Alterra Power Corp. (AXY.TO) said Friday that it has received an unsolicited offer from a private Icelandic entity to purchase Alterra's interest in HS Orka hf.
HS Orka is an Iceland geothermal power company owned 66.6 percent by Alterra and 33.4 percent by a syndicate of Icelandic pension funds.
Alterra has signed a non-binding term sheet to pursue such a transaction conditional on reaching a definitive agreement, obtaining necessary approvals from the Icelandic government and other customary conditions.
Anders Kruus, Alterra's VP Corporate Relations, said, "Exploring this transaction does not change Alterra'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."
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