Canadian Press, Globe and Mail, Mar 07, 2011
Magma Energy Corp. (MXY-T1.17-0.05-4.10%) plans to acquire Plutonic Power Corp (PCC-T2.630.218.68%) in an agreement to create a company they say is worth about $575-million.
Magma's current focus is on geothermal power and Plutonic is mainly involved with hydroelectric and wind power as well as some solar-electric projects.
TIM KILADZE, Globe and Mail, March 7, 2011
Instead of being cryptic about the real reason for their merger, the heads of Magma Energy Corp. (MXY-T1.17-0.05-4.10%) and Plutonic Power Corp. (PCC-T2.620.208.26%) have come right out and said it: scale.
“The power business is all about the cost of capital and size really does matter,” said Ross Beaty, Magma’s head, on a conference call Monday.
Reuters, Vancouver Sun, March 7, 2011
Canada's Magma Energy Corp will buy clean power company Plutonic Power Corp for about C$190 million ($195.5 million) to expand its presence in hydro, wind and solar segments.
Each Plutonic shareholder will receive 2.38 shares of Magma for each share held, representing a 20 per cent premium to Plutonic's Friday closing price.
News Release, Magma Energy Corp. and Plutonic Power Corporation, March 7, 2011
Vancouver, B.C., Canada, March 7th, 2011 - Magma Energy Corp (TSX:MXY) and Plutonic Power Corporation (TSX:PCC) today announced that they have entered into an arrangement agreement (the "Arrangement Agreement") to merge and create Alterra Power Corp. ("Alterra"), a leading renewable power producer, with a post-deal market capitalization of approximately $575 million.
SCOTT SIMPSON, Vancouver Sun, August 10, 2010
$663-million Toba run-of-river project outperforms many BC Hydro facilities
Plutonic Power passed a milestone for its Toba Inlet projects on Monday with the commencement of full-scale power delivery to BC Hydro.
News Release, Plutonic Power Corp., August 9, 2010
VANCOUVER, BC - August 9, 2010 - Plutonic Power Corporation (TSX: PCC) and GE Energy Financial Services, a unit of GE (NYSE: GE), announced today that their Toba Montrose General Partnership ("TMGP") has commenced selling electricity to BC Hydro under an Electricity Purchase Agreement ("EPA") from power generated by the East Toba River and Montrose Creek generation facilities.
Plutonic Power Corporation, GE Energy Financial Services, Sign Electricity Purchase Agreement with BC Hydro for Upper Toba Valley Hydroelectric Project
News Release, Plutonic Power Corp., Fri Apr 30, 2010
VANCOUVER, BC -- April 30, 2010 --- Plutonic Power Corporation (TSX: PCC) and GE Energy Financial Services, a unit of GE (NYSE: GE), announced today they have signed a 40-year electricity purchase agreement with BC Hydro for the 124-megawatt Upper Toba Valley Hydroelectric Project.
Editorial, Vancouver Sun, February 12, 2010
Among the good news Energy Minister Blair Lekstrom had for his constituents as he looked back at 2009 was the restarting of the Dokie Ridge wind project. The original proponents had stalled on the 144 megawatt wind farm under construction west of Chetwynd in Lekstrom's riding of Peace River South.
"BHI will be focusing on additional fisheries baseline studies and hydrology in greater depth through the spring and fall of 2010. ... Once this data has been compiled and analyzed, BHI will be in a position to re-evaluate the timeline for submitting our EIS."
Bute Hydro Inc postpones its application indefinitely
Letter to CEAA, 03-Dec-2009