Final Results

IPSA, the AIM and AltX dual listed independent power plant developer with operations in southern Africa, today announces its final results for the year to 30 September 2007.

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Highlights of the period include:

• Listing of IPSA's shares on the ALTx market of the Johannesburg Stock Exchange thereby facilitating the first phase of the Company's broad-based black economic empowerment programme.
• Commissioning of, and first commercial revenues from, the first gas-fired independent power plant in South Africa.
• Acquisition, refurbishment and upgrade of four Fiat Avio 501 D gas turbines with an aggregate generating capacity of around 500MW for the Coega project.
• Initiation of the Elitheni Clean Coal Power Project at Indwe in the Eastern Cape.

Highlights since the year end include:

• Sale of a 50% interest in the Elitheni Clean Coal Power Project to Exodus Africa for a premium of US$5 million.
• Memorandum of Co-operation with the South African Government's Central Energy Fund for a key role as private sector power plant developer to the integrated energy project being developed at the Coega Industrial Development Zone outside Port Elizabeth.
• The appointment of the Standard Bank of South Africa as its mandated lead arranger on the financing of its 1,600 MW Coega Fast Track Combined Cycle Gas Turbine Project in Port Elizabeth.
• Currently in advanced negotiations to finance, through bank debt, the third and final tranche (c.€15.6m) to satisfy the acquisition of the four Fiat Avio 501 D gas turbines. Shareholders will be informed once this funding has formally been put in place.

Commenting, Stephen Hargrave, Chairman of IPSA, said:

"The Company has made excellent progress towards meeting the challenge of installing and commissioning fast track gas turbine capacity to meet the everwidening gap between supply and demand for power in South Africa. We believe that we have the skills, the resources and the drive to help resolve South Africa's energy crisis. The relationship with our broadly-based black economic empowerment Issued by First City Financial Ltd partners, Amandla Resources, is working very well and we are looking forward to reporting further substantial progress in the near future."

For further information please contact:

Peter Earl, CEO, IPSA Group PLC
+44 20 7793 5600

Elizabeth Shaw, COO, IPSA Group PLC
+44 20 7793 5600

Nick Naylor / Jamie Boyd, Noble & Company Limited
+44 (0) 20 7763 2200
(Nominated Adviser and Joint Broker)

Sean Lunn, Hichens, Harrison (South Africa) Ltd
+2721 950 2711
(Joint Broker)

Allan Piper, First City Financial
+44 (0) 20 7242 2666
(UK Public Relations Advisers)

Jacques de Bie, College Hill (South Africa)
+2711 447 3030
(South African Public Relations Advisers)