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Gold/Mining/Energy : Creststreet Power & Income Fund
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To: sageyrain who wrote (10)7/3/2007 10:35:33 PM
From: sageyrain   of 13
 
Delays and cost increases at Kettles Hill-

With the CRCE test period having been completed, work to install and commission the remaining 30 wind turbines for the second phase of the project (the “Infill Construction Phase”)
is underway. Construction of the project is scheduled to complete approximately nine months behind the original schedule. Approximately, six months of the delays were due to late receipt of the turbines; for which Vestas paid liquidated damages. One month of the delay was due to changing the foundation design to a more traditional design in response to complex soil conditions at the site. The balance of the delays, are due to malfunctions with the erection crane, which have occurred in 2007. Creststreet Power & Income Fund has agreed to invest up to an additional $1.9 million in subordinated promissory notes of Kettles Hill. Based on its current schedule, the Manager expects that the erection of the turbines will be completed during June 2007.

The ground and foundation work for the Infill Construction Phase has been completed in the first quarter of 2007. The erection of the towers and turbines started in the fourth quarter of 2006 and is anticipated to be completed in June 2007. The table below highlights the status of
all 35 turbines:

Status:

Number Turbines completed, operating and producing power(1)- 5

Turbines completed, and capable of operating and producing power- 15

Turbines erected and awaiting commissioning- 9

Foundations complete with towers and turbines under installation- 6

Total: 35

(1) Includes five turbines completed in first quarter of 2006.
The 15 commissioned turbines of the Infill phase are currently not operating as the manufacturer completes an investigation of its principal components, following the failure of one
of the turbine components. The Manager is working with the manufacturer to resolve any issues
to bring the turbines on line as soon as possible.

All permits and authorizations required for the CRCE Phase and the Infill Construction Phase of the Kettles Hill facility have been obtained by Kettles Hill and are in good standing, other than those permits and authorizations that are not yet required, but which are expected to be obtained prior to or upon the completion of the Infill Construction Phase.
During the first three months of 2007, $13.7 million (2006 - $5.7 million) was spent on the project. Cumulatively to-date $107.2 million has been spent on the project.

excerpted from:

creststreet.com
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