KBC Bank and CoBank

El Paso and Colorado Springs Utilities

Fountain, Colorado

Independent engineering review in support of the financing of El Paso's and Colorado Springs Utilities' 480-MW combined-cycle power project located in Fountain, Colorado. Our review covered the proposed design, construction, and operation of the project, including review of various agreements related to its development, construction, and operation, compliance with environmental requirements, and pro forma financial model projections, including capital costs, operating levels and revenues, fuel consumpition, and annual operating and maintenance expenses. Our review also included ongoing project support through construction monitoring, review of disbursements of construction funds, and verification of performance test results and commercial operations.