New Letter of Interest Signed for Island Power Ltd.

Island Power Solutions Ltd (IPS) has today signed a Letter of Interest (“LOI”) to acquire a operational windfarm of 20 MW along with the development rights and construction of additional 70MW wind power. The windfarm and attached project is located in the Nordic Baltic regions.

The additional 70 MW of wind power plants to be produced have an expected CAPEX of 70 million euro, and IPS has received a specificproposal from Norinco (China North Industries Group Corporation Limited), one of its construction partners, to provide financing and EPC services for the entire project.

IPS will maintain the project management responsibility. The project approval and financing will be carried out during Q1 of 2019, with commencement of the construction phase during 2019. The wind park is expected to be completed during a twelve-month period and become operational during 2019/2020.