Magma Energy boosts its stake in HS Orka to 98.5% amid protests

Canadian geothermal developer Magma Energy has closed the final tranche of its acquisition of Iceland’s HS Orka, boosting its stake to 98.5%.

The final legs of the deal came amid growing opposition to privatisation of Iceland’s energy sector and a call from pop star Bjork to stop the acquisition.

The acquisition, officially made by Magma subsidiary Magma Energy Sweden, was completed with Magma assuming a municipal bond with a principal value of ISK 6.3bn ($53.4m) repayable in 2016 with interest at 3.5% per annum.

This was in exchange for 14.32% of HS Orka, one of Iceland’s largest electricity producers, from Geysir Green Energy.

For the first half of 2010, Orka, which primarily serve’s Iceland’s Log in to read complete article.

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