Notifiable Interests

IPSA, the independent power plant developer with operations in southern Africa, which is quoted on AIM and has a secondary listing on ALTx, announces that it received the following notifications on 14 March 2007, pursuant to the Company's placing for cash of 10,000,000 ordinary shares of 2p each on 8 March 2007:

• Morgan Stanley Securities Limited ("MSSL") has an interest in 2,805,000 ordinary shares of 2p each in the Company, representing 3.68% of the issued share capital of the Company.
  
  The Company announced on 22 February 2007 that MSSL had an interest in 2,805,000 ordinary shares of 2p each in the Company, representing 4.24% of the issued share capital of the Company.
• FMR Corp. ("FMR") has an interest in 2,134,605 ordinary shares of 2p each in the Company, representing 2.80% of the issued share capital of the Company.
  
  The Company announced on 30 October 2006 that FMR had an interest in 2,184,605 ordinary shares of 2p each in the Company, representing 3.63% of the issued share capital of the Company.

For further information please contact:
Peter Earl, CEO, IPSA Group plc 020 7793 7676