Background

IPC was founded in November 1995 by Peter Earl, an investment banker, and Colin Moynihan, the former UK Energy Minister, to exploit the rapid liberalization of global energy markets. IPC initially partnered with leading United States power companies that had not yet invested overseas in order to help them gain access to new and attractive energy markets. 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”). In addition, IPC formed a partnership with Phillips Petroleum, Inc. for LNG based power projects in China and Brazil, which led to the company’s initial development of greenfield power plants.

In 2001, Peter Earl led a buy-out of IPC, acquiring the 49% minority shareholdings of Xcel Energy and the 25% shareholding of Lord Moynihan. In 2010, Sterling Trust of the United Kingdom acquired control of IPC. From inception through 2003, IPC focused on the development of power plants for third party ownership. In late 2003, IPC decide to mitigate its dependence on development gains by establishing regional portfolios of operating power facilities. Under its new strategy, IPC elected to spin-off two regional power companies by flotation on the AIM Market of the London Stock Exchange: Rurelec PLC, floated in 2004; and IPSA Group PLC, floated in 2005. In 2004, IPC expanded its service capabilities and further refined its development strategy. The company began providing engineering and plant operating services to third party owners of power assets, contracting with British Petroleum’s Latin American subsidiary, Pan American Energy, to manage a fleet of LM 6000 aero-derivative gas turbines.

IPC is currently one of the top three international power developers and power plant operators based in the United Kingdom. Since its formation, the company has owned, operated or held under development approximately 5,000 MW of power generation of power generation facilities. In addition, IPC has from time to time provided power plant feasibility studies to Rolls Royce and the United Kingdom’s Department of Trade and Industry (“DTI”) in territories including Belize, Kazakhstan, South Africa and Uruguay.