Shareholders of Magma Energy and Plutonic Power Corporation have approved a previously announced deal that will see Magma acquire Plutonic Power, creating a more diversified renewable energy producer valued at about $575M.

Under the terms of the deal, each Plutonic shareholder will receive 2.38 shares of Magma for each Plutonic share held. Magma shareholders have also agreed to change the company’s name to Alterra Power Corp, and have agreed to increase the size of the board of directors of Magma to seven, and to elect Donald A. McInnes, Walter T. Segsworth and David S. O’Brien to the Magma board of directors

The new combined company will have a solid base of producing assets in three key renewable energy sectors – geothermal, hydro and wind – with options in the solar industry.

At the shareholder meetings, 99.91% of Magma shareholders voted in favour of the deal, with 73.47% of Plutonic shareholders approving the arrangement.

Completion of the deal remains subject to approval by the Supreme Court of British Columbia and certain other conditions.

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