Project_Development_and

Asset owners contemplating an expansion, acquisition or construction of a
capital project may optimize the sequence and substance of project development
decisions leading to a particular project configuration and delivery system when
supported by a logic driven process of convergence. Such a process and
several project delivery options are illustrated in the Power Project Development
and Delivery Outline linked above.

Our clients routinely avoid unnecessarily disrupted and repeated efforts during
development and delivery of projects because sufficient information underlying
each project decision is assembled, together with pertinent options and
recommendations, before any such decision is made.

For example, third party financing is generally accompanied with certain fees,
surety requirements and other obligations materially affecting project costs, risk
allocation and the relationships among project participants. We avoid costly re-
bidding and post-agreement negotiations by establishing the requirements of
preferred financing facilities before developing project contracts and bid
packages.

Additionally, in our experience a project delivery system should be tailored to a
particular project configuration in order to maximize project delivery efficiencies.
We encourage owners to substantially develop internal constraints and
preferences relating to project siting, commercial content, process and physical
configurations before deciding on a preferred project delivery system i.e. EPC,
multiple primes, or third party build-operate-transfer, among others.

A logic driven convergence upon a project delivery system that is tailored to an
owner's needs and exploits the efficiencies of project participants saves money
and avoids unnecessary friction and other losses resulting from the
misalignment of expectations among such project participants.