Independent Power Southern Africa (AIM & ALTx:IPSA) a power plant developer with operations in southern Africa, said that on March 31st it signed a £15.5 million loan facility agreement with the Standard Bank PLC.
About £12.7 million of this loan has been used to pay the balance due, about £15.7 million, to TurboCare SpA, for four Fiat Avio 501 D gas turbines destined for the Coega Project. The remainder of this facility is to be used for working capital.