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.

Read more mergers and acquisition news

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...