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Standard Bank provides £15.5 million loan facility

AIM-quoted IPSA Group PLC, the independent power plant developer with operations in southern Africa, has signed a £15.5 million loan facility agreement with the Standard Bank PLC.

Approximately £12.7 million of the new loan facility has been used to pay the balance of funds due to TurboCare SpA, a subsidiary of Siemens Power Generation, in satisfaction of the acquisition price of €31.2 million for four Fiat Avio 501 D gas turbines for the Coega Project, originally announced on March 9, 2007. The remaining balance of the loan facility, agreed on March 31, 2008, will be used for working capital purposes.

IPSA Chief Executive Peter Earl said: “We are really delighted by the strong support for IPSA shown by Standard Bank at this time of turbulence in the international financial markets. This loan is an important step for the development of the first 521 MW of gas turbine capacity at Coega."

IPSA is also listed in South Africa on AltX, the junior market of the Johannesburg Stock Exchange.

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)