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%.

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.