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	Situational Analysis Amorebieta power plant is a 755MW gas-fired combined-cycle power generation plant being developed by ESB International (subsidiary of Electricity Supply Board of Ireland) near the town of Amorebieta. It is one of only two IPP projects in Spain. The entire generated electricity is contracted to Shell Espana, based on the long-term power purchase agreement. Fieldstone Role Fieldstone acted as an exclusive financial advisor to Osaka Gas, in selection and financial analysis of the project, and throughout the sale and negotiation process. Osaka Gas acquired 50% of the equity of the power generation plant in September 2004, becaming effective upon the commencement of the commercial operation of the plant which was achieved in Augusat 2005.

Situational Analysis

Amorebieta power plant is a 755MW gas-fired combined-cycle power generation plant being developed by ESB International (subsidiary of Electricity Supply Board of Ireland) near the town of Amorebieta. It is one of only two IPP projects in Spain. The entire generated electricity is contracted to Shell Espana, based on the long-term power purchase agreement.

Fieldstone Role

Fieldstone acted as an exclusive financial advisor to Osaka Gas, in selection and financial analysis of the project, and throughout the sale and negotiation process.

Osaka Gas acquired 50% of the equity of the power generation plant in September 2004, becaming effective upon the commencement of the commercial operation of the plant which was achieved in Augusat 2005.