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Royal Bank of Scotland is expected to launch retail syndication this week of a EUR680 million ($740 million) non-recourse loan financing the construction of the 800 MW Amorebieta CCGT plant in Spain. A banker involved in the process says the retail round is likely to be small, given that eight other banks committed as lead arrangers before financing was sealed in January. Steve Gee, syndication manager at RBoS, did not return calls.

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 .

Calpine is negotiating deal terms with three banks for a loan to finance construction of the 600 MW Riverside Energy Center in Wisconsin. Bayerische Landesbank is now involved in the talks, in addition to Credit Lyonnais and HypoVereinsbank (PFR, 2/17). One banker says the talks are focused on the debt-to-equity ratio of the project and so also on the final dollar amount of debt. He adds the loan is not close to being signed up, but will likely be wrapped next quarter.

Mirant's upcoming debt restructuring negotiations could descend into an acrimonious tug-of-war between the IPP, its lenders and two groups of bond holders as the various creditors look to retain or grab liens on Mirant's large pool of assets. One group of creditors--holders of bonds issued by Mirant's U.S. generation holding company--are likely to be hardest hit. "It'll be a soap opera. Expect law suits to fly," notes one money manager with a position in Mirant paper.

Creditors in a $1.6 billion package of InterGen power plant project debt say the three construction loans are in danger of breaching covenants because wholesale power price projections--to be re-calculated when the plants come on line later this year--will likely show revenues can't support the leverage allowed under the loans. If the covenants are breached then the deal will have to be restructured.

* Gas Natural is preparing to press ahead with its bid for Iberdrola, despite criticism from some of its shareholders. "It is very clear that we are going to press forward," said a spokeswoman. "Even though we haven't presented the [detailed] bid yet, we will do so within the legal time frame" (Dow Jones, 3/14)

Alabama Power, a regulated utility arm of Atlanta-based Southern Co., tapped the 30-year bond market for the second time in a month last Wednesday, further highlighting the appeal of long-dated paper to regulated utilities or their parent companies.

Dominion Resources issued $600 million in senior unsecured notes last week to repay $500 million in short-term commercial paper that was issued in January. Dominion spokesman, Mark Lazenby, says the company will use the additional $100 million for general corporate purposes. The $600 million offering was issued in two tranches, split evenly between a 10- and 30-year tranche. Dominion used the commercial paper, along with $500 million the company had put into escrow in December, to refinance $1 billion in debt that came due Jan. 31.

TXU Energy, the unregulated arm of TXU Corp., last week wrapped a $1.25 billion two-tranche bond offering, a total dramatically upsized from an original $500 million target. One market official says the deal was the first merchant generation bond to hit the market since mid-last year and the company made a strong pitch in its roadshow. Although the company has 20,000 MW of generation it has a non-utility retail base of around 2.7 million customers, he adds.

San Jose, Calif.-based Calpine started pitching for a renewal of its $1 billion revolving credit facility that matures next month. Pricing on the Bank of Nova Scotia-led deal is reportedly in the range of LIBOR plus 400 basis points and the deal was recently launched to a small group of lenders. Bob Kelly, Calpine cfo, told analysts on an earnings conference call earlier this year the company has the option of terming out $600 million of the maturing money for one-year. But he added the target was to extend the entire secured revolver facility out to 2005.