Dual listing on ALTx and placing to raise £2.1m

IPSA, the AIM listed independent power plant developer with operations in Southern Africa, is pleased to announce that, on 19 October 2006, all of the issued ordinary shares of the Company will be introduced to ALTx, the alternative exchange of the Johannesburg Stock Exchange Limited in South Africa.

In addition the Company announces that 5,499,839 new ordinary shares have been placed with South African institutions (the 'Placing') for cash and these shares are to be admitted to trading on both AIM and ALTx. Following the Placing IPSA will have a total of 60,129,469 ordinary shares of 2 pence each in issue.

Application has been made for the Placing shares to be admitted for trading on AIM on 19 October 2006.

Copies of the Pre-Listing Statement (the 'PLS'), which provides shareholders with further information relating to the introduction to ALTx and the Placing, will be posted to IPSA's existing shareholders on 19 October 2006, the same day as the transaction is effected, and will be available at the Company's registered office, free of charge, for a period of one month following the date of admission of the new ordinary shares.

Peter Earl, CEO of IPSA, commented:

'We are very pleased to announce the listing of the Company's shares on ALTx and the results of the fundraising. We are very proud to be the first company to be dually listed on AIM and ALTx, and we believe that this will help us further penetrate the South African power market and achieve our aim of becoming South Africa's leading independent power provider.'

For further information contact:

Peter Earl, CEO, IPSA Group Plc 020 7793 7676

Liz Shaw, COO, IPSA Group Plc 020 7793 7676

Mark Froggatt, Noble & Company Limited 020 7763 2200