Embattled power generation firm Independent Power South Africa (Ipsa) has secured an increase in its month-old short-term loan to ensure it has sufficient working capital and funds for the maintenance of its two remaining turbines.
The Aim-listed group on Friday said it was now allowed a drawdown of up to £750 000, pushing the total loan from private investment company Bluestone Securities from an initial £4.2-million, to £4.95-million.
The group obtained the loan in March to repay the loan from Standard Bank, originally due for payment in September 2009.
The loan remained repayable on June 26.
Ipsa had not yet secured a buyer for its remaining two Siemens Westinghouse 701 DU gas turbines and negotiations were ongoing.