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Trading Update
IPSA GROUP PLC
(Incorporated and registered in England and Wales)
(Registration Number 5496202)
AIM Share Code IPSA ISIN GB00BOCJ3F01
JSE Share Code IPS ISIN GB00BOCJ3F01
("IPSA" or "the company")
Operational Update
IPSA is pleased to announce that it has successfully
commissioned additional capacity at its Newcastle Cogeneration
Site in Newcastle, Kwa-Zulu Natal. The Deutz engine arrived in
South Africa in early January and after an intensive 8 week
programme completed the installation including all local
certification and entered commercial operations on 20 March
2014. The efficiency of the engine is exceeding earlier
projections, making this very cost effective generation on
this site.
We are also pleased to announce that the installation
programme for the two Jenbacher engines acquired late last
year is progressing and is fully funded with support from
local company FTech through a combined sterling and rand loan
of ZAR5.9 million and GBP140,000. These engines are
anticipated to be on line by mid August 2014. In addition two
small LV generators are being added which together with the
other gas engines will allow the site to maximise output under
the current power purchase agreement in place with ESKOM and
increase it by an average of 50% above last years’ levels.
With the addition of gas engines the overall efficiency of the
installed capacity improves by 20% from last year’s average.
With all the new capacity in operation the Newcastle site will
be well-positioned to participate in upcoming Department of
Energy IPP programmes, allowing us to bid into these
opportunities immediately with existing capacity and with the
full knowledge that we can expand the capacity of the
Newcastle site to at least 30 MW in the future using the
existing infrastructure and gas supply contracts already in
place.
Phil Metcalf, Chief Executive Officer, quoted, “after a long
period of no growth in this business, we have finally turned
the corner with the installation of these efficient gas
engines and this provides us with a sound platform for growth
in an environment which is now open for business as far as
IPPs are concerned. Our shareholders have been remarkably
patient and I sincerely hope that we can now reward that
fortitude”.
For further information contact:
Phil Metcalf, CEO +44 (0)20 7793 5615
IPSA Group PLC
James Joyce / Nick Field +44 (0)20 7220 1666
W H Ireland Ltd
Riaan van Heerden, +27 (0)21 887 9602
PSG Capital (Pty) Ltd
London
4 April 2014
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