Under the terms of the agreement, NGP has secured a 100% ownership of IAE’s geothermal assets which includes the New Truckhaven, East Brawley and South Brawley projects.
The company has paid $564,000 and 6,074,069 shares which are to be issued.
Reykjavik Energy Invest, a subsidiary of Reykjavik Energy will be the majority owner of IAE with an 83.7% interest and will become a significant shareholder of NGP.
The asset acquisition will expand NGP’s business geographically.
