Power group Ipsa said on Friday that it entered into negotiations with an undisclosed party for the sale of its last two gas turbines after its initial two deals proved unsuccessful.
Its $31-million deal with Malaysian power development company Iris Eco Power was abandoned, after the latter failed to conclude the agreements by end-February.
“While this is disappointing, negotiations are now taking place with another party willing to acquire the turbines for the same $31-million price agreed with Iris,” Ipsa said in a statement.
Ipsa was attempting to sell its remaining two Siemens Westinghouse 701 DU gas turbines to repay its creditors.
The company initially planned to sell the two gas turbines to Lezayre Holdings, but reported that the contract had expired owing to delays.
The power group commented that it had entered into discussions with other interested parties as well, for the possible acquisition of the turbines.
The company sold two of its four gas turbines, which it initially acquired for a power project at Coega, to Bright Day, in January 2012, for $35-million.