Interim Results for the six months ended 31 March 2008

IPSA Group PLC, the independent power plant developer in southern Africa, today announces its interim results for the six months to 31 March 2008.

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Highlights include:

. Losses for the six month period, reflecting early development and construction costs in IPSA's programme of projects.
. First sales of electricity under contract to users such as City Power of Johannesburg and Eskom, the state-owned power company.
. Signing of a Memorandum of Co-operation with the South African Government's Central Energy Fund (Pty) Limited for a key role as a private sector developer to the integrated energy project being developed at the Coega Industrial Development Zone. This will be one of the first examples of a public-private partnership in South Africa for an integrated LNG to electricity project.
. Sale of a 50 per cent. interest in IPSA's coal power project development company, Elitheni Clean Coal Holdings Limited, to Exodus Africa LLC for US$5 million.

Commenting, Stephen Hargrave, Chairman of IPSA, said:

"We are very pleased with the progress the Group has made since our last results announcement. This period has marked IPSA's first sales of electricity under contract to users such as City Power of Johannesburg and Eskom, the stateowned power company, as your Company evolved from being purely a developer of new power plants to an owner-operator supplying electricity into South Africa's grid.

We are looking forward to participating further in the power generation tenders announced by Eskom and to developing our other initiatives, all with a view to achieving the Group's goal of gaining a significant share of the South African power generation market within the next five years."

For further information contact:

Peter Earl, CEO, IPSA Group PLC +44 (0) 20 7793 5600
Liz Shaw, COO, IPSA Group PLC +44 (0) 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)

Dino Theodorou / Melissa Harris, PSG Capital +2711 797 8438
(Sponsor in South Africa)