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Lead arranger Credit Lyonnais last week funded the $106 million loan covering the 300 MW Blue Bruce Energy Center in Denver, according to a banker. The final syndicate allocations left sole lead Credit Lyonnais committing $25 million, HypoVereinsbank and Bank of Nova Scotia each taking $23 million tickets, CoBank $25 million and Hamburgische-Landesbank lending $10 million. The six-year loan, sponsored by San Jose, Calif.-based Calpine and backed by a 10-year tolling agreement with Public Service Co. of Colorado, was fully underwritten by Credit Lyonnais (PFR, 9/16).

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 Amanda Levin, Reporter, at (212) 224-3292 or email: alevin@iinews.com

Westdeutsche Landesbank has added another senior Credit Suisse First Boston staffer to its New York team covering power private placements among other sectors. Manish Taneji joins today as a managing director in the syndication and distribution team headed up by Howard Moseson. Moseson confirmed the hire, but declined further comment. Taneji was between posts last week and could not be reached for comment.

The Committee of Chief Risk Officers, the energy industry group formed earlier this year to bolster confidence in trading, is looking to tackle capital adequacy requirements (CAR) for trading operations, after it wraps its immediate objective of developing best practices for creating energy market price indices.

Brazilian oil concern Petrobras is looking to divest its 1,000 MW stake in 11 virtually new thermal-power plants in Brazil because of the economic and regulatory turmoil in the country. The plants have a total capacity of 3,519 MW.

Kohlberg Kravis Roberts' offer to step in and purchase Covanta Energy after it emerges from bankruptcy protection reportedly is about to stumble because Covanta's bank creditors want the private equity boutique to sharply improve its $225 million offer.

AEP Corp. has iced a planned foray into the U.K. non-recourse loan market because of stratospheric pricing and instead has set up a $425 million corporate facility to refinance its acquisition of 4,000 MW of coal-fired plants from Edison Mission Energy. As the dollar amount is short of the GBP400 million ($632 million) project loan originally on the drawing board (PFR, 10/21), AEP has funded the difference via internal funds and by drawing down on some of its euro facilities, explains David Hagelin, an AEP spokesman in Columbus, Ohio.

Lead arrangerBMO Nesbitt Burns is close to rounding out a limited retail syndication of the bank debt portion of a $403 million ($260 million) project loan backing the development of a 580 MW power plant at Brighton Beach in Windsor, Ontario.

Europe & Middle East

Lenders will need to take a measured and often conciliatory approach to reworking embattled power company debt if the roughly $70-$90 billion of loans and bonds maturing over the next three years aren't to create a fully blown refinancing crisis, according to industry officials.