Market Ready for Consolidation Market of 4069 MW / 19,6 TWh – 1,16 Billion $CAD yearly revenue Rio Tinto represent 2919 MW of the Independent Power Producers (IPP) Addressable Market 1150 MW  3.45G $CAD in potential acquisition & 327M $CAD yearly rev. Average size of  12 MW 28 plants from dedicated owners  7 owners own 60% in number of plants  Most small facilities are not strategic to owners anymore (Innergex, Algonquin, Boralex, etc. ) yet all started with small plants 70% of the growth is delivered by acquisition 30% of the growth is delivered by optimisation Growth is delivered while keeping healthy gross margin of 35%