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IPSA Group PLC ("IPSA" or "the Company") is a company incorporated in England and Wales which has been established to develop, own and manage power generation plants in southern Africa. The Company acquired the southern African power business of Independent Power Corporation ("IPC") through its acquisition of Blazeway Engineering Limited ("Blazeway")

The Company's management has an established track record in developing power projects worldwide and with relevant experience in the electricity sector in South Africa. It has two principal business objectives, being:

• the development and ownership of power generation facilities in Southern Africa in order to sell electricity and/or heat or steam to companies and communities on commercial terms; and
• in due course, the purchase, refurbishment and operation of existing power plants in the region.

For the majority of its projects, the Group intends to own the Project Company outright. However, where the Directors consider it advantageous, the Group will develop its power generation assets in conjunction with a project partner including BEE partners.

The Group has initially targeted specific projects in South Africa and Swaziland, and has three active projects under varying stages of development. The CHP project for Karbochem at Newcastle, KwaZulu Natal in South Africa was commissioned in May 2007.