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Construction to Start Again on Hoku’s (HOKU) Idaho Plant
Hoku’s Pocatello plant just got another reprieve. According to Reuters, Hoku just announced that construction will begin again on its Pocatello, Idaho plant. Under the change order agreement that Hoku entered into with construction company JH Kelly, Hoku will pay JH Kelly $5 million of the total $12 million that is past due. JH Kelly hold off foreclosure proceedings until after December 1st of this year, and as long as Hoku makes the pre-payment of $5 million by that time, they have until January 14, 2010 to pay the rest of it.
According to Reuters, JH Kelly is still saying that it can complete the plant on schedule, as long as they are able to start working again next month.
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