Hoku's Pocatello, ID, dream plant is slowly becoming my favorite money pit. Except Dustin Shindo does a lousy Tom Hanks impression. This morning Global Expertise Wafer Divison, a subsidiary of Solar Fabrik AG, announced it will amend its supply agreement with Hoku, granting the Hawaii company a two month extension to complete financing for the Pocatello poly plant. You'd think I'd get tired of reporting this story? The extension moves Hoku's financing deadline to May 31, making it consistent with two previous extensions accorded with Sanyo and Suntech. As Shindo drowns his sorrows in a pink Mai Tai, I consider how we ended up here. The initial agreement with Solar Fabrik was announced in June 2007. Shindo was so overjoyed by the new contract, he decided to expand the plant's planned capacity from 2,000 metric tons to 3,000 metrics - the initial plans called for 1,500 metric tons of capacity production. At the 2,000 metric ton level, Hoku estimated the plant would cost $260 million to construct. Costs for the additional 1,000 metric tons were unknown at the time. The company promptly lined up $211 million in advanced funding from Suntech, Sanyo, and Solar Fabrik. In December 2007, Hoku signed a term sheet with Merrill Lynch allowing it to borrow roughly $185 million to continue financing plant construction. Merrill Lynch mandated Hoku raise an additional $35 million before that financing would come through. Hoku also recently completed a $25 million private placement, of which Suntech picked up $20 million. Yesterday, Suntech announced it had acquired an 11.7 percent stake in Hoku. That leaves $10 million still on the table. So, let's say Hoku raises another $10 million. Time for some simple math: 35 + 185 +211 = $431 million raised in prepayments, financing, private placement, and a garage sale. The original plant was supposed to have cost $260 million, though Hoku has potentially exceeded that level by $171 million. And it's still getting financing extensions. Shindo now has until May 31 before his three big contracts are able to exercise their termination rights. And his shareholders are able to exercise theirs. Off the top of my head I'd say Hoku underestimated the increase in equipment and construction input costs. That ambitious 1,000 metric ton add-in probably didn't help matters much. Anyway, I'm sure Shindo will come up with that extra $10 million somewhere. It might just be at the bottom of his Mai Tai.