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Strategic Investment - Placing of 6,000,000 new shares for cash

IPSA, the AIM and AltX dual listed independent power plant developer with operations in southern Africa, announces that on 24 October 2006 STANLIB Asset Management Limited (“Stanlib”) agreed to subscribe for 6,000,000 new ordinary shares of 2 pence each in a placing for cash (“the Placing”) at a placing price of 6.05 Rand (approximately 42 pence) per ordinary share in IPSA. Following the Placing Stanlib will be interested in 9.07 per cent. of the enlarged issued share capital of the Company.

Following the Placing, IPSA will have 66,129,469 fully paid shares in issue trading on both AIM and ALTX. The proceeds of the Placing will be used for the Group’s working capital requirements as it develops new power generation capacity in southern Africa.

The new ordinary shares will rank pari passu in all respects with existing ordinary shares. Application has been made to admit the new ordinary shares for trading on AIM. Simultaneously, application has been made to ALTX to admit the shares to listing. Admission of these new shares to trading on both markets is expected to be effective on 2 November 2006.

Speaking today, Peter Earl, CEO of IPSA, said, “I am delighted that Stanlib has made an investment in IPSA and has added its name to our list of blue chip South African shareholders. Our flotation on ALTX was intended to bring South Africa’s top institutions onto our share register as we invest in new power plants to meet South Africa’s growing need for electricity. I welcome the addition of Stanlib to that list.”

For further information contact:

Peter Earl, CEO, IPSA Group Plc 020 7793 7676

Liz Shaw, COO, IPSA Group Plc 020 7793 7676

Mark Froggatt, Noble & Company Limited 020 7763 2200

Sean Lunn, Hichens, Harrison & Company Plc 020 7382 7790

Allan Piper, First City Financial 07736 064982 020 7436 7486