site at first, which enables independent validation of the energy yield uplift prior to investment and deployment across the remaining turbines. New opportunities continue to be identified. I look forward to rolling out new enhancements across the portfolio. I'll now hand over to Minesh. Thank you, Chris. Capital allocation is a key focus for us and central to each investment decision. I'm going to start with sources and uses of cash across the group. The schematics on the slide starts with operational cash flows, which were healthy in the year at over GBP 500 million, reflecting strong achieved power prices and inflation. This represents a gross cash cover of 2.8 times over the dividend paid. GBP 219 million of project-level debt was repaid in the period associated with the portfolio's amortising project-level debt schedule, resulting in GBP 283 million or GBP 0. 114 pence per share cash available for distribution. That's 1.6 times dividend cover. Now, in addition to income, we seek to deliver long-term capital growth. Reinvestment into the portfolio is crucial to this. Of the GBP 105 million retained cash, we reinvested GBP 92 million into portfolio equity, chiefly the construction of onshore wind farms in Sweden. Remaining GBP 13 million, together with GBP 1 million net divestment proceeds, reduced RCF drawings by GBP 34 million in the year. Looking ahead, we expect cash generation in the portfolio to moderate, with power prices and inflation expectations reducing, on average 1.2-1.3 times cover over the next 5 years or over 2 times cover on a gross basis and a little lower in 2024. Now, reducing floating-rate RCF is a near-term priority for the company, along with completing existing projects under construction and development and making selective accretive investments, which may include buybacks. Now, the hurdle rate for new investments today is high. However, we remain alive to selective accretive acquisitions that can secure excellent value for the company and progress our portfolio construction. At the end of the year, the RCF was drawn GBP 364 million and we project reducing this to around GBP 150 million this year. That is net of accretive investments in Fig Power and construction commitments, with the balance of the movement coming from divestment activities which are in train and the generation of retained portfolio cash flows. On this next slide, we set out our approach to selecting divestment candidates. That includes revenue, technology, and geographic diversification, as well as operational considerations. The three wind farms we sold in the autumn were at a 26% premium to carrying value, and they delivered additional value for shareholders, underscored the portfolio valuation, and highlighted the dislocation between public and private markets. We are actively working on divestments totaling some GBP 250 million. Three transactions are in exclusivity, of which two are at an advanced stage, and we expect to conclude on these processes in the coming weeks. On this next slide, we provide details of our structural gearing. As a reminder, our structural debt is fixed rate and amortising within the term of associated fixed revenues. This means no cash flow impact of higher interest rates or refinancing risk in the vast majority of the debt across the group. Currently, portfolio gearing is 37% of EV following GBP 219 million repayment of project-level debt in the year, and it's projected to come down to 23% of EV by 2030 on the current portfolio. Now, not all projects with fixed revenues are geared. We can also convert merchant revenues to fixed revenues, for example, through corporate PPAs. This, along with the repayment profile and steady degearing, means over the coming years, we expect there to be debt capacity within the portfolio to help fund future growth. In this section, we highlight areas for capital growth, in particular our development activity, which provides an engine for growth. We expect it to be possible to fund these opportunities without necessarily needing to return to equity markets through organic retained cash flows, divestment proceeds, and structural debt capacity. Within TRIG's investment portfolio, we have 1 GW of development opportunities through to 2030. Around 40% of these have been organically created, as well as two weeks ago, we added Fig Power's portfolio to this. We will appraise each of these opportunities in turn as they are developed and consider both portfolio construction and our funding position before deciding whether to undertake construction ourselves or sell the projects prior to construction and crystallize the development premium at that time. Now, this pipeline comes on the back of some significant construction and development progress following the strategic direction set in 2022 when we increased the investment policy limit. In 2023, we have delivered 300 MW into commission of new capacity. The Twin Peaks projects in Sweden are progressing well and expected to be commissioned in the coming months. Pre-construction works at the Ryton battery have commenced, and the construction of the Drakelow battery is expected to start in H2 this year. Each of these investments has been made at returns above the portfolio average. And as we mentioned earlier, new investment decisions are appraised against alternative uses of capital, with buybacks currently setting a higher hurdle rate on a risk-adjusted basis. That is why our investment focus has been at the development end of the spectrum. So now focusing in on our new development platform, Fig Power, and the strategic drivers behind the investment. Batteries enhance diversification by introducing a related but different revenue profile. They trade on power price volatility. This means they also benefit from greater renewables penetration. They also attract a return premium for the greater volatility in revenues. What this means is that they are better suited to a diversified portfolio that can benefit from the higher returns but also absorb more fallow periods. Our investment is in the UK, which is the most developed and mature market. Investing at the development stage is attractive as it can bring dedicated development capability and leverage the manager's deep experience. It also has the benefit of developing and building at cost, which reduces vintage risk and allows us to capture the de-risking premium ourselves rather than paying it out, meaning return expectations are significantly ahead of the relevant return hurdle rate. As mentioned, whether we build the projects we develop ourselves will depend on portfolio construction and our funding position at that time. We would still retain the option to sell projects, realize the development premium, and reinvest the proceeds back into the development platform. Having identified battery storage development as a key strategic pillar, we undertook an extensive process to find the right partner. We're very pleased to have acquired Fig Power, which has an experienced team, an excellent pipeline, and an extensive track record. The development capital outlay is modest in the context of TRIG's portfolio as a whole. The final point to highlight on this slide is the return expectations, over 20% expected rate of return on development capital. I'll conclude today's presentation with a recap of the key strategic drivers of TRIG. Firstly, TRIG sits at the nexus of the energy transition, decarbonization, and energy security themes together with investors' desire for resilient long-term inflation-correlated returns through both income and capital growth. Secondly, this is delivered by an experienced management team, and we are actively managing both capital allocation and the investment portfolio. Third, maintaining and building on the balance of the portfolio is key to both investment and divestment decisions. The three projects sold in the autumn were at a 26% premium to carrying value, in parallel with investments being made at double-digit returns with a proprietary pipeline, both sides of the coin enhancing the portfolio return expectation of above 8%. Finally, operational excellence is core to the management team's mindset, seeking to achieve more with what we have through commercial and technical enhancements. Today, we've highlighted the strong underlying performance of TRIG, our approach to capital allocation, as well as some of the exciting development opportunities and operational enhancements that the team is working on to drive total returns forward. Thank you for your time. With that, I'll hand over to Mohammed for our Q&A session. Thank you, Minesh. We will start with questions in the room and then move to some that we've had submitted online. So if you could raise your hand if you have a question and then introduce yourself and ask away, please. Haley, thank you. Good morning. It's Iain Scouller from Stifel. I was wondering if you could talk a bit about PPAs. How much of revenues are locked in with PPAs into 2025? How is pricing landing at the moment? And given that pricing has come down, are you actually writing many PPAs at the moment, or are you just quite happy to take merchant price? Phil, did you want to go? Well, I'll probably share this one with Chris. So you're right, Iain, that pricing coming down, with it it's been coming down consistently over the last few months, makes it a tougher environment to get attractive long-term fixes. Many of the PPAs do give you options to fix. And Chris's team worked through those, and we look at those options and where they're attractive do fix. I don't think we've seen them being so attractive in recent times. No. Yeah. Fundamentally, we're looking at all the time in multiple markets. And you did show the donuts, the proportion which is fixed over the coming years. So was it 66% over the next 10 years? More like 75 in the near term. 75 over the five years or so. So the majority in the near term is less, although there are some good PPA fixes in there, and more subsidy income. But it's certainly an area that we'll continue to look at. And I think assuming that prices stabilize or may even be events that cause prices to go up during the year, then that's probably a better time to catch some of those opportunities. Yeah. So its imporant about having the ability and then watching the markets. You're then ready to move as and when you see those opportunities. That's our main focus now. Thank you. Any other questions? Thomas Martin at BNP Paribas Exane. Sorry. Just a quick question on the generation versus the slide that you showed with the average wind speeds. I think sort of generation was about 6% below across the portfolio. And then eyeballing your sort of weighted chart for wind speed, it looks like it's less than that, maybe 1% or something like that. So clearly, the portfolio isn't entirely wind. But what should we be inferring there? Are there other aspects beyond wind speed that are more material in the shortfall this year? Yeah. So what you can take from that is wind speed round about 1% down. That equates to 2% of generation impact, so 2 of the 6% broadly being due to wind. And then the balance being those other activities. So there's a bit of a mix there. We've had some grid outages, which are now substantially repaired. There's been a couple of them. Some have been one of our solar projects, for instance, had a 12-week grid outage. The asset manager there worked hard to enable short-term day-ahead right to export rather than just being turned off for the full 12 weeks. So mitigating those wherever we can. And then also, there's some various refurbishment works that have been performed as well. So that's what's filled the gap. Thanks. Great. So if there aren't any further questions in the room, we'll move to those online. And we've had a few questions come in on the topic of batteries. So if I read one of them, and I'll extend them to reflect the others as well. But some publications have been reporting that returns for battery assets have been well below expectations. Is this true, and what is TRIG's risk management strategy in this respect? And then has TRIG's view of the battery storage sector changed in light of recent weakness in revenues extending into 2024? Richard, did you want to start, and then Minesh as well? Yes. Thank you. Thanks for the question as well. We certainly expect there to be some variation and volatility within the revenues on battery projects. 2022 was a particularly strong year for revenues for battery projects associated with very high power prices. Some of the commentary that is seen is a reflection of coming off that particularly high data point. The other point to note, in particular in terms of a strategy, it's important to have your battery revenues within a diversified portfolio. This is because of these very variabilities. We see similar variability in merchant power prices, of course, for our generating assets. Put the assets within a diversified portfolio. That can both be geographically and technologically diversified. There are some specific things which are going to help. With this respect, we're fairly well placed because a lot of the work we've got on batteries, the actual batteries themselves won't become operational for, let us say, 3 years, even maybe 5 years or 6 years' time. This does give time for some improvements to the nature of the market specific to the UK. This is to do with well-publicized skipping which goes on in the Balancing Mechanism where it's not always the case that batteries are drawn off where they should be in the merit order. This is largely for technical reasons. It's not for an economic reason that batteries are better priced because they're higher up the merit order, and they're also often fueled by renewables, so they're better environmentally as well than turning on a fossil fuel generator. So we can expect with confidence that given time, that particular issue would be dealt with. There is another issue on the Capacity Mechanism which is not particularly friendly for batteries because they degrade over time, and they then can't necessarily pass the tests for capacity under the Capacity Mechanism that are required. But that, again, is being addressed by the regulators. So I think there are some good things as well that'll happen that'll improve the market as well as the general cyclical nature of all of these merchant revenues. Yeah. So Richard's touched on the strategic drivers for investing in batteries as well as some of the kind of current factors affecting the sector. I'd encourage the individual who's asked the question to have a look at the appendices to our presentation when they are published as they have a number of slides on our assumptions sitting behind the investment, including the fact that there is quite a broad range of revenue assumptions. Ours is towards the lower end of that. And building out batteries with those assumptions and assuming a conservative attrition rate in the development pipeline, we're still projecting returns on the projects themselves in 12%+, but on the development capital, 20%+. And that really highlights the option value we have in having acquired this excellent pipeline, whether to build it out ourselves or to sell on the positions, crystallise development premium, and reinvest that back into the development platform. Thank you. A question here for you, Phil. What is the target debt gearing of the fund, and what further debt repayments are targeted aside from the RCF? So we repay the project-level debt in line with the schedules agreed with the project lenders, and that's shown on the chart coming down over time. And so we're targeting getting the RCF down from disposals, which will also give us headroom in the event of other opportunities as well as potential buyback activity once the RCF's much lower. I think in terms of what level of overall gearing we think's right for the fund, we've been below 40% now for a while, and that feels like the right sort of level. We have a good development pipeline. Some of those projects will come with Feed-in Tariff and CFDs, and so will be attractive to gear in their own right. We will look to the projects we have in the portfolio which don't have gearing in as a potential source of funding to gear those to fund some development projects to increase the diversification of the portfolio and the returns in the portfolio. I think we may see gearing coming down to the mid-30s, and we might take it up a little bit to the high-30s. I think that's the sort of right range, I think. Thanks, Phil. You touched on it there, actually, but a related question. Will the fund look at share buybacks or enhancing dividends to reduce the share price discount to NAV? Richard, did you want to? Yeah. Very happy to. As I said in the talk, we do have been looking at share buybacks, and we will continue to look at share buybacks. It wouldn't be with an expectation of actually moving the share price. I think that is unlikely to be the result. It would be for the economic benefits of, yes, reducing the dividend and buying a cash flow stream effectively at what is probably currently about a 10%-12% return. So we do those calculations regularly. We do not enter into new investments without first considering that and ensuring that any new investment we make is better from a balance of the portfolio and indeed the outright return as well. Currently, we are in a disposal program. And what we have said to the market is we are looking to reduce our revolving credit facility. That will remain our priority for the coming year. But absolutely, we don't exclude the possibility of buybacks. Brilliant. The last question we have time for from the online audience. Minesh, this one is probably for you. What are your priority areas for portfolio construction for TRIG? Yeah. So it's a good question. So we've spoken about battery storage as a priority area. I think it's fair to say that the portfolio is dominated by wind, 80% wind, which has really been driven by the fact that wind has been the dominant technology rolled out in Europe. We'd like to see, as a result, more battery storage in the portfolio, which is complementary to renewables, and also in time, more solar as well, which is about 15% of the portfolio. Look to take that up over 20%-25% of the portfolio over time as well. So I think on the technology side, more solar, more batteries. On the geographic side, the portfolio is about 60% UK, 40% rest of Europe. And I think between there and 50/50 is a good balance for the portfolio. We're seeing increasing opportunities recently outside of the UK, but then battery storage has been more mature in the UK. So I think we'll see that balance continuing going forward. Brilliant. Thank you for that. That concludes our Q&A session. For those questions that we weren't able to get to from the online audience, we will endeavor to come back to you directly. With that, our presentation is concluded. Thank you all.