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History

Independent Power Corporation PLC (“IPC”) is an English public company which was established in 1995 by Peter Earl and the former UK Energy Secretary, Lord Moynihan, to develop, own and operate power plants worldwide.

  • 1996-2001 - Collaboration with US companies Open or Close

    In June 1996, the Company entered into a partnership with Public Service Company of Colorado (“PSCo”) (now a part of Xcel Energy, Inc.) to act as the international development arm of its then parent company, New Century Energies (“NCE”). An additional partner, Florida Progress Corporation, Inc. joined the partnership in 1997. At the same time, IPC also formed a partnership with Phillips Petroleum, Inc. for LNG based power projects in China and Brazil as Phillips considered the possible expansion into power developments. This involved developing new, greenfield power plants and so from 1998, IPC became a developer of new-build power plants.

  • 2001–2003 - British owned Open or Close

    In 2001, IPC became completely independent of US energy companies following the management buy-out of Xcel Energy’s 49 per cent stake in the company. This meant that IPC became 100% British owned. That year, IPC incorporated its fee-earning, O&M subsidiary, Independent Power Operations Limited. IPOL offers an effective operations and maintenance service for owners of generation and distribution. Today, IPOL is recognised as an internationally qualified operator of power generation facilities.

  • 2003–2008 - Establishing regional portfolios Open or Close

    In its first eight years of existence, IPC concentrated on developing, or acquiring, and improving power assets for re-sale to third parties. The company’s focus at the time was Central Asia, Latin America and North America. This produced development gains, as IPC’s earnings record shows, but not the consistent earnings that come from continuing to hold profitable power plants. After 2004 IPC decided to smooth out the dependence on one-off development gains from the sale of successful projects by establishing regional portfolios of operating power plants which could grow earnings organically through plant expansion, while at the same time looking for suitable bolt-on acquisitions. The new policy resulted in IPC spinning off two regional power companies which were floated on the AIM Market of the London Stock Exchange: Rurelec PLC, specialising in Latin American power projects, floated in 2004, and IPSA Group PLC, which focused on power development in Southern Africa, floated in 2005.

    At the same time from 2004 onwards IPC embarked on a programme of providing engineering and plant operating services to third party owners of power assets including BP’s Latin American subsidiary, Pan-American Energy, who contracted IPOL to manage its fleet of LM 6000 aero-derivative gas turbines. IPC also worked closely with Rolls Royce and the United Kingdom’s Department of Trade and Industry (DTI) on power plant feasibility studies in territories of importance to the British Government including Belize, Kazakhstan, South Africa and Uruguay. The result was that, as of 2008, IPC had become one of the top three British based power developers and qualified operators of power plants.

  • 2008-2010 - One of top three British based power developers Open or Close

    Between 2008 and 2009, IPC constructed its first Middle Eastern power plant, working with the UAE’s Ras Al Khaimah Investment Authority (RAKIA) to supply, install and operate two LM 2500 gas turbines with a combined power capacity of 44 MW. The project was noteworthy not only for its speed of installation but also for the new control system which permitted islanded operation of the two gas turbines in open cycle. During this period, other notable projects included the installation of seven Jenbacher gas engines at Guaracachi in Sucre, Bolivia, and the successful commissioning of the original Newcastle Cogeneration CHIP and CCGT power plant, South Africa’s first gas-fired independent power plant.

  • 2010 – 2015 - Renewable energy generation Open or Close

    In 2010 the British private investment company Sterling Trust Limited acquired IPC together with its shares in Rurelec PLC and IPSA Group PLC.

    From 2011, much of IPC’s focus was on project development in Latin America. The company was therefore incorporated in 2013 into Rurelec PLC to undertake early stage development work on projects in Chile, Argentina, Bolivia and Peru. This included IPC’s first fully operational hydroelectric power project, Canchayllo, which saw IPC’s move into the development of renewable energy generation.
    Since 2013, IPC has been working on projects in Western and Northern Africa providing development and financial modelling services to power generation groups. It has recently qualified with the government of Egypt as a recognised EPC contractor and provider of power plant engineering services and is now eligible to participate in Egypt’s new gas fired power plant programme. Two projects in Ghana, Takoradi in the west and PramPram in the east, have been underway since 2013.

  • Now – Current Strategy Open or Close

    In July 2015, IPC was re-acquired by Peter Earl, one of the two original founders of the company. The current strategy has been to revert to IPC’s original roots of power development and operation with expansion into familiar and welcoming territories.