Iceland’s HS Energy Goes into Foreign Ownership Skip to content

Iceland’s HS Energy Goes into Foreign Ownership

Canadian Magma Energy acquired 41 percent of shares in the Icelandic HS Energy yesterday by taking over the shares of Hafnarfjördur municipality and Reykjavík Energy.

Harnessing energy in Iceland. Photo by Páll Stefánsson.

Geysir Green Energy (GGE) holds a 57 percent stake, but GGE is owned by the banks Landsbanki and Íslandsbanki, which are owned by foreign claimants. HS Energy is therefore in foreign ownership, Víkurfréttir reports.

CEO of Magma Energy Ross Beaty took a seat on the board of HS Energy yesterday. He said in an interview with RÚV that he plans to significantly increase the company’s energy production.

Click here to read more about Magma and HS Energy.

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