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Reliant Resources has short-listed two bidders to purchase its 3,476 MW Dutch generation portfolio and trading business, but market participants doubt whether the Houston IPP is close to sealing a sale.

Bank of Bahrain and Kuwait, BNP Paribas, HSBC and Bank of Tokyo-Mitsubishi have won the mandate to finance the Al Hidd power and water desalination project in Bahrain and hope to close the transaction later this month. Bankers involved in the transaction say the non-recourse loan will be underwritten on a club basis and is unlikely to be syndicated among other banks.

Lead arrangers BNP Paribas and Westdeutsche Landesbank will hold a bank meeting in London on Feb. 12 to launch syndication of the $225 million Salalah project loan. A banker close to the transaction says the leads are looking to raise some $80 million during a one-round syndication effort and are hoping to bring six or seven more banks into the deal. Interested parties must respond by Feb. 22, he adds.

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.