west wales green hydrogen as we've already heard this is a first of its kind financing and quite a feather in your cap to project financed you you had lloyds and sock gen as your mandated leads arrangers um can you first please take us through the commercial structuring and then provide us with an overview of the project financing and how it got to financial close christine how about you tackle this first

Sure.

So West Wales is a flagship project.

It's one of the first Har1 projects in the UK to achieve FID and the first hydrogen gas project finance deal in Europe.

It will be built on a former oil refinery site in Milford Haven.

So there's a great story there in terms of repurposing existing or legacy hydrocarbon assets in a way that supports the energy transition and also supporting employment and skills in the region.

So in terms of the commercial structuring, it's very much underpinned by the subsidy arrangements.

But to your mind, how important is a strong regulatory framework? And can you please give us some examples of how it supported your Welsh project? Christine, I reckon you're best placed to answer this one.