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  • Siemens is acquiring a 25% stake in German energy holding company BGZ Beteiligungsgesellschaft Zukunftsenergien to expand into new markets.
  • Jesús Gonzalez is relocating from BBVA's Madrid office to replace Jorge Burgaleta as the head of structured finance in New York.
  • AES has taken bids on its Oasis portfolio located in the Middle East. Around 10 bids have been received, but bidders could not be learned. Citigroup and HSBC are advising the company on the sale process (PFR, 2/20).
  • The U.S. Department of Treasury is debating whether it will offer a 10% or 30% cash grant to fund the wellfield equipment portion of a geothermal project as part of the stimulus package under the American Recovery and Reinvestment Act. Wellfield costs for geothermal projects can run high to drill wells and test the earth’s heat to gauge whether a certain area will be viable for a project.
  • Carlyle/Riverstone is reportedly set to close on a deal to buy the development portion of Babcock & Brown’s wind assets. In January, Babcock announced it would sell its entire wind portfolio to repay debt and assets under development represent roughly 1 GW of wind projects to be built within the next two years (PFR, 2/27).
  • Jesús Gonzalez, will relocate from BBVA’s Madrid office to replace Jorge Burgaleta as the head of structured finance in New York. “That’s a big deal for them. Depending on the replacement, it could be a huge loss,” says a project financier in New York. Gonzalez, head of infrastructure in Europe, the Middle East and Africa, will start next week and Burgaleta will finish in New York at month-end. Burgaleta confirmed the moves and declined to elaborate.
  • Kansas Gas & Electric Co. is planning to use the proceeds from a $300 million issue of 10-year, 6.7% first mortgage bonds to pay down its revolver. The 144A private placement was upsized from an original $250 million due to high investor demand, says Tony Somma, treasurer at the parent Westar in Topeka, Kan. The deal was priced last Monday and closed last Thursday.
  • GE Energy Financial Services and Plutonic Power are in talks with Manulife Financial to provide C$200 million ($181.28 million) in debt to complete construction of the 300 MW Dokie Ridge wind project near Chetwynd, B.C. The companies are considering jointly acquiring the project from EarthFirst Canada. “It gives us diversity in fuel type,” says Donald McInnes, ceo at Plutonic in Vancouver, B.C., noting GE and Plutonic are already jointly developing 196 MW of hydro in B.C.
  • Siemens is acquiring a 25% stake in German energy holding company BGZ Beteiligungsgesellschaft Zukunftsenergien to expand into new markets. “It’s hard to find someone with an international orientation,” says Hans-Joachim Schulz, managing director at subsidiary Siemens Project Ventures in Erlangen, Germany. PricewaterhouseCoopers is financial advisor to BGZ for the transaction, while Siemens is handling everything internally.
  • Millennium BCP has closed on its first deal as a lead in the Polish power sector. The Portuguese bank has lead a EUR30 million ($41.6 million) loan along with the European Bank for Reconstruction and Development supporting the 50 MW Tychowo wind farm being build by Global Renewable Power International. The joint venture between Toledo, Spain-based Minicentrales and Vienna, Austria-based Hydrocontracting Group is building the project about 217 miles northwest of Warsaw, Poland.