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InterGen has made an initial pitch to lenders to restructure three project loans totaling $1.6 billion that are in danger of breaching covenants when the plants come on line later this year. The precise details of the restructuring could not be determined by press time, but the sponsor's approach is geared toward getting lenders to extend the amortization schedule in return for commitments by InterGen to provide liquidity support, says one official. Martin Rees, v.p. of finance at InterGen, declined comment.

LG&E Power Inc., the non-regulated generation arm of LG&E Energy Corp., is looking to sell its mainly U.S. generation portfolio, according to a preliminary offering document obtained by PFR. The package includes LPI's 50% ownership in the 550 MW Gregory Power plant in Gregory, Texas, as well as stakes in six wind and coal-fired facilities in North Carolina, California and Spain. Calls to Doug Bennett, a spokesman in Kentucky, were not returned by press time. Gareth Wynn, v.p.-U.S. and U.K. corporate affairs at LPI's parent company E.on in Dusseldorf, declined comment.

* Exelon's new 800 MW Mystic 8 gas-fired power plant in Everett, Mass., went on line April 13 and the company expects the adjacent 800 MW Mystic 9 to enter service sometime in May. A third 800 MW Massachusetts project–the Fore River station–is expected to go on line in June (Reuters, 4/14).

Brazos Electric Power Cooperative is looking for external capital to finance the construction of a planned 520 MW plant in Texas. Dave Murphy, v.p. of generation, says the Waco, Texas, coop will likely seek long-term funding via the Rural Utilities Service but is presently looking for interim funding to begin construction. The Lone Star coop will shortly break ground on the Jack County plant and hopes to have the facility on line by December 2005, says Murphy. He referred all further questions on the financing to Kahki Brodovsky, cfo, who declined comment. Brazos, the largest generation and transmission cooperative in Texas, is the wholesale power supplier for 17 member-owner distribution cooperatives, three municipal systems and Texas A&M University.

As Reliant Resources' $5.9 billion make-or-break debt refinancing went down to the wire two weeks ago, the lead agents Bank of America, Barclays Capital and Deutsche Bank took the highly unusual step of pulling trading lines with Westdeutsche Landesbank, the only member of the 24-strong banking syndicate that was still balking at the refinancing package on offer, according to two senior bankers involved in the negotiations. The move was a last-ditch attempt to get WestLB to sign up the refinancing before the midnight deadline on Friday, 28 March.

Bank of America Securities has hired former Merrill Lynch investment banker Robert Craig as a managing director covering the non-regulated power sector. Craig spent seven years at Merrill before making the move to BofA a little over a month ago. Craig's investment banking duties will include corporate finance and advisory services. Tara Burke, a spokeswoman at BofA, says Craig occupies a new position with the firm, reporting to Joseph Carey, managing director and head of natural resources.

Alberta, Canada-based TransAlta late last month sealed the sale of 15 million common shares, raking in CAD240 million ($163.5 million) of gross proceeds. Daniel Pigeon, director of investor relations, says the money will be used to fund TransAlta's acquisition of a 50% stake in CE Generation from El Paso funded at the beginning of the year. TransAlta tapped the stock market to maintain its desired capital structure, a 50% debt-to-capital ratio.

Following is a directory of ongoing generation asset sales. The accuracy of the information, which is derived from many sources, is deemed reliable but cannot be guaranteed. To report new auctions or changes in the status of a sale, please call Will Ainger, managing editor, at (44-20) 7303-1735 or e-mail wainger@euromoneyplc.com .

Norwegian generation investment fundStatkraft Norfund Power Invest is looking at hydroelectric power plant acquisitions in Chile and Peru, and believes several investment opportunities could shortly emerge as U.S. and European generators look to scale back in Latin America.

Microgy Cogeneration Systems, a subsidiary of the Environmental Power Corp., a developer of alternative and renewable clean energy plants and technologies, is in the market for debt and equity financing for a 15 MW plant, Anaerobic Digestion Power, in Wisconsin, says an official familiar with the project. He declined to name the banks with which Microgy is in talks for the financing, or say how much capital is being sought.