Our U.S. power and energy infrastructure funds generally invest in electric generating and transmission facilities, as well as midstream assets and related energy or energy infrastructure investments. Our funds invest in these assets by either acquiring existing operating facilities or by investing in the development and/or construction of new facilities. Our primarily asset-based investment strategy is grounded in mitigating exposure to significant commodity risk through the use of long-term contracts or hedges which help create predictable cash flows across all asset types. Royal Finance Investment EIF typically seeks to structure investments to reduce merchant exposure by passing through the commodity pricing risks associated with the cost of fuel to the purchaser of the electricity under the terms of a power purchase agreement or other similar revenue or off-take contract. However, Royal Finance Investment EIF will also consider un-contracted or merchant investments, provided that such investments have certain locational or cost advantages.