Vancouver, British Columbia-based Magma initially seeks to purchase an 8.62% interest in HS Orka, which has two geothermal plants producing a net 175MW of electricity sold under long-term, US dollar contracts to aluminium smelters. Magma eventually wants to obtain a 50% partnership with Icelandic ownership, allowing the company to consolidate HS Orka’s results with its own financial statements. (Geysir Green Energy currently owns 55% of HS Orka.)
Magma
