HS Orka is an Iceland geothermal power company in which Alterra owns 66.6% and rest 33.4% is owned by a syndicate of Icelandic pension funds.
The agreement will allow the company to pursue such a transaction conditional on reaching a definitive agreement.
Alterra VP corporate relations Anders Kruus stated exploring the transaction does not change the company’s focus on expanding and optimizing its clean energy operations in Iceland.
‘However, we felt we should consider this unsolicited proposal if it maximizes value for Alterra shareholders and is supported by Icelandic stakeholders," said Kruus.
It is subject to obtaining necessary approvals from the Icelandic government and other customary conditions.
Â
