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Bear Stearns' three electric utility analysts--who were handed pink slips last fall after the firm terminated its equity coverage of the sector--have secured new jobs. Robert Winters, managing director and head of the power research team, has landed at Zesiger Capital, a money management firm in New York. William Seddon, research associate, has joined Concert Energy Partners, a Big Apple energy startup launched by three former Bear Steans power bankers. Robert Francin, research associate, has joined Deutsche Bank as an oil and gas sector analyst.

Bonds Date Maturity Issuer Amount Price Type of Security Coupon (%) Moody's S&P Book Manager(s) 01/24/02 01/24/04 Edelnor 8.3 Market Bonds 6.5 - - Continental/Citicorp Peru 01/24/02 02/01/04 SCANA 150 100 MTNs Floats A3 A- UBS /BofA/CSFB/Wachovia 01/24/02 02/01/12 SCANA 250 99.545 MTNs 6.25 A3 A- UBS /BofA/CSFB/Wachovia 01/24/02 02/01/32 South Carolina Elect & Gas 300 99.201 Fst Mtg Bonds 6.625 A1 A UBS /BofA/CSFB/Wachovia 01/24/02 02/01/07 Virginia Electric & Power 650 99.559 Senior Notes 5.375 A3 A CSFB 01/29/02 02/01/12 Vivendi Environnement 215.6 98.824 Fxd/Straight Bd 5.875 A3 BBB BNP Paribas/NBP 01/29/02 07/01/07 Southern Company Cap Funding 400 99.835 Notes 5.3 A3 A- GS M&A Date Announced Date Effective Target Name Target Country Acquiror Acquiror Country Value ($mil) 01/25/02 01/25/02 Geosa Nicaragua Coastal U.S. 11.300 01/25/02 - Stredoslovenske Energeticke Slovak Rep Investors Unknown - 01/25/02 - Vychodoslovenske Energeticke Slovak Rep Investors Unknown - 01/25/02 01/25/02 WindWelt Germany Solarworld Germany - 01/25/02 - Zapadoslovenske Energeticke Slovak Rep Investors Unknown - 01/28/02 - Enbridge Services Canada Centrica N America(Centrica) Canada 620.800 01/28/02 - Hofors Energi Sweden NYA Birka Energi Sweden 1.718 01/29/02 - Kernkraftwerk Leibstadt AG Switzerland Aare-Tessin fuer Elektrizitaet Switzerland - Source: Thomson Financial Securities Data Company. For more information, call Rich Peterson at (973) 645-9701.

Following is a directory of upcoming Middle Eastern power projects. To report new projects, please call Will Ainger, Managing Editor, at (44-20) 7303-1735 or email: wainger@euromoneyplc.com

Citibank, BNP Paribas and the Export Development Corp., Canada's national credit export agency, will likely wait until March before launching general syndication of InterGen's $533 million project loan for the construction of La Rosita I and II (1,075 MW). The lead arrangers have pushed back the launch date because they fear it could conflict with the retail end of InterGen's $426 million non-recourse loan for the construction of Magnolia, says a New York project financier on the deal. The Magnolia loan is being syndicated this month (PFR, 1/28).

Uruguay's state-run power concern, National Electric Power Generation and Transmission Administration, is seeking bids from independent power producers to build, own and operate an approximately $250-$300 million 400 MW natural-gas fired plant in the Latin American country, says a New York banker familiar with the matter.

The Inter-American Development Bank, Banco Bilbao Vizcaya Argentaria andBanco Nacional de Desenvolvimento will close $280 million in financing this month for a 502 MW natural gas-fired power plant in Brazil, dubbed Termopernambuco, says Roberto Bellutini, head of project finance at the IDB in Washington.

Spanish utility Union Fenosa has selected Deutsche Bank and Bank of Tokyo Mitsubishi to arrange approximately $600 million in financing for the construction of two combined-cycle gas turbine plants, dubbed Tuxpan III and IV, with 938 MW in combined output in the state of Vera Cruz, Mexico. Bankers at Deutsche and Bank of Tokyo did not return calls by press time.

Guy Spaull, managing director of project finance atJ.P. Morgan in London, has moved to Scotia Capital to spearhead its project finance business. A senior loan market official at J.P. Morgan says Spaull's departure reflects the banks shift away from European power project finance. Large European utilities are increasingly using their balance sheets to fund acquisitions or expansion so it makes less sense to maintain a large dedicated project finance team, he says. However, the banker stresses that Morgan will continue to commit personnel to the market.

U.K. utility Innogy has put its U.S. wind farm business up for sale and hired J.P. Morgan to find a buyer. An official familiar with the sale says the portfolio, which consists of two 20 MW farms in California and a further 600 MW of projects in construction or under development in California, Texas and Pennsylvania, could fetch Innogy some $300 million.

Xcel Energy, one of the largest electric utilities in the U.S., is courting FirstEnergy, TXU and Entergy as potential merger partners and at the same time is looking to repurchase the remaining 20% stake of its unregulated IPP affiliate, NRG Energy, which it partially spun off in May 2000. Lehman Brothers is advising the Minneapolis-based utility on the concurrent strategies. Paul Adelmann, a spokesman at Xcel Energy, confirmed the company is looking at these options, but declined to elaborate.