Magma Energy acquires 98.5 percent of Icelandic geothermal company HS Orka

Source: Magma Energy Corp.

Magma Energy Corp. announces that its wholly-owned subsidiary, Magma Energy Sweden A.B., today has closed the final portion of a previously announced agreement to acquire further shares of Iceland geothermal company HS Orka hf. Magma Sweden now holds a 98.53% interest in HS Orka.

In the transaction, Magma Sweden acquired 14.32% of HS Orka's outstanding shares from Geysir Green Energy ehf by assuming a bond with the municipality of Reykjanesbaer with a principal value of ISK 6.3 billion repayable in 2016 with interest at 3.5% per annum. The principal amount is indexed based on movements in aluminum prices on the London Metal Exchange. The adjustment is equal to one half the relative difference between the actual price (capped at $3,250/tonne) and a reference price of $1,500/tonne.



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

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs