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Magma Energy considers sale of a 25% stake in HS Orka

Reykjanes geothermal power plant of HS Orka, Iceland (source: flickr/ ThinkGeoEnergy, creative commons)
Alexander Richter 17 Nov 2010

Canadian Magma Energy considers the sale of a 25% stake in Icelandic HS Orka, which the company owns through its daughter company in Sweden to address public concern about its ownership position.

Reported in Icelandic media following an interview of the company’s CEO Ross Beaty, “Magma Energy considers the sale of a stake of up to 25% in Icelandic HS Orka”.

The company doesn´t considers to get the right type of investor into the company.

With the sale the company wants to address public concern in Iceland regarding the ownership of Magma in the Icelandic power company, which was privatized in 2007.  Furthermore the sale is to help Magma to finance the initial acquisition of the company. The goal, so  Ross Beaty, is neither to profit nor loose money on a sale.

Canadian Magma Energy bought the shares in HS Orka in a series of acquisitions through its daughter company in Sweden.

Source: DV (in Icelandic)