eletrobolt review john following points outline current status project discussion 2 30 pm houston budget attached spreadsheet outlines current status budget compared previous reports basic status 4 million unallocated contingency basically budget sales process received one indicative proposal perez companc purchase 50 project equity asset company approximately 3 million book offer asset company include transfer upside marketing company total indicated give us offer next week delayed several times currently scheduled complete process perez companc prior year end schedule aggressive opic financing main finance agreement complete early next week worked opic last days change certain parts deal structure accelerate process opic indicating willingness work towards year end closing financing would represent 190 million financing total capital budget approximately 282 million construction financing structure construction costs project currently financed balance sheet credit vehicle westlb lead bank group financing vehicle contemplates take vehicle upon completion construction definition accordance construction contract final completion construction completed late december early january accordance construction contract due final completion water treatment facilities currently using temporary facilities run plant enron equity current process enron would need contribute approximately 45 million equity final capital structure project assuming indicative offer perez companc basic issue timing opic financing equity syndication closing westlb take commercial operations upon completion testing eight unit next week planning declare start date petrobras agreement begin receiving guaranteed payment conflict created action could create problems westlb construction financing vehicle contract clear take must occur upon completion accordance construction contract shall ocurred however banks stated past contemplate taking operating risk working finance agreement ensure coordinated strategy story banks keep comfortable however risk banks push take period turbine currently evaluting purchase turbine engine required site operational purposes ninth turbine generating set previously discussed plan date lease unit ge however presented offer buy used unit significantly better economics operating conditions lease current status budget believe accomplish still original construction budget outlined attached table currently expecting receive 6 8 million tax rebate able defer 2 5 million expenditures contemplated original budget still included unallocated contingency 4 million thanks brett