IPC was founded in November 1995 by Peter Earl, an investment banker, and Lord Moynihan, a former energy minister under Margaret Thatcher who was part of the team responsible for the privatisation of the state-owned British electricity industry. Having gained considerable experience in the energy industry from their advisory work in power privatisations and acquisitions, the two founders joined together to form a company that was able to participate as a principal in the privatisation of electricity companies in emerging markets. Earl and Moynihan recognised that many traditional investors simply did not understand the risks involved in power projects in the rush to privatise the electricity industry that took place in the early 1990s. Equally, many power companies with a public service, utility background were - rightly - uncomfortable at the prospect of accepting significant transaction or project risk: they did not wish to pursue the added value that can be extracted from taking an initial uncontracted merchant plant or foreign currency risk and then actively working to mitigate that risk by negotiating new contracts or new foreign currency hedging mechanisms.		IPC's original plan was to join forces with selected US domestic power companies which had not yet invested overseas in order to attack specific emerging markets and to use the IPC founders' connections for leveraging a position in international power privatisations and buy-outs. In June 1996, the Company entered into a partnership with Public Service Company of Colorado (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. Today, IPC has established a ten year track record in its own right on four continents as an efficient and innovative operator and developer of generation facilities.

Since its inception, IPC targets projects where the following specific criteria can be satisfied:

. Investment predominantly in power generation
. Control of plant operations
. On-site concession for any new-build or expansion projects
. A target post-tax IRR of 25 %
. Negotiation of new Power Purchase Agreements (PPAs) with strong corporate credits rather than with sovereign risk, state-owned power buyers

Independent Power Corporation PLC, Prince Consort House, 27-29 Albert Embankment, London, SE1 7TJ
telephone: 020 7793 5600 fax: 020 7793 7654 email: enquiries@indpow.co.uk
company registered in England and Wales number: 03097552