Search results for

Hagerstown, Md.-based Allegheny Energy is looking to issue $400-450 million in new equity or convertibles as part of an effort to strengthen its balance sheet and that of unregulated generation and trading unit Allegheny Energy Supply. The exact size of the issue has yet to be determined and no banks have been selected to lead the deal, says Guy Fletcher, spokesman. The balance sheet strengthening is an on-going process, he says, but he was unable to elaborate on the rationale for it ahead of press time.

Ireland's state-owned electric utility, the Electricity Supply Board, has shortlisted BNP Paribas, Royal Bank of Scotland and ABN AMRO to arrange financing for the construction of an 800 MW combined-cycle gas-turbine fired power plant in the Basque region of northern Spain. Bankers involved in the process say the ESB is likely to retain one of the firms within the next few days. Calls to Kevin MacDermott, an ESB spokesman, were not returned.

Atlanta-based Mirant is prepping non-recourse loan funding for two greenfield projects and has lined up Bank of America to lead the financing, according to a syndicator familiar with its plans. Officials at BofA declined comment and calls to Mirant were not returned. The syndicator says the facility is a shrunken version of the $750 million, four-plant loan the IPP was taking pitches on toward the end of last year and start of the first quarter (PFR, 1/14). The plant line-up and the size of the reduced facility could not be determined.

U.S. Energy Systems, a distributed generation company in White Plains, N.Y., is looking to triple its domestic power plant portfolio to between 600-700 MW over the next two or three years, adding to the 28 units it already operates.

Dynegy Energy Partners, a master limited partnership recently formed by Houston-based Dynegy, has launched its inaugural revolving credit facility. The $300 million deal, led by Bank One and J.P. Morgan, is being pitched to what one banker describes as a small club of banks. He says he expects the deal to syndicate well, declining to elaborate further. Calls to Dynegy and Bank One were not returned.

A consortium including the Brazilian arm of Alcoa, the U.S. aluminum giant, is looking to raise some $650-750 million in bond and non-recourse bank loan financing to fund the construction of Santa Isabel, a 1,087 MW hydroelectric power plant in northeastern Brazil, says an official familiar with its plans.

RWE launched the roadshow in London today for a sterling bond offering and initial indications suggest the size of the deal, part of a EUR5 billion multi-currency bond offering (PFR, 4/8), could exceed GBP1 billion ($1.43 billion), making it the largest ever utility debt issuance in the U.K. market.

Trans-Elect, the only for-profit independent transmission company in the U.S., has entered talks with DTE Energy about buying its transmission unit,International Transmission System Co. (ITS), and could announce a deal within the next two weeks, says a banker close to one of the parties. Lewis Layton, a DTE spokesman, denied the merger talk. He also refused to comment on the size of ITS, the transmission business of DTE utility arm Detroit Edison that was spun off into a separate entity last year to comply with Federal Energy Regulatory Commission guidelines. PFR was unable to ascertain the likely sale price by press time.

AES's roughly $1 billion of project bonds backed by revenues from its DRAX power station in the U.K. are languishing well below face value following AES' decision to put another of its U.K. plants, Fifoots Point, into receivership last month (PFR, 4/1). A high-yield bond trader in London notes the GBP135 million 11.25% junior bonds of 2010 are currently trading at 40/42. The GBP200 million 9.07% senior bonds, due in 2025, are trading at 73-75. The dealer was unsure of the value of two other U.S. dollar-denominated tranches.

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. Seller Plants Location MW Plant Type Advisor Status American Electric Power/ Northeastern units 3 & 4 Okla. 300 Coal N/A Reviewing sale strategies. Central and Southwest Corp. Lon C. Hill Texas 546 Gas - Nueces Bay Texas 559 Gas - Ennis S. Joslin Texas 249 Gas - ADWEA Um Al Nar Abu Dhabi 1,100 Gas & Water Desalination CSFB Expected to send out RFPs in April. CMS Energy Loy Yang Melbourne, Australia 2,000 Coal Not chosen Announced intention to sell. Ensenada Argentina 128 Gas-fired J.P. Morgan CT Mendoza Argentina 520 Gas-fired J.P. Morgan El Chocon Argentina 1,320 Hydroelectric J.P. Morgan Enel Interpower Italy 2,611 - Lehman, Merrill, - CSFB Enron Bahia Las Minas Panama 355 Various PwC Intention to sell. Pueto Quetzal Guatemala 110 - (administrator) PQPLLC Guatemala 124 - - Margarita II Nicaragua 70.5 - - EcoElectrica Puerto Rico 507 - - Puerto Plata Dominican Republic 185 - - Cuiaba Brazil 480 - - Nowa Sarzyna Poland 116 - - Sarlux Italy 551 - - Trakya Turkey 478 - - Chengdu Cogen China 284 - - Northern Marianas Guam 80 - - Bantagas Philippines 110 - - Dabhol India 2,184 - - Subic Bay Philippines 116 - - Teesside U.K. 1875 Wilton U.K. 154 IVO Energy Brigg U.K. 240 Gas BNP Paribas South Humber U.K. 1,240 Gas - Grangemouth*** U.K. 130 Gas - Edenderry Ireland 120 Peat - Independent Energy Various U.K. 130 N/A KPMG KPMG is handling the asset sale after Independent Energy went into receivership. MARCOR Remediation - Calif. 5.7 Wood - - (A broker acting for an undisclosed seller) Mirant Canal Mass. 1,109 Gas & Oil CSFB Part of $1.6B restructuring Kendall Mass. 100 Gas & Oil - Martha's Vineyard Mass. 12 Gas & Oil - North Atlantic Energy Seabrook* N.H. 408 Nuclear J.P. Morgan Must be sold by Dec. 2003. NRG/Xcel CEEP Poland 10 (10% stake) - - Is currently selecting a financial advisor Csepel II Hungary 389 Gas/Oil - ECK Czech Republic 350 (44% stake) Coal/Gas/Oil - Enfield U.K. 380 (25%) Gas-fired - Killingholme A U.K. 680 Natural Gas - MIBRAG Germany 238 (50% stake) Coal - Gladstone Power Australia 1,500 (37.5% stake) Coal - Flinders Australia 760 Coal - Loy Yang A Australia 2,000 (25% stake) Coal - Hsinchu Taiwan 400 (60% stake) Gas-fired - Lanco Kondapalli India 340 (30% stake) Gas/Oil - Collinsville Australia 192 (50% stake) Coal - TermoRio Brazil 1040 (50% sake) Gas - COBEE Boliva 220 (98% stake) Hydro/Gas - Itiquira Energetica Brazil 160 (98% stake) Hydro - Cementos Pacasmayo Peru 66 Hydro/Oil - Bulo Bulo Bolivia 90 (60% stake) Gas-fired - Cahua Peru 45 Hydro - Oman (Ministry of Housing, Rusail Oman 730 Gas - Electricity & Water) Ghubratt Oman 507 CHP - Wad Al-Jazzi Oman 350 Gas - Ontario Power Generation Lennox Ontario 2,140 Oil, gas Merrill Lynch & Expects to sell Lennox and Lakeview shortly. Lakeview Ontario 1,140 Coal Scotia Capital- Atikokan Ontario 215 Coal - Thunder Bay Ontario 310 Coal - Mississagi River Ontario 490 Hydro - Public Service Co. of New Merrimack N.H. 475.8 Coal J.P. Morgan Subject to approval for rate settlement by PUC Hampshire (Northeast Utilities) Newington N.H. 415 Oil/gas - and state legislature. Schiller N.H. 146.6 Oil/gas - Lost Nation N.H. 19.1 Diesel - Merrimack N.H. 42.2 Diesel - Schiller N.H. 18 Diesel - White Lake N.H. 23 Diesel - Amoskeag N.H. 17.5 Hydro - Ayers Island N.H. 9.1 Hydro - Canaan Vt. 1.1 Hydro - Eastman Falls N.H. 6.5 Hydro - Garvins Falls N.H. 12.1 Hydro - Gorham N.H. 2.1 Hydro - Hoolsett N.H. 1.95 Hydro - Jackman N.H. 3.55 Hydro - Smith N.H. 14.2 Hydro - Reliant Resources Argener Argentina 160 CHP - TXU Lake Creek Texas 323 Gas Merrill Lynch Reviewing sales strategy. Tradinghouse Texas 1,340 - - River Crest Texas 110 - - Mountain Creek Texas 893 - - Parkdale Texas 327 - - North Main Texas 123 - Monticello Texas 1,900 Coal Merrill Lynch Is looking to sell an undisclosed number of its Martin Lake Texas 2,250 - - coal assets. Big Brown Texas 1,150 - - Sandow Texas 545 - - Wisconsin Energy Bridgeport Conn. 1,100 (combined) - - Has put up for sale following collaspe New Haven Conn. 1,100 (combined) - - of NRG deal. * North Atlantic Energy owns 34.8% of Seabrook *** Fortum owns 75% of Grangemouth. Mitsubishi owns the remainder.