This stuff is old, mainly all 3D editing needs to be done in an editor version release at the time of the games creation in 2006/2007 and same goes for the Collada plugins. It will not work with modern releases.
Extract the tools archive and place the files directly in the “penumbra install directory/redist”, you should have the following .exe in the redist folder % * HplHelper.exe
HudObjectEditor.exe
ModelViewer.exe
ParticleEditor.exe
ParticleViewer.exe
SceneViewer.exe
Install .NET
Install COLLADA for your 3D editor % * Make sure your editor is set to unit = meter
make sure COLLADA is set to “export polygons as triangles” under export settings