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IPS
IPSA
IPS - IPSA - First Revenue - Newcastle Plant Opening
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")
FIRST REVENUE - NEWCASTLE PLANT OPENING
IPSA, the AIM and AltX traded power developer, has now confirmed the
timetable for commencing the commercial operation of its first power plant
in the Republic of South Africa ("South Africa"). Subject to the final
granting of a generation licence by the National Energy Regulator South
Africa (NERSA), South Africa`s power regulator, the IPSA Newcastle
Cogeneration Plant in KwaZulu Natal is now expected to enter into
commercial operation providing steam and power on 23 February 2007.
Formal inauguration of the plant is scheduled for 16 February 2007.
Testing and commissioning is now underway. First boiler firing is expected
in the first week of February 2007 when the steam connection to the
Karbochem chemical facility is due to be tested and approved, and
commercial steam production is scheduled to begin in the first two weeks of
February.
Newcastle Cogeneration is South Africa`s first independent gas-fired power
plant. It is also one of South Africa`s most environmentally friendly
power plants with one of the lowest emissions of CO2 of any thermal plant
in the country.
The Board Directors of IPSA, the developer and owner of Newcastle
Cogeneration, is therefore pleased to announce that an application is being
made to South Africa`s Department of Minerals and Energy for the Newcastle
plant to be considered eligible for Carbon Credits under the United Nations
Clean Development Mechanism of the Kyoto Protocol for the reduction of
greenhouse gas emissions. In view of the high baseline for thermal power
generation in South Africa from low efficiency coal-fired power plants
which are heavy producers of CO2, the directors of IPSA believe that
Newcastle Cogeneration could qualify for a material level of Carbon
Emission Reduction Certificates which would be an important source of
revenue once the plant enters commercial production.
The Company intends to release its results for the fifteen months to 30
September 2006 on Wednesday, 31 January 2007 and intends to provide
shareholders with a full update of its operations, including Newcastle, as
part of its results announcement.
19 January 2007
Sponsor
Standard Bank
AIM nominated advisor
Noble & Company Limited
For further information please contact:
Peter Earl, CEO, IPSA Group plc +44 20 7793 7676
Adam Westcott, Noble & Company Limited +44 20 7763 2200
John Llewellyn-Lloyd, Noble & Company Limited 020 7763 2200
Date: 19/01/2007 11:00:01 Produced by the JSE SENS Department.
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