Words by

Catharine Fulton

Reykjavík City Council met today and upheld a decision of Reykjavík Energy’s (OR) board to sells the company’s shares in Alterra Power (previously Magma Energy).
OR received shares in the Canadian geothermal energy developer in exchange for its stake in HS Orka, which Magma Energy controversially acquired a majority share in back in 2009, RÚV reports.
The Magma Energy shares are being sold to the investment firm Landsbréf for 6.8 billion ISK. The sale will inject some much needed capital into OR.