Southern Energy Inc.'s energy capital group is the smallest piece of the newly public independent power producer, energy marketer and risk-management company. But after 18 months of "getting its feet wet," it's a group with ambitious growth plans, says Pamela Pierce, chief executive officer and president of the Atlanta-based company's energy capital group in Houston. The 12-person finance group has done $200 million in oil and gas finance deals. Executives want to double that number to $400 million. Southern Energy provides money for acquisitions, development and drilling plans, monetizing existing assets and recapitalization. Deal sizes can range from $5- to $100 million. "We have maximum flexibility to customize financial structures," Pierce says. Of the transactions, 95% have been debt deals and 5% equity. The group plans to take on more equity deals in the future. The current focus is North America, but international deals may be considered one day. She adds that gas-related deals have outpaced oil deals eight to one. Pierce joins Southern Energy from Vastar Resources Inc., which has been rolled into BP. She began her career with Vastar's original majority shareholder, Atlantic Richfield Co., as a drilling engineer. Her most recent position with Vastar was vice president of business development. About 20% of Southern Energy was spun off from parent Southern Co. recently. In the next six to 12 months, the remaining portion will likely be spun off as a tax-free distribution to the electric utility holding company's shareholders. A name change is expected in mid-January. -Jodi WetuskI
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