News & Publications

Press Releases

Update re Settlement of Funds owed by Rurelec PLC and Operational update

20 July 2015

IPSA notes the announcement made on 17 July 2015 by Rurelec PLC regarding the completion of the sale of its stake in the Canchayllo hydroelectric plant in Peru. Since the update on 2 March 2015 regarding the deferred consideration owed by Rurelec , Rurelec has made an interim payment to the Company's main creditor, Ethos Energy, on behalf of IPSA so that the residual amount of the deferred consideration still owed to IPSA from the sale of the Westinghouse Siemens gas turbines to Rurelec is now £2.91 million. The Company is in discussion with Rurelec regarding the timing of the receipt of this balance although there is no clarity yet on the timing of it.

Read more: Update re Settlement of Funds owed by Rurelec PLC and Operational update

Loan Agreement

5 June 2015

IPSA, the AIM and Altx dual listed independent power plant developer with operations in southern Africa, today announces that its subsidiary, Newcastle Cogeneration Pty Limited ("NewCogen"), has commenced drawdown of a loan facility granted by the Industrial Development Corporation of South Africa Limited ("IDC").

The aggregate sum of the IDC loan facility is ZAR 15.4m (£817,000).  The loan is repayable in 48 monthly instalments from 1 April 2016 and the interest rate is South African Prime Overdraft less 2%, currently 7.25 per cent per annum.  The funds will be used to repay indebtedness at the NewCogen level and to pay the final costs of installing the two Jenbacher engines which add some 4 MW of new capacity on site.

Read more: Loan Agreement

Extension to power purchase agreement

07 April 2015

IPSA, the AIM and Altx dual listed independent power plant developer with operations in southern Africa, today announces that its subsidiary Newcastle Cogeneration Pty. Limited ("NewCogen") has signed an extension of its MTPPP power purchase agreement with Eskom, South Africa's state electricity company. The extension, which is for an initial period of one year but which may be further extended for two subsequent periods of two years each providing that Eskom receives the necessary regulatory approvals.

Commenting today, Peter Earl, Acting CEO of IPSA, said: "We are pleased that the PPA extension has been signed and the plant is able continue in operation. With this behind us, we plan to resume our expansion programme."

Read more: Extension to power purchase agreement

Update re settlement of funds owed by Rurelec PLC

02 March 2015

 

IPSA notes the announcement made this morning by Rurelec PLC regarding the sale of its stake in the Canchayllo hydroelectric plant in Peru. The Company expects to receive payment from Rurelec  of the £3.2 million  deferred consideration still owed to IPSA from the sale  of the Westinghouse Siemens gas turbines, shortly after Rurelec receives payment of the $6.5 million consideration for the Canchayllo hydroelectric plant. 

Read more: Update re settlement of funds owed by Rurelec PLC

Unaudited Results for the 6 month period ended 30 September 2014

30 December 2014

IPSA, the AIM and Altx dual listed independent power plant developer with operations in southern Africa, today announces its unaudited interim results for the 6 month period ended 30 September 2014.

Highlights:

  • Revenue of £1.9m (2013 - £2.1m) comprising electricity sales of £1.5m (2013 - £1.5m) and steam sales of £0.4m (2013 - £0.6m)
  • Group loss after tax of £0.75m (2013 - £1.96m profit)
  • Plans for expansion of plant in South Africa progressing well.

Commenting, Richard Linnell, Chairman of IPSA, said:

"Whilst this half year has been disappointing due to the loss of steam sales, the planned reconfiguration of the plant which this forces on us will prepare us to increase our electricity output at a time when it will be much needed".

 

Read more: Unaudited Results for the 6 month period ended 30 September 2014

Settlement of Deferred Consideration

 

29 December 2014

 

IPSA notes the announcement on 24 December 2014 by Rurelec PLC relating to the provision to it of a short term loan facility and consequently expects to receive the balance of monies owed to it by Rurelec PLC in relation to the deferred consideration from the sale of the Westinghouse Siemens gas turbines in early 2015.

Read more: Settlement of Deferred Consideration

Settlement with Ethos Energy Italia S.p.A. (formerly Turbocare S.p.A.)

24 November 2014

IPSA announces that the sum of 3 million euros due to be paid by 21st November 2014 to Ethos Energy Italia S.p.A. under the Settlement Agreement announced on 29th October 2014 remains outstanding but the Company is working toward a solution involving bridge funding of the deferred consideration due to the Company on the sale of turbines in 2013.

Further announcements will be made in due course.

Read more: Settlement with Ethos Energy Italia S.p.A. (formerly Turbocare S.p.A.)

Death of CEO

13 November 2014

 

IPSA Group PLC (AIM: IPSA), is saddened to announce the sudden death on Tuesday of Phil Metcalf, CEO of the Company since September 2011.

"On behalf of the Company, I would like to express our appreciation for the contribution Phil has made. He was a leader of integrity and honesty, who was dedicated to his work and will be difficult for us to replace.  He will be greatly missed", commented Richard Linnell, Chairman of the Board.

In the interim period, Peter Earl has agreed to take on the role of Acting CEO.  A further announcement will be made in due course.

 

Read more: Death of CEO

Settlement of dispute with Turbocare S.p.A.

29 October 2014

The Directors of IPSA are pleased to announce that a dispute over sums owed to Turbocare S.p.A ("Turbocare") under the sale and purchase agreements and the refurbishment agreement for the Siemens Westinghouse 701DU (ex Fiat Avio TG50) turbines purchased from Turbocare in 2007 has today been settled by an agreement reached between the parties under which Turbocare will be paid an initial sum of 3 million euros on or before 21 November 2014 and a further sum of 2.6 million euros in cash or equivalent value by 30 September 2015. Security for these sums has been put in place by IPSA through a charge over a receivable in the amount of £3.2m due from  Rurelec PLC ("Rurelec") for the balance of payments due following its purchase of two 701DU turbines in June 2013.

Read more: Settlement of dispute with Turbocare S.p.A.

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