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Press Release

 

Osaka Gas Acquires Equity Interest in Spanish IPP Project

 

October 1, 2004 - Osaka Gas, through its subsidiary Gas and Power Investment (GPI), has entered into an agreement with ESB International (ESBI) to acquire a 50% equity interest in an €500 million independent power station near Bilbao in the Basque region of northern Spain. The agreement was signed today in ESB Head Office, Dublin, by President Mr Mita of GPI and ESB Chief Executive Padraig McManus.

 

Osaka Gas were advised by Fieldstone Private Capital Group. The Fieldstone team was led by Michael Sutcliffe and Andrew Smith-Maxwell, managing directors based in the London office.

 

Amorebieta power plant is a 755MW gas-fired combined-cycle power generation plant being developed near the town of Amorebieta. The construction of the plant is expected to be completed in autumn 2005. The entire generated electricity will be sold to Shell Espana, an energy marketing affiliate of Shell, based on the long-term power purchase agreement between the generator and the energy marketer.

 

According to the agreement, GPI will acquire 50% of the equity of the power generation plant through Osaka Gas Energy Europe, its European investment arm incorporated in the Netherlands, upon commencement of the commercial operation of the plant.

 

Osaka Gas: Osaka Gas is one of the largest natural gas suppliers in Japan. It imports 6.4 million tons of LNG from six countries (Brunei, Indonesia, Australia, Malaysia, Qatar and Oman) or over five per cent of the traded volume in the world. Osaka Gas intends to expand its scope of operations from the gas-based energy business into a multi-energy business entity, going beyond its conventional service territory. In its portfolio, domestic and international independent power production (IPP) businesses have been given a high priority.

 

ESB International (ESBI): ESBI is a leading international power and engineering company employing 1500 people. ESBI currently has operations and projects in over 40 countries from the UK to Indonesia, through Europe, the Middle East, Asia and Africa. Since the company's establishment ESBI has completed projects in over 115 countries.