Japanese bank Mizuho has divested its non-recourse debt position in Damhead Creek, an 800 MW U.K. power plant that's in the hands of its creditors, according to LMW sister publication Power Finance & Risk. Market watchers said the London arm--Mizuho Corporate Bank--recently sold a £15 million position around the 991/4 level. Officials at Mizuho declined comment. It could not be ascertained who acquired the stake.
The sale follows a similar move by another of Damhead's original creditors, Société Générale. Last month, the French bank sold a £24 million combination of Damhead's senior and subordinate debt to Banc of America Securities and Deutsche Bank. Both SG and Mizuho sold Damhead after it's price rallied on the back of three bids for the U.K power plant (LMW, 1/19). Late last year, Mizuho also liquidated its £43 million position inDrax Power's £840 million project loan (12/23).