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IPSA Appoints Lead Arranger of Project Debt for Coega Fast Track Combined Cycle Gas Turbine Project

IPSA is pleased to announce that it has appointed the Standard Bank of South Africa (Standard Bank) as its mandated lead arranger on the financing of its 1,600 MW Coega Fast Track Combined Cycle Gas Turbine Project in Port Elizabeth the 'Coega Project').

The Standard Bank group has previously provided facilities to IPSA for the acquisition of the turbines for the Coega Project. The bank also acted as advisor and sponsor on the introduction of IPSA to the ALTx market of the JSE Limited. Standard Bank has extensive experience in the power sector and was recently voted Africa's best Project Finance institution. IPSA is pleased to bring the skills and lending capacity of Standard Bank to this important regional project, the first 500 MW of which could be operational as early as the first half of 2009.

The Board of IPSA expects to announce the selection of an overall financial adviser to the Coega Project in the near future.

Peter Earl, CEO of the Company, said:

'We are very pleased to be making such good progress with our Coega project as well as with our other two projects in the Eastern Cape. IPSA intends to bring its new capacity on stream as fast as possible to meet the desperate need for power in South Africa.'