American Electric Power is expected to launch a non-recourse loan within the next month to finance its GBP650 million ($940 million) purchase of two coal-fired plants in the U.K., says a bankers close to the deal. Westdeutsche Landesbank, Barclays Capital and Commerzbank, which arranged a bridge loan to fund the acquisition of Fiddlers Ferry (1,400 MW) and Ferrybridge (1,900 MW) from Edison Mission Energy in December (PFR,12/17), will also lead the project loan, says the banker. An AEP spokesman was unable to provide details by press time.
February 17, 2002