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> September 19, 2005 |
(1) Completion of equipment purchase; and IPSA Group PLC (“IPSA”), the independent power plant developer in southern Africa, today announces that it has completed the purchase of an 18MW CHP plant in Bury, East Lancashire and has begun shipment of the plant to South Africa. The CHP plant, costing US$3.85 million, will be used to supply steam and electricity to Karbochem, a synthetic rubber manufacturer in Newcastle, South Africa. IPSA has already put in place a gas supply agreement with Sasol to fuel the plant and a steam off-take contract with Karbochem. Reassembly of the 18 MW cogeneration plant is due to begin in January 2006 with a view to producing first revenues in the second half of 2006. In parallel with the completion of the plant purchase, IPSA undertook yesterday the official groundbreaking for the plant in Newcastle, KwaZulu Natal, South Africa. This groundbreaking marks the start of construction of South Africa's first privately financed gas-fired power plant. The Newcastle 18 MW cogeneration plant is the first phase of a series of new power developments being undertaken by IPSA to address the forecast shortage in generating capacity in South Africa and the neighbouring countries in the near future. The Government of South Africa is seeking to attract independent power producers to address this problem and IPSA intends to establish itself as the premier private power plant owner operator in southern Africa. For further information contact:
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