| Tue 29 Jan 2008, 12:10 | | IPS - IPSA Appoints Lead Arranger of Project Debt for Coega Fast Track |
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IPS
IPSA
IPS - IPSA Appoints Lead Arranger of Project Debt for Coega Fast Track
Combined Cycle Gas Turbine Project
IPSA Group PLC
(Incorporated and registered in England and Wales)
(Registration number 5496202)
AIM Share Code: IPSA ISIN:GB00B0CJ3F01
JSE Share Code: IPS ISIN:GB00B0CJ3F01
(`IPSA` or `the Company`)
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 Limited (`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`).
Standard Bank 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.
For further information contact:
Peter Earl, CEO, IPSA Group PLC +44 (0) 20 7793 5600
Liz Shaw, COO, IPSA Group PLC +44 (0) 20 7793 5600
John Llewellyn-Lloyd or
Jamie Boyd, Noble & Company Limited +44 (0) 20 7763 2200
(Nominated Adviser and Joint Broker)
Sean Lunn, Hichens,
Harrison (South Africa) Ltd +2721 950 2711
(Joint Broker)
Allan Piper, First City Financial +44 (0) 20 7242 2666
(UK Public Relations Advisers)
Jacques de Bie, College Hill (South Africa) +2711 447 3030
29 January 2008
Noble & Company Limited
AIM Nominated Advisor and Joint Broker to IPSA Group PLC
Standard Bank
AltX Sponsor to IPSA Group PLC
Date: 29/01/2008 12:10:01 Produced by the JSE SENS Department.
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