Alterra merger

Magma Energy Corp. and Plutonic Power Corp. are merging to create Alterra Power Corp., a renewable energy producer with a post-deal market capitalization of approximately $575 million (US$592 million).

Under the terms of the agreement, each Plutonic shareholder will receive 2.38 shares of Magma for each Plutonic share held, and Magma will change its name to Alterra. The new company will include six operating plants in three locations: Two geothermal plants in Iceland and Nevada, two hydro plants and one wind farm in British Columbia and an option on a solar project in Ontario.

Ross Beaty will be named the executive chairman and CEO and Donald McInnes will be executive vice-chairman. Bruce Ripley will be chief operating officer and John Carson will be executive vice president.

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