Ignacio Sabelle

Ignacio Sabelle asked about the lower CapEx per megawatt due to the BESS mix, the trend of BESS unitary CapEx, potential for increased project duration, and whether the dividend payout could increase from 50% given the higher CapEx plan.

Answer

CFO Simone Conticelli confirmed lower CapEx per megawatt is due to decreasing BESS prices, with new BESS costing $0.8-$0.9 per MW and durations increasing from 4 to 4.5-6 hours. He reiterated the company's policy to distribute at least 50% of net income, noting an increase could be considered if future investment opportunities are not found.

Ignacio Sabelle inquired about the lower CapEx per megawatt in the current plan compared to the last, specifically regarding the trend of BESS unitary CapEx and the potential to increase BESS duration. He also asked if the increased CapEx plan (25% higher) could lead to an opportunity to raise the dividend payout ratio above the current 50% minimal.

Answer

CFO Simone Conticelli clarified that the lower CapEx per megawatt is due to a higher mix of BESS technology, with BESS costs decreasing to $0.8-$0.9 per megawatt from $1.0. He noted the first wave of BESS projects are 4-hour duration, with the second wave extending to 4.5-6 hours. For wind, costs are higher at $1.2-$1.3 per megawatt. Regarding dividends, Simone Conticelli confirmed the minimal 50% payout policy, stating that while the plan is set at 50%, an increase could be considered if future investment opportunities are not found.