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  • A low interest-rate environment has prompted the Florida Municipal Power Agency to lock in funding costs by calling floating-rate notes with two fixed-coupon bond deals. The Orlando-based agency tapped the bond market recently with $45.8 million and $85 million of fixed-rate revenue bond offerings to refinance FRNs issued to help fund the construction of the Stanton and Stanton II generation projects, respectively.
  • Despite plans by its future parent to divest much of its Latin American portfolio, Minneapolis- based NRG Energy remains on the lookout for acquisitions in the region. The IPP is on the hunt for hydroelectric and gas-fired plants to increase its exposure in the region and take advantage of low asset valuations, according to an NRG official. "We are looking for assets throughout all of Latin America, but the hottest area is Brazil, so we have been focusing on this country in particular," he explains.
  • Ontario Power Generation will shortly open a 25-strong trading office in the Midwest as part of its ambitious plan to become one of the top 10 power generators in the U.S. Graham Brown, coo of OPG, says the company will use the trading office to learn about the U.S. energy markets and then go out and buy assets. He says OPG intends to make a slew of power plant acquisitions within the next 24 months in the MAIN to Maine northeastern quadrant.
  • Roger Conlin, head of power and utilities for Europe and the Middle East at International Bank of Japan in London, has left the firm as part of its three-way tie-up to form Mizuho. Although IBJ, Fuji Bank and Dai-Ichi Kangyo Bank merged formally some 18 months back, the corporate banking business was only fully intergrated recently, explain financiers.
  • Houston-based Reliant Resources is preparing a corporate level loan that could top out at $1.93 billion to pay off two non-recourse mini-perms maturing in the fourth quarter. Bankers holding paper in the two project loans have been told by facility agents to expect the new deal details around the middle of next month, says one project financier. Bill Waller, treasurer at Reliant, declined all comment.
  • Italian energy giant Enel has launched the sale of its third generating company Interpower. Offers for the 2,611 MW company have to be placed by May 13. Interpower is the smallest of the three genco's Enel has to sell in order to comply with a law on energy sector liberalization requiring it to shed 15,000 MW of generating capacity by 2003 (Reuters, 4/21).
  • National Grid, monopoly owner of the electricity grid in England and Wales, plans to acquire U.K. gas distributor, Lattice, in a deal worth about GBP 6.3 billion ($9 billion).
  • AES' bankrupt Fifoots Point power station in the U.K. is expected to find a buyer by the middle of next month, according to a partner at KPMG, which is handling the sale. More power companies than expected have expressed interest in the coal-fired station, said Richard Hill, the plant's administrative receiver. Innogy, the biggest U.K. electricity supplier, may bid for the plant according to Brian Senior, head of trading and asset management (Bloomberg, 4/21).
  • Arlington, Va.-based AES has put the sale of its Latin American power portfolio on the backburner until later this year because of the large amount of generation capacity already on the block in the region and low interest from potential buyers.
  • Lazard has hired Peter Marquis, formerly v.p. in the global power and utilities group atMorgan Stanley in New York, in a new position as v.p. covering power sector mergers & acquisitions. Marquis says he joined Lazard because the position provides him the opportunity to focus purely on strategic advisory services, whereas at Morgan Stanley he covered a broader menu of financial products.