Watch: Skyline Clean Energy Fund & The Renewable Infrastructure Investment Landscape
Transcript
[00:00:06] Ray Punn:
All right, let’s get this started. I’d like to welcome everyone that’s joined. I’m Ray Punn, Vice President of Skyline Wealth Management. Today I have joining me is Rob Stein. He’s the President of Skyline Clean Energy Fund. And Matt Kennedy, he’s the Director of Asset Management for the Fund.
I’d like to thank you both for joining me today. I’m a little bit surprised that through the tech rehearsal that we got you to fit on that one camera there. So, well done there. Yeah. Good to see you.
[00:00:31] Rob Stein:
I’ve been dieting all week for this one thing.
[00:00:33] Ray Punn:
Awesome. So, Skyline Clean Energy Fund, Rob, you’ve been the head of this Fund, Matt, you’ve been a part of the Fund since the inception. It has grown to $500 million invested in solar and biogas infrastructure assets in Canada. The portfolio is backed by the FIT (Feed-In Tariff) provincial program in Ontario on the solar side and has a strong backing on the biogas with PPAs (Power Purchase Agreements) in place.
I was going to say the Fund celebrated its five years, but that was last year. We’re actually close to six years now. I think it’s in May of 2024 that we’re celebrating six. So I can’t even say that we celebrated five, but we did last year.
Rob, Matt, I’m going to hand it over to you guys. How did the Fund get started? And how does it generate income?
[00:01:23] Rob Stein:
Yeah, it’s a great question. We have to go back to sort of our genesis, or my genesis. I started in renewable energy back in 1999 or in 2009, and it was just with the fresh launch of the Green Energy Act. And so, Ontario was really trying to get a green industry booming. So, they were trying to create 50,000 new jobs. They were trying to eliminate coal fired power plants and to create this new booming industry.
And so, I saw the writing on the wall, joined one of the larger developers in Ontario and through the ten years I was there, we built 5000 systems and really cracked our teeth of developing assets, working with the government, owning operating systems, selling systems, doing the operation. In a small group, we really got to see every facet of what it takes to run a clean energy fund. And, in that ten years, I saw Skyline grow over that time, adding more and more multi-res suites and then got into retail, industrial. The company I was working for said, “hey Rob, we want to target these individuals, they have lots of underutilized space. This is a perfect program for Skyline”.
And so, I ended up meeting the founders of Skyline. They’re big believers in clean energy, I didn’t know that at the time, but they loved it. They were already sort of looking at it, to how to implement it into their existing portfolios. And so, we just hit it off and over a couple of years, helped them build some assets for Skyline in the respective REITs. The Apartment REIT ended up building about 75 solar assets, just microFITs.
[00:02:54] Rob Stein:
And then the Industrial and Retail REITs also built about ten solar systems.
So, through that time, we developed a relationship. Jason Castellan came to me and said, “hey, would you like to start a purpose-built fund around there? Our investors are asking for clean infrastructure. And like we’ve done with every other product, we want to sort of accumulate, take our investors wealth and they trust us to invest it and put it into commercial opportunities and run it in an institutional way”.
And so that’s what we did. In 2018, we launched the Fund, May 1st of 2018, with no assets in the portfolio. Matt was working for one of the REITs at the time, underwriting as an asset manager. He had a passion for renewable energy so him and I hit it off. And, since inception, we sort of launched it together. We came up with our first term sheet, we chased the first assets together, we closed our first portfolio.
Really, what we were focusing on is something that doesn’t exist in the market. There is not a product like Skyline Clean Energy Fund. If you want to invest into big institutional quality renewables, you got to invest into the Brookfield’s of the world, or the Algonquins, or the Northwinds and you have the volatility of the public market. So, there wasn’t a private product that not only Class A or Class F or Class I investors could invest into, directly into the asset.
[00:04:20] Rob Stein:
So, we started building this portfolio and the premise at the beginning was, own a bunch of really good credit-worthy contracts. And so, we chased the Ontario FIT program. It had existed since just before 2009. And what there was is 30,000 solar PV contracts tied to provincial government contracts. So, what we did is we started accumulating these contracts, all with fixed term fixed rate contracts and really good cash flow.
So, year-over-year, we started in 2018, we closed the year about $33 million of assets under management. And we just continue to grow. We doubled for a couple years until about 2020 and we really at that time looking at we built a really good foundation of solar PV assets.
How do we diversify into a different asset class? We want to complement our solar assets. So, we started investigating biogas. And so, we found a good asset in Elmira, which is about 30 minutes from our head office. We found a really good partner, the original developer and owner-operator of those assets. And we said, hey, we’d like to acquire your system. And they said, okay, great, but we’d like to stay involved and help manage and help grow the value of this asset. So, it was a perfect marriage where we bought 80% of the asset, they control 20%, and we really complement each other’s skills. But it gave us the first foray into biogas, gave us sort of a foundation to jump off of.
[00:05:46] Rob Stein:
And so, what we did is the next year we acquired Lethbridge which was our largest acquisition to date at that time, about $67 million. And now we sat back and said, we’ve just built a fund that has really good cash flowing solar PV contracts backed by Ontario government contract with a fixed term, fixed rate, we really know the generation, really know that business inside and out and the quality of those contracts. Now, we’ve paired it with another asset class, a very similar type of asset in Ontario – our biogas asset also has a FIT contract so we’re really comfortable with the cash flow and the dependency of that contract. And it gave us sort of a good platform to say what’s the next genesis of the Clean Energy Fund.
And so that was really the premise of the Fund. We ended up pairing really good capital, our investor capital, with good assets and we’re really looking at making sure we deliver great yields. And that’s really the premise of it. We don’t really care about growth as much; we care about yields. Growing helps, it helps us diversify our portfolio, it helps de-risk us from negotiating with insurance contracts and with lenders, it gives us a mass to really go and say, hey, we have $500 million of assets, treat us fairly but growth isn’t our goal. Our goal is yield, is good quality, cash flowing assets backed by really solid contracts.
So that’s really the genesis of it. Matt, do you want to add anything to that?
[00:07:11] Matt Kennedy:
No. That’s great.
[00:07:14] Ray Punn:
I want to underscore one thing, Rob, that you said, there’s many good things that you said, but, private alternative fund, and there’s not a lot of folks in the space that are doing this in the private space. And just generally what Skyline does, you know, with the makeup of our portfolios, even on the real estate side. It is somewhat of a niche of what we do but, what we do is we become leaders at what we do. Specifically, to the Fund, it’s delivered equity like returns since the Fund, it’s structured like an equity fund, I guess you could say. And the income generated goes back into the Fund every month to acquire new projects and it continues the momentum.
So, unlike the REITs or a REIT that kick out a monthly distribution, the unit price for the Clean Energy Fund is reevaluated on a quarterly basis. Can we look at the return of the Fund since inception?
[00:08:06] Rob Stein:
Yeah, before we get to Matt’s point there, I was going to talk a little more about that. You know if we have an investor that owns the TSX, for example, they already have 5% exposure to renewable infrastructure, but they have to deal with the volatility of that market. What we get is the quality of those assets, institutional quality, without the volatility. We know what our cash flow is going to be. We use 100-year weather data to size our generation going forward. And we really tweak that, so we’re within 1 or 2% of our budgeted numbers every year. And it gives us a really good long-term view of where these assets are going.
So, then we can start pairing other niche things to do. We can say, hey, that system was built five years ago, technology has gotten a lot better, performance can be a little better, how do we optimize that? Okay, let’s come up with a small Capex budget, let’s improve that equipment and let’s grow yields organically through that. And so, it really gives us an idea of how to maximize those opportunities and and make sure we don’t have the volatility of the public markets messing with our yields.
And so, that’s one thing that we’re really happy with. The Fund was originally built for Mr. and Mrs. Main Street, but we really moved towards more Class I and Class F investors because they understand the creditworthiness of our contracts. They say, hey, this is a long-term investment that I can hold, that fits a need, an ESG need, an infrastructure need, and a good growth-orientated product. And so that was really the goal there and we just want to make sure that our product is accessible to the main market as opposed to just being available for a small group of people.
[00:09:50] Ray Punn:
Thanks, Rob. I know that our viewers can see the returns on the slide there attached.
Matt let’s switch gears here a little bit. So, I earlier said that 2023 hit the five year for the Fund, but we’re a few weeks away from the six years of the Fund. And since you’ve been with the Fund since inception, what do you think the Fund looks like, let’s say, going forward the next five years?
[00:10:14] Matt Kennedy:
Yeah, it’s been a great five years of growth, as Rob mentioned. We really cut our teeth on the solar market backed by those Feed-In Tariff contracts. And we really got comfortable with the biogas industry due to the similarity of that contract being a guaranteed price, long term offtake contract with the provincial government. So that really was what drew us into biogas.
We’re really well positioned now, we’ve amassed a portfolio, and you can see based on our return since inception, the five-year, the three-year versus the one-year, all increasing. And the reason that is happening is just our ability to realize those economies of scale and efficiencies across the portfolio. We’ve grown, but we’ve grown strategically in different geographies. We want to have a certain amount of assets in Southwestern Ontario, Eastern Ontario, Northern Ontario. And that’s just based due to the weather patterns and our dependency on that for the solar production.
In the next five years, what we’re looking to do, though, is to optimize our portfolio even more than we have. We’ve achieved above our targeted annualized return because the assets we bought, we were able to find efficiencies there. We were able to lower the operating costs consistently across the portfolio, internalizing operations and maintenance, finding other ways to use the technological advancements to increase the capacity of our systems.
[00:11:40] Matt Kennedy:
So that’s really where we’re seeing the most creative opportunities in our portfolio today is by increasing the size of our system to produce more profit for our unit holders. That’s really on the solar side.
On the biogas side, we really like the expansion program that we’ve put in place there. In Lethbridge we’ve actually just added a depack line. What that does is it gives us access to a whole new line of feedstock, of organics that come in packaged material. A whole new customer base is available to us, which we’re really, really excited about. That comes online, actually we started commissioning yesterday, should be online in the next couple of weeks here.
So, really excited about the additional tonnage we’re able to receive in Lethbridge and based on the the Renewable Natural Gas contract we have, which is very similar to the Feed-In Tariff contracts we hold in Ontario with the provincial government. We have a 20-year guaranteed price offtake contract with FortisBC, a gas company out in Western Canada. So, really exciting, we can produce as much gas as we can there and at that price.
[00:12:46] Matt Kennedy:
So, we’re really excited about that.
In Elmira, we also have a great opportunity. We’re seeing about a 40 to 50% premium on selling Renewable Natural Gas compared to selling electricity at this point in the biogas space. So, we’re actively looking at an expansion in Elmira to add a Renewable Natural Gas upgrader and start selling that Renewable Natural Gas. Not only does that give us that increased revenue because of the pricing of Renewable Natural Gas in today’s market, but it also gives us an extension on the term. We can reset and add another 20-year offtake contract to the portfolio.
So, really over the next five years, Ray, we’re not so much going to be looking at new opportunities just for the sake of growing, but really optimizing the assets, reinvesting back into the current portfolio we have. Those connection points that we own, and I know Rob’s going to talk about that a little bit later today, those are really valuable to us and we want to maximize our ability to produce energy. We’re seeing population growth in Ontario, adoption of EV vehicles. There is more and more power needed on our grid every day, and we really see ourselves in a in a great spot to leverage that for the benefit of our unitholders.
[00:13:57] Ray Punn:
Thanks, Matt.
So, Rob, before we get to connection points, something fun that we have in the marketing materials for the Clean Energy Fund, specifically on the biogas is the life cycle for biogas. So, it starts with the green waste delivery and it goes through the cycle on how it produces energy.
Matt, I don’t know, in the most fun way and maybe in one minute or less can you walk everyone through what happens in a biogas facility? Everyone understands solar, but what is biogas. Can you just quickly walk us through that?
[00:14:29] Matt Kennedy:
Yeah, it’s a really neat concept. So, we’re using a process called anaerobic digestion to basically capture gas and use it to power engines. But how that process works, how do we do that?
Really, we’re part of the mandate of the provincial government and federal government for landfill diversion. We don’t want organics going to the landfills anymore. So, instead of those organics that that really hold energy in them, we will take those at our facility, local municipalities will sign long-term offtake agreements or long-term contracts with us to receive that material. Large commercial groups, grocery chains, restaurant chains who have this high value material will bring that material to our site, which we process, we run through our line and put into an anaerobic digester.
Really what we’re doing there is we’re capturing the gas, we’re taking the methane out, and we’re doing two things with it. In Elmira currently, we’re using it to power combined heat and power engines, generators that create electricity.
In Lethbridge, we’re taking that methane, upgrading it into natural gas quality. We still have a byproduct that comes out of the anaerobic digester, which we call digestate. It’s a certified organic fertilizer that we sell back to farmers at the end of their process.
So really in a full circle, it’s neat, where we get the food that’s the scrap food that comes off the farms, we process it, we create energy with that in the form of Renewable Natural Gas or electricity, and then the byproduct of that, we sell back to the farmers that they use as a certified organic fertilizer, which we’re seeing great results on in terms of crop yields for those farmers. So, really, a full circle, a circular economy that we’re really happy to be part of.
[00:16:14] Rob Stein:
Can I add one thing to that?
So, I was talking to my little guys the other day. I’ve got a nine-year-old and a seven-year-old and they asked me, what is biogas? And so as simply put, our farmers grow the food, we consume food, any of our waste product goes in a green box or goes to a landfill.
The government is trying to divert all that waste from going to a landfill. So, all we do is we take it and as that banana peel or those eggshells, we just put them into a process that decomposes them very, very quickly. And all we want to do is take that off gas and we’re going to do something with that gas. So we’re either going to generate electricity with that gas, or we’re going to turn it, refine it, and turn it into Renewable Natural Gas that just goes out to the normal gas pipeline that we use in our houses and manufacturers use and things like that. Then what happens is we’re left with this rich fertilizer, goes back to the farmer.
[00:17:05] Rob Stein:
They grow the food again. It’s put on our table. Any food scraps go back to our facility. We start the process all over again.
So, in a nutshell, that’s what we do, it’s very complex but very, very simple. So, we want to make sure we harness that stuff. If that food goes to a landfill, it has a 25 times larger carbon impact in the atmosphere.
So, all these municipalities, all these provincial governments that are trying to reduce their greenhouse gases, how do you do it? If you just send all that waste to landfills, it off gas, it goes into our atmosphere. If we can take that product, because we’re not going to consume any less.
As our population grows, we’re going to consume more and more and more and more. And we don’t have a land space for it. So, we need to be more efficient with the stuff we’re going to consume, the stuff we’re going to consume we got to make sure we’re processing properly, and that’s what we’re doing.
[00:17:52] Ray Punn:
Just to wrap this topic up specifically, I know that we have contracts in place with municipalities. Can you share some of those municipalities that we have contracts with?
[00:18:03] Rob Stein:
I think we can.
[00:18:04] Matt Kennedy:
Yeah, sure.
We are currently processing some of York Region’s material at the site. We’re currently processing a lot of Simcoe County, their material at site. In the past, historically, we’ve dealt with Peel, we’ve dealt with Toronto, we received close to 7000-8000 tons of Waterloo tonnage a year as well.
So really, we’re focused on getting tonnage in that’s close to our location. As Rob mentioned, we’re really focused on that carbon intensity score that goes to the benefit these municipalities that they’re really focused on as well.
[00:18:38] Rob Stein:
Well, and one thing we’ve done is when we when we bought the facilities, they all had long term municipal contracts, but we’ve benefited from going through the process of bidding on these contracts. Sometimes we’re successful, sometimes we’re not. Sometimes we’re geographically located where we’re the best class and sometimes we’re not.
So, what Matt and his team have really worked on over the last six months is, let’s find partnerships. Let’s not go into these big 20 people bidding on a municipal contract, all fighting to the bottom. Let’s go and develop relationships. So, we’re actually targeting a lot of the commercial, industrial space to say, “hey, we’re in your backyard. You can point to us and say, you have an ESG plan. Where are your offputs going? It’s going to a facility 20 minutes from me”.
Let’s use Cargill, for example. Cargill is in Guelph and our facilities in Elmira. That’s half an hour away. Cargill has a lot of throughputs that really benefit our process. But what we do also benefits their mandates, lowers their costs, helps with their gas contracts, helps them hit their ESG goals, and checks a lot of boxes for them.
So those are the types of partnerships we want is we want to go and say, you have something we need, and we have something you need. That’s a partnership that we want, and we’re looking at extending those. We’re doing private purchase agreements right now where we’re going to offset that. We’re going to say, you have so much feedstock and we need that feedstock, and we’ll give you our throughput, whether that’s gas or electricity or RNG RNG credits or carbon credits, whatever it is, there’s a deal being made. So those are the partnerships we want and we’re really trying to focus our business towards that.
[00:20:11] Ray Punn:
Excellent. That’s a good summary on the biogas, Rob.
Matt, what I want to do now is switch gears back to the solar side.
So, on the solar side, all of the contracts are in Ontario, they’re backed by the FIT, the Feed-In Tariff program, which was launched by the Ontario government, you guys correct me, ’08-’09 around there. When you look at sort of the life expectancy on our contracts, there’s about ten years left on those contracts.
So, I have two questions, Rob, Matt, for you guys. First one is, what happens after ten years once those contracts expire or they’re up for renewal with the provincial government? Number one.
And number two, another very popular question that we get from investors and portfolio managers is about government incentives. Are you leveraging any government incentives, and if so, what’s the benefit to the Fund?
[00:21:03] Rob Stein:
Yeah. The biggest government incentive that ever came out was the FIT program. They really highly incentivized people that didn’t know any about generation or renewable energy to put their hard-earned money into assets that would provide electricity for the greater good.
So that was the initial program. And that program existed really from 2007, in the RESOP (Renewable Energy Standard Offer Programme). It was more commercial in 2009 and went for 20 years. The last contracts came out probably around the 2017, 2018 range, so you’ll see the last contracts come up around 2038. And the goal was, the government really wanted a consistent, dependable power there.
And so, we have the benefit of having owned assets across every contract being released. We own utility scale assets in RESOP, which were before FIT, which are really quality contracts, but they’re the first ones up. And in the next eight years, we’re going to be having a conversation with the provincial government about that power. We also have contracts that aren’t expiring for 14.5 years from now. And so, it really gives us a good view on what’s going to happen and what’s the best way to monetize our post-contract value.
So, when we started buying the assets, Matt and I debated heavily over what type of risk do we want to take on post-contract power? And we both agreed we don’t need to take any risk. Until something’s tangible, until we can put a value on it, we’re not going to add it to our unit value.
[00:22:31] Rob Stein:
So, I’ll give you an example. We have a contract that has 20 years on it. We have a 20-year extension on our lease. We can produce power because we own that connection point forever. Why aren’t we underwriting that asset for 40 years? We know we’re going to generate power there for 40 years.
And so, what we do is we take a conservative approach. We say we know we’re going to generate $0.30 a kilowatt hour for the first 20 years, and then we use a forecasted price. We say the forecasted price on that 21st year is going to be $0.12 a kilowatt hour. Why don’t we underwrite to 5 or 6? Because we know that’s the wholesale price of power. So, what we do is we take a really conservative approach saying we know there’s going to be value there, but we’re not giving all the value until it’s tangible.
And so, there’s a couple options that happen after the contracts expire. The most likely option is we are, through our immigration, through the mass expansion that we’re having, the housing crisis we have, we have an energy crisis ahead of us where we aren’t generating enough power for the expansion that’s currently happening.
[00:23:34] Rob Stein:
This is a major problem. And so, what we need to do is make sure that our resources aren’t coming offline. So, the government has already started to have conversations with generators about something called the blend and extend. So they’re going to say, hey, you have ten years left on your contract, but we know we need your power forever. And so, you’re ten years left on the contract is at $0.20. Why don’t we give you 20 years on a contracted basis, not at $0.20, but at $0.15. And we’ll have to throw it into our model and see if it makes sense for our asset class. But a blend and extend is probably a very likely situation where the government doesn’t want to lose that power usage.
Another option is, if all our contracts were done today, we would sign a power purchase agreement with a private vendor. We would go to a Cargill as a great example and say, you consume so much power, we’re a generator of power, let’s sell you power. And, because these assets have been paid down and written down to $0, we have to just operate and maintain it.
[00:24:33] Rob Stein:
Now, what can we sell power at? And we could probably sell power at sub $0.05. And so, we could be the most cost-effective way to sell power. And so now there’s a negotiation on what’s commercial reasonable terms, what’s a rate that we can stand by, and what’s an escalator based on the price of operating costs going up? And so that’s really reasonable.
So, you know we can do a blend and extend with the government, we can go to private vendors and say you need power, we’re a generator power, let’s sell there. We basically created our own new little private utility by that point and now we’re a power seller.
Other options are, because we own that connection point, we own the solar contract, we own the solar system, that connection point. What is the best use case for that power? Right now it’s solar PV and biogas. Maybe it’s something else. Maybe hydrogen is there. Maybe coal fusion is around. Maybe there’s something there that’s a better use case for our connection point. So, we know we’re going to be generating power at that usage at that point. As long as there’s value there for electricity being consumed.
[00:25:33] Matt Kennedy:
I think I just want to highlight there too Rob, you mentioned something about the connection point. And you look at our RESOP portfolio which generates over $28 million in revenue a year. That portfolio, when we acquired it, we acquire a multitude of things. We acquire the FIT contract or the RESOP contract that goes with it, that basically sets our rate. In addition to that, though, we own the equipment, and we own the land and we own that in perpetuity.
So, to your point, that connection point to us is still very valuable when these contracts run out because of the opportunities in the private market that exist, and with the change in demand of private companies that are seeking renewable energy with those ESG initiatives going on. So, I just want to mention, you know, when we do look at acquiring assets, we look at assets that have land included so that we can operate in perpetuity or very solid long-term lease extensions on our rooftop portfolio.
[00:26:25] Rob Stein:
Yeah, yeah. It’s a great point and really, part of the genesis, I missed it in my intro, but when Jason Castellan came to us, part of the point was he knew that he had REITs and investors that had huge consumption needs. And so, eventually will we sell power to the REITs? Probably. We know the covenants. We know the quality of their assets. We know how much power they’re consuming. We know what that looks like.
The provincial government this year has come up with something called a virtual power plant, which is going to allow a generator to say, you built a solar system in Ottawa, you can offset an apartment building that uses a lot of power in Windsor. And so that’s a perfect marriage. You’re saying I generate power, you need power, put in a contract basis, and then utility is just doing a bill offset. And so that’s a reality.
And so really the opportunities for these assets post contract are endless. We know there’s value there, people knock on our door every day to try and buy what we have because we have accumulated something that’s really hard to do. And so, this accumulation has allowed us to sort of be a private utility, and it really gives us control over what our destiny looks like. So, from a modeling perspective, we’ve taken a conservative approach, making sure our unit value is true to the value we have today. But as we add more and more value to that, we add post-contract value, we sign a PPA outside the FIT contract, we will start adding that stuff back in and really, we’re excited about post-contract term.
Everything we’re talking about today is in the contracted. What happens after these contracted life is really, really exciting. And that’s when things get great for our unitholders.
[00:28:01] Ray Punn:
Thanks, Rob. Matt, Rob, this is both for you as the last question. We’re going to wrap it up right after this.
So, the Fund, it’s been very well positioned by portfolio managers, by large investment dealers and their advisors, and we also have thousands of direct high-net-worth investors involved with this Fund. This is usually a question that I get, but I’m going to throw it to you, how does the Fund fit into the investment sleeve?
[00:28:31] Rob Stein:
I’ll take a first crack.
So, we are an equity growth investment vehicle that really cares about cash flow and unitholder returns. Rather than distributing that cash flow. We can reinvest it into new accretive opportunities. Where that resonates with our larger investors is there’s consistency there. We’re going to show growth through unit value adjustments on a quarterly basis. If we have a major acquisition or disposition that might happen off those quarterly frequencies but you’re going to see steady, consistent growth. We can do that through cash flow. We reinvest that into new opportunities. And that’s sort of a nice thing for our unitholders to know that they’ve trusted us with their money, they’re setting it, and we’re a long-term hold in a lot of situations. We’re a tax efficient vehicle, right now if there’s a redemption, it’s all capital gains. And it’s very, very tax efficient way to grow an investment over a long-term with really consistent inputs.
And so, for a lot of our investors, we fit into the infrastructure bucket, we are infrastructure, we are cash flowing, we just happen to reinvest that into a new accretive opportunities, and, we’re access to institutional quality assets that you can’t do unless you can write a couple of hundred million dollar check for a wind farm in South Africa or Alberta.
And so really, this is bringing that type of quality of asset to the masses gives you a consistent return with equity like returns and are in a really tax efficient vehicle. And so, where we find it fits into everyone’s portfolio is, if you’re looking for a tangible asset, an infrastructure asset, real property that you can go and look in your backyard and see that solar system or that biogas facility, that’s sort of where we fit into that. What do you want to add to that?
[00:30:25] Matt Kennedy:
Nothing. Rob, that was perfect.
[00:30:27] Ray Punn:
Yeah. Thank you, guys.
So, there’s more that I can add to that, but I won’t because I can look at the time and say that we’ve hit time. So, I’d like to thank you both, Matt and Rob, for joining me today. I know this is sort of quick and we can do this for probably another hour, hour and a half, but we won’t. The Q&A tab is open in the top right-hand corner for those that are viewing. I want to thank you both for joining the webinar today.
[00:30:54] Matt Kennedy:
Yeah. Thank you.
[00:30:55] Ray Punn:
So, with the Fund’s strategic positioning in the market, there’s some really exciting opportunities for investors looking to get into the alternative investment space. This fund specifically, it gives you a check mark for equity, yields, sustainability and just an investment for six years, it’s had a proven track record. So, this concludes our webinar. I appreciate those that have joined live today. You can visit us at SkylineWealth.ca to pick up more content. Thanks again, guys. This has been great. And thank you to everyone that viewed. Thanks for joining.
[00:31:30] Rob Stein:
Thanks. Thank you.