The World's #1 Renewable Energy Network for News, Information, and Companies.
Untitled Document

Magma Energy Acquires 98.53% of HS Orka

Canadian company Magma Energy Corp. has signed an agreement with Geysir Green Energy ehf (GGE) to purchase all of GGE's stake in Iceland geothermal company HS Orka hf, increasing Magma's stake to 98.53%.

HS Orka currently produces 175 megawatts (MW) of geothermal power and 150 MW of thermal energy for district heating, and has near-term expansion plans that would increase its power production to 405 MW by 2015.

The transaction will increase Magma's geothermal power production to 186 MW, its geothermal reserves to 193 MW and its indicated and inferred geothermal resources to 1,161 MW. The remaining 1.5% stake in HS Orka is held by four Icelandic municipalities.

"I am really pleased with this landmark acquisition, which brings Magma such long term core assets as large scale low cost geothermal power production, enormous in-ground geothermal resources that will enable additional future production growth, and a wonderful team of Icelandic geothermal experts who can help us grow both in Iceland and internationally," said Ross Beaty, Magma's chairman and CEO.

The agreement provides that Magma's wholly owned subsidiary will purchase GGE's remaining interest in HS Orka for US $84.5 million and by assuming a bond issued by GGE with a face value of $36 million.

Untitled Document

RELATED ARTICLES

World’s First Integrated Geothermal and Biomass Plant Goes Online

Vince Font Enel Green Power has announced the completion of a 5 megawatt (MW) biomass power plant in Italy’s Tuscany region that integrates biomass with geothermal steam generation. A first of its kind, the newly constructed biomass p...

The Future of Renewable Power in Mexico

Daniel Chavez The abundance of diverse renewable energy resources, growing demand for power, macroeconomic stability, and historically high electricity prices continue to position Mexico as one of the most attractive destinations for inv...

World Moves Toward 100 Percent Renewable Energy – First Electricity, Then Heating/Cooling, and Finally Transportation

Junko Movellan, Correspondent The exclusive use of energy from renewable resources in at least one sector has now become a feasible goal for 8 countries. Diane Moss, Founding Director of Renewables 100 Policy Institute, discussed this remarkable develop...

US Clean Power Plan Could Include Carbon Trading

Mark Drajem, Bloomberg Some businesses that back President Barack Obama’s plan to curb greenhouse gases are making a late lobbying push to add an element similar to a cap-and-trade program. With the administration set this week or next to unveil ...

CURRENT MAGAZINE ISSUE

Volume 18, Issue 4
1507REW_C11

STAY CONNECTED

To register for our free
e-Newsletters, subscribe today:

SOCIAL ACTIVITY

Tweet the Editors! @megcichon @jennrunyon

FEATURED PARTNERS



EVENTS

GRC Workshop at Indonesian International Geothermal Convention & Ex...

The Geothermal Conceptual Model & Well Targeting The Geothermal Me...

2015 AREDAY Summit

The 12th Annual AREDAY Summit, August 8-13th in Snowmass Colorado. Engag...

StartUp Green

AREI, American Renewable Energy Institute, in partnership with ...

COMPANY BLOGS

Clean Energy Patents Maintain High Levels in First Quarter, Solar L...

U.S. patents for Clean Energy technologies from the first quarter of 201...

Registration Opens for GRC Annual Meeting & GEA Geothermal Energy Expo

GRC Annual Meeting & GEA Expo:   Register Now for the 2015 GRC ...

New Approach to Crowdfunding Renewable Energy Assets

In our business, our goal is to help people improve their quality of lif...

NEWSLETTERS

Renewable Energy: Subscribe Now

Solar Energy: Subscribe Now

Wind Energy: Subscribe Now

Geothermal Energy: Subscribe Now

Bioenergy: Subscribe Now  

 

FEATURED PARTNERS