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IPSA secures short term loan as awaits extra plant capacity


Southern Africa focused power group IPSA (LON:IPSA) has secured a short term loan of £500,000 for working capital until new capacity arrives, it said.

The loan comes from Radix International and is for the next 6 months at an interest rate of 1% a month. 

"This will provide working capital until such time as the installation programme for the two Jenbacher gas engines, acquired at the end of 2013 adding 3.4MW at the cogeneration site, is completed which will be by the end of September this year," the firm said in a brief statement.

These two engines have arrived in South Africa and are expected to lift capacity at the Newcastle Cogeneration plant to 40% since the end of 2013 and add to profitability. 

IPSA added Rurelec is completing arrangements for storage and shipment of the two Siemens Westinghouse turbines as part of the agreed hand-over, subject to the agreement entered on June 10 last year.

The deferred consideration remains outstanding, it added.

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