Plutonic Power Corp.
Canadian geothermal power producer and developer Magma Energy Corp. (TSX: MXY.TO) said today it will sell a 25% share of its 98.5%-owned Icelandic geothermal power company HS Orka hf to a group of Icelandic pension funds for approximately C$71.5 million, approximately equal to Magma’s original cost of the acquisition.
Shares of wind and run-of-river power developer Plutonic Power Corporation (TSX: PCC.TO) are up 8% (market cap $171 milion) at mid-day after the company announced before the opening this morning it had agreed to merge with geothermal power developer Magma Energy Corp. (TSX. MXY.TO) (market cap $380 million) to form a new renewable energy company called Alterra Power Corp. Magma shares are down 2%. Both companies are based in Vancouver, British Columbia.
The EnergyBoom Biofuel Subindex (E•B Biofuel) beat all the clean/energy efficiency sector subindices this week with a 4.70% increase, while the broader clean energy indices fell 1.21% (EnergyBoom Clean 100 Index (E•B Clean 100)) to 3.21% (First Trust NASDAQ Clean Edge Green Energy Index (QCLN)).
Plutonic Power Corporation (TSX: PCC) and GE Energy Financial Services, a unit of GE (NYSE: GE), said Wednesday their 129-megawatt (MW) $228 million Dokie wind power project in northeastern British Columbia has begun commercial operations, but the companies were mute on the progress of the larger second phrase of the project.
The EnergyBoom solar (E•B Solar) and efficiency (E•B Efficiency) subindices outperformed the broad market indices and the Green ETFs during the first week of 2011.
Leading the E•B Solar were:
- JinkoSolar Holding Co., Ltd. (NYSE: JKS) 16.9 percent
- GT Solar International, Inc. (NASDAQ: SOLR) 15.13 percent
- ReneSola Ltd. (NYSE: SOL) 11.1 percent
GE Energy Financial Services, a unit of General Electric (NYSE:GE), recently released a study showing the benefits of federal Canadian wind power incentives.
