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Tomen Power Corp. is looking to raise $95-100 million to fund the construction of two wind farms in the U.S., according to market officials. The farms, which have a combined capacity of around 100 MW, are Crescent Ridge in Illinois and Combine Hills in Oregon. Calls to Hidenori Mitsuoka, an official at the Japenase developer in San Diego, were not returned. Further details of the financing could not be ascertained.

The level of distressed bank debt in the U.S. power sector has reached critical mass. MMC has spent 2002 advising the capital markets that power company debt levels were out of control, management was not forthcoming on the extent of the problems, and the banks were not aggressively marking their loan books to reflect the true distressed value of the billions in troubled loans. To finance the over-development of power plants in the U.S. and highly questionable diversification into international markets and new business lines (e.g., telecom and energy trading), the sector borrowed an estimated $475 billion in recent years. Approximately 25% of the debt is concentrated in 10 of the largest energy trading companies. These figures do not include the substantial amounts of off balance sheet debt in the sector.

The Republic of Ireland'sElectricity Supply Board has sealed a EUR690 million ($740 million) non-recourse loan financing its 800 MW Amorebieta combined-cycle gas turbine project in Spain, Iberia's first independent generation venture. The deal was inked last Wednesday in London with mandated lead arranger Royal Bank of Scotland bringing on board a further eight lead arrangers, Allied Irish Bank, Banco Bilbao Vizcaya Argentaria, Banesto, Bank of Scotland, Bayerische Landesbank, Bank of Ireland, Fortis Bank and KBC Bank. Syndication is likely to be launched next month with the lead banks looking to scale back their roughly EUR80 million investments to the EUR50 million level, says one lender. Tony Lowe, a project financier at RBoS, did not return calls.

Bonds Issue Date Maturity Issuer Amount ($mil) Offer Price Type of Security Coupon (%) Spread to Benchmark Moody's S&P Book Manager(s) 2/6/03 2/18/13 Iberdrola 541.9 99.323 MTNs 4.875 94 A2 A+ ABN AMRO/Barclays/BBVA 2/6/03 2/21/13 International Endesa(ENDESA) 541.9 99.189 Fxd/Straight Bd 5.375 - A2 A Deutsche Bank/Morgan Stanley 2/7/03 2/21/33 Electricite de France 920.2 98.898 Fxd/Straight Bd 5.625 - Aa3 AA ABN AMRO/BNP/JPMorgan 2/10/03 2/15/08 Dominion Resources 400 99.874 Senior Notes 4.125 120 Baa1 BBB+ BofA/CSFB 2/10/03 2/15/05 Dominion Resources 300 99.913 Senior Notes 2.8 118 Baa1 BBB+ BofA/CSFB 2/10/03 3/5/08 Enag Energiefinanzierungs 73.9 100.34 Fxd/Straight Bd 2.25 NR NR UBS Warburg 2/11/03 2/15/06 Alabama Power(Southern) 170 99.9 Notes 2.65 53 A2 A Morgan Stanley 2/11/03 2/15/33 Alabama Power(Southern) 250 100 Notes 5.7 84 A2 A Goldman 2/11/03 2/14/13 Columbus Southern Power 250 99.737 Notes 5.5 157 A3 BBB+ Lehman/Salomon 2/11/03 2/14/33 Columbus Southern Power 250 99.528 Notes 6.6 178 A3 BBB+ Lehman/Salomon 2/11/03 2/15/33 Ohio Power 250 99.534 Notes 6.6 178 A3 BBB+ Lehman/Salomon 2/11/03 2/15/13 Ohio Power 250 99.741 Notes 5.5 157 A3 BBB+ Lehman/Salomon 2/11/03 2/14/10 Sierra Pacific Resources 250 100 Cvt Senior Nts 7.25 - NR NR Merrill 2/12/03 2/15/13 AEP Texas Central 275 99.621 Notes 5 114 Baa2 BBB+ Lehman/Salomon 2/12/03 2/15/05 AEP Texas Central 100 100 Float Rate Nts Floats - Baa2 BBB+ Lehman/Salomon 2/12/03 2/15/05 AEP Texas Central 150 99.757 Notes 3 153 Baa2 BBB+ Lehman/Salomon 2/12/03 2/15/33 AEP Texas Central 275 99.512 Notes 6.625 182 Baa2 BBB+ Lehman/Salomon 2/12/03 3/1/13 AEP Texas North 225 99.616 Notes 5.5 164 Baa1 BBB+ Lehman/Salomon 2/12/03 2/21/13 International Endesa(ENDESA) 107.4 98.735 Fxd/Straight Bd 5.375 - A2 A Deutsche Bank/Morgan Stanley Source: Thomson Financial Securities Data Company. For more information, call Rich Peterson at (973) 645-9701.

Following is a directory of upcoming projects and related financing in the Latin American power sector. To report new deals or provide updates, please call Kasey Wehrum, Reporter, at (212) 224-3226 or email: kwehrum@iinews.com

Charles Wortman, managing director and senior Latin American power sector M&A banker at J.P. Morgan, has relocated to the firm's São Paulo office to assume the role of senior country officer. Wortman relocated from New York to Brazil Jan. 27. He notes he fills a vacancy left by Patrick Morin, who retired last month.

AEP, one of the largest wind power generators in the U.S., is considering selling its 310 MW portfolio of U.S. wind farms. Linn Draper, ceo, told delegates at UBS Warburg's Natural Gas & Electric Utilities Conference in New York last week that AEP's wind power unit is one of half a dozen business lines it's pondering divesting to raise capital and shore up its balance sheet.

Electricité de France is believed to have put its stake in Scandinavian utility Graninge on the block. Market watchers say the Paris-based utility giant hired Merrill Lynch at the beginning of this month to conduct an auction of EdF's 36.5% stake. A sale of the Stockholm based vertically integrated utility could earn EdF some EUR300 million ($325 million), calculates one analyst. A Merrill banker confirmed EdF has hired it for a divestiture mandate but declined to elaborate. An EdF spokesman did not return calls.

Italy's Enel is preparing to launch a pan-European power trading operation in Rome in an effort to maximize the company's generation portfolios in Italy and Spain. The plans spring from a strategic overhaul initiated by Paolo Scaroni, ceo, who joined the company from U.K. glass-maker Pilkington last May, according to an official familiar with the company. These plans center on steering Enel away from a multi-utility approach and instead focusing on the energy market. Scaroni and press officers did not return calls seeking comment.

John Cooper, senior v.p. finance at PG&E National Energy Group, has left the once high-flying Bethesda, Md.-based IPP. The departure of Cooper, who was well regarded by sell-side bankers, is interpreted by some as signaling the start of the end game at NEG and could presage further staff losses. "The old NEG is dead," says one company watcher. Cooper did not return calls. NEG spokeswoman Natalie Wymer did not provide comment by press time.