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> September 19, 2005 |
Strong project flow as South African energy crisis deepens IPSA plc, the AIM-quoted company building power generation capacity in Southern Africa, has announced its interim results for the 10 months to 31st March 2006. As expected, the company made start-up losses of £143,822 in this period, during which it significantly advanced its position in Southern Africa. Construction of its first project at Newcastle, KwaZulu Natal, is on track for initial commissioning in September 2006. The group, which is well positioned to ease South Africa’s deepening energy crisis, is in negotiations to begin two projects in Durban and Swaziland, and is also pursuing the development of an 800 MW combined cycle gas turbine plant at Port Elizabeth. The planned Port Elizabeth project is located within the Coega Development Corporation’s Industrial Development Zone at Port Elizabeth, and is one of several that IPSA is considering for the southern coastal cities of South Africa, where the company is accelerating its plans in view of the regional energy crisis. IPSA Chairman Stephen Hargrave said: “If realised, this project will be a major step forward for the company and will in our view cement our position as the leading independent power generator in southern Africa.” IPSA is also positioned to develop a 400 MW clean power plant at the mouth of the Elitheni coal mine near East London, where the resumption of large scale mining is under consideration. It is at the same time expecting to make a formal proposal to build up to 75MW of gas fired generation capacity in the Prospecton Basin in Durban, and is in discussions over a planned project agreement to supply power for the Royal Swazi Sugar processing facility in Simunye in Eastern Swaziland. For further information contact:
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