Ipsa gas turbine deal postponed until month-end
Power group Ipsa said on Friday that discussions continued for the sale of its last two gas turbines, but no date for the completion of the deal had been confirmed.
The group was attempting to sell its remaining two Siemens Westinghouse 701 DU gas turbines to Malaysian power development company Iris Eco Power for $31-million, allowing the group to repay its creditors.
While no formal extension had been agreed, Iris had been given until the end of the month to enter into a new contract with a firm completion schedule.
Iris, in December, sought an extension of the sale agreement. The deal was meant to be completed by November last year.
The power group also commented that it had entered into discussions with other interested parties for the possible acquisition of the turbines and Ipsa had appointed a specialist agency to remarket the units.
Ipsa initially said it would sell the two 701 DU gas turbines to Lezayre Holdings, but reported that the contract had expired owing to delays.
The company sold the other 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.
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