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Issue of Shares for cash to Metropolitan Life Limited in terms of IPSA's Broad-Based Black Economic Empowerment (''BBBEE'') initiative

IPSA, the independent power plant developer with operations in southern Africa, announces that it has submitted applications for 13,434,612 new ordinary shares (the “New Shares”) of 2p each in the Company to be admitted to trading simultaneously on AIM, a market operated by the London Stock Exchange plc, and ALTx, the alternative exchange of the JSE Limited. It is expected that the New Shares will be admitted to trading on AIM and ALTx on 4 September 2007. 

The issue of the New Shares was announced on 30 August 2007 and will raise R118,896,316.20 (£8,060,767.20) for IPSA before expenses.

There are no shares held in treasury, therefore the total number of voting rights in the Company following admission of the New Shares to AIM and ALTx will be 89,564,081. This figure may be used by shareholders from 4 September 2007 as the denominator for the calculations by which they will determine whether they are required to notify their interest, or change to their interest, in IPSA, under the Disclosure and Transparency Rules.

For further information please contact:

 Peter Earl, CEO, IPSA Group PLC            +44 (0)20 7793 5600

 Sean Lunn, Hichens, Harrison (Africa)      +27 (0) 21 950 2711

 Kevin Homann, Spirit Capital               +27 (0) 11 784 1712

 John Llewellyn-Lloyd, Noble & Company Limited          +44 (0)20 7763 2200

 Allan Piper, First City Financial          +44 (0) 7736 064982         +44 (0) 20 7242 2666

Noble & Company Limited

AIM Nominated Advisor and Joint Broker to IPSA Group PLC

Standard Bank

AltX Sponsor to IPSA Group PLC

Hichens, Harrison & Co. plc

Joint Broker to IPSA Group PLC