Biomass Secure Power Inc. (BMSPF)

[PhillipD]

There's probably a number of things holding it up. Issuing a bond doesn't happen over night and the bond issuance can fail. This is a lot of money and likely not something the Port has frequently done (if ever). They probably have consultants working on it and will need to go to their Board first. Design wise, my understanding is that they are increasing rail capacity into the Port which has caused some delays. Meanwhile in England Drax just received the news that the government will guarantee £75m of debt on their project (which I'm speculating will be BMSPF's primary contract). Drax may be hesitant to ink any deals until all their ducks are lined up so that they don't find themselves short on cash half way through construction.

Anyway, below is their current schedule as of 2/22/13 (from their MD&A):
Longest lead time required: Electrical Transformer 14 months
Earliest start date on site July 1, 2013
Earliest finish date - Commission Line 1 October 1, 2014
- Commission Line 2 December 1, 2014
- Commission Line 3 February 1, 2015

Phillip