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Independent Power Corporation ("IPC"), formerly the parent company of IPSA, has substantial experience of the power generation industry in South Africa. It was the only British power company to participate in the privatisation tender for the Kelvin power plant in Johannesburg in 2000 and was shortlisted against the eventual winner, AES Corporation. In 2002 IPC was asked to tender for municipal power plants in Pretoria, Roivaal and Cape Town. In 2003 it was invited to advise on a dedicated steam and electricity production facility in the South Africa pulp and paper industry.

IPSA has an established office in Durban staffed by senior employees, and has a project team of senior engineers dedicated to greenfield power projects. Furthermore, in the opinion of the Directors, one of the Company’s key strengths is a gas supply partnership with SASOL [Gas Limited] which will provide the Company with feed gas for its first projects.

The Directors believe that the experience of the IPC team in other parts of the world will also be of great value to IPSA in its operations in Southern Africa. Over the past nine years Peter Earl and IPC have developed, operated and maintained power plants in many parts of the world, including Bolivia (a 360 MW gas-fired OCGT), Kazakhstan (the Karaganda Zhylu 475 MW plant and the Karaganda Gres 2, 608 MW coal-fired plant), four plants in Argentina (the San Antonio Libertador 800 MW CCGT development, the Central Piedra Buena 620MW gas-fired plant, the Hidroelectrica Ameghino 46 MW hydro plant, and the Central Termica Patagonia 76 MW gas-fired OCGT) and a 260 MW gas-fired CCGT development in Denver, Colorado, USA. IPC’s operations subsidiary, Independent Power Operations Limited, has recently been appointed by BP plc to manage and operate its new 90 MW gas-fired power plant at Bulo Bulo in Bolivia. IPC is also developing and building 120 MW of new gas-fired capacity that will be supplied to Endesa of Spain’s subsidiary in Argentina for clients in the north of that country.