Ipsa misses first payment deadline to Ethos Energy

Independent power producer Ipsa has missed a November 21 deadline to pay Ethos Energy Italia – formerly Turbocare – an initial €3-million payment as part of a dispute settlement reached last month in relation to the sale and purchase agreements and refurbishment agreement for Siemens Westinghouse 701DU turbines bought by Ipsa in 2007. Ipsa said on Monday that the amount remained outstanding but that it was working toward a solution involving bridge funding of the deferred consideration due to Ethos.