Singapore-based investment firm Bright Day has agreed to buy two turbines for its barge-mounted projects under development for an aggregate consideration of $35m.
IPSA will sell the second pair of turbines to Bridgehouse Capital, a private equity investment and advisory firm, for $31m.
The company said it will be in a position to settle with all its creditors and will retain sufficient working capital for its current operational needs following receipt of all the proceeds.
IPSA chairman Richard Linnell said that the company’s original plan was to install the turbines in South Africa but, as a result of the changes in economic circumstance since 2008, other countries will now benefit from these machines.
