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  • News
    EdF Chooses SocGen For Rio Bravo III Project
    Electricité de France has selected Société Générale to arrange a $217 million,16-year project loan to fund the construction of Rio Bravo III, a $290 million, 500 MW gas-fired plant in northern Mexico. A New York project financier close to the transaction says SocGen plans to launch syndication of the loan by the end of the second quarter. He adds EdF will provide the remaining $73 million of the project's costs with internal cash.
    March 03, 2002
  • News
    CMS Eyes Pipeline Acquisitions
    CMS Energy is looking to acquire some small U.S. gas pipeline assets as part of its strategy to grow the company through targeted acquisitions with capital from its divestiture program. This is aimed at redistributing more resources to its core business areas, says Alan Wright, executive v.p. and cfo.
    February 28, 2002
  • News
    German Wind Co Taps IPO Market, But Markets Remain Weak
    Repower, a German wind turbine manufacturer and wind farm developer, last week became the first European power technology or renewable energy concern to make an initial public offering since Nordex, another wind turbine company, floated last summer. Despite strong demand for the issue--the EUR82 million common stock offering was some three times oversubscribed--Glen Liddy, a power technology analyst at lead underwriter Schroder Salomon Smith Barney, warns investors not to expect a flurry of similar deals.
    February 28, 2002
  • News
    Quartet To Close Bahrain Deal
    Bank of Bahrain and Kuwait, BNP Paribas, HSBC and Bank of Tokyo-Mitsubishi will close financing this week on a roughly $350 million non-recourse loan funding the expansion of a power and water desalination plant in Bahrain. A banker involved in the transaction says the deal is being underwritten on a club basis and that the quartet will not syndicate the transaction after closure. He declined comment on the tenor or pricing of the facility.
    February 28, 2002
  • News
    BP Beefs Up Trading Desk With Enron Hire
    Oil and gas giant BP is in the process of ramping up its power trading operations and last month hired Enron veteran Amir Ghodsian to trade the U.K. electricity market out of London.
    February 28, 2002
  • News
    Union Fenosa Selects Citi For Mexican Project
    Union Fenosa has retained Citibank to arrange non-recourse project financing for the construction of a $200 million 300 MW gas-fired plant in Sonora, Mexico, dubbed Naco Nogales, according to a New York project financier familiar with the matter. He adds the Spanish utility and Citi still have to hammer out details of the loan.
    February 28, 2002
  • News
    Peso Crisis Puts Brake On Latin Sale
    Alan Wright, executive v.p. and cfo of CMS Energy, told conference delegates he doubts the Dearborn, Mich., energy concern will be able to sell any of its Argentine assets in the near-term given the country's recent devaluation. CMS hopes to complete the sale of its Latin American portfolio by the third or fourth quarter, said Wright, quashing earlier hopes of a quick exit (PFR, 3/4).
    February 28, 2002
  • News
    Ten Lenders Join NiSource Revolver Club
    Merrillville, Ind.-base NiSource has wrapped its $500 million 364-day revolver with all nine banks invited into the deal signing tickets, along with lead Barclays Capital. The deal refinances a $1.25 billion facility, a downsizing reflecting lower funding needs (PFR, 3/10).
    February 28, 2002
  • News
    Progress Finally Wraps $440M Loan With 12 Banks
    Raleigh, N.C.-based Progress Energy has closed its $440 million non-recourse loan funding 2,500 MW in new capacity with a 12-bank roster. The deal, which floundered in syndication after a third quarter launch until its merchant exposure was reworked (PFR, 2/18), ended up as a nicely structured facility, says one banker who baulked when first pitched the deal, but signed a ticket for the restructured loan.
    February 28, 2002
  • News
    TECO Seeks Financing For Dell And McAdams Projects
    TECO Power Services is looking to arrange non-recourse project financing by the end of this year to fund the construction of McAdams, a 599 MW combined-cycle gas turbine plant in Mississippi, and Dell, a 599 MW plant in Arkansas, says Gordon Gillette, chief financial officer of TECO. He says these projects, which were put on hold last year, will likely be operational in May 2003.
    February 28, 2002
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