Magma Energy Corp (MXY.TO) said on Monday it will buy fellow Canadian clean energy company Plutonic Power Corp (PCC.TO) for C$190 million ($195.5 million) as it looks for ways to expand and cut its cost of doing business. Magma, North America's second-largest geothermal energy company, has been hunting for opportunities outside the geothermal sector, which it says has limited growth potential. By buying Plutonic in an all-share deal, Magma will add hydroelectric, wind and solar energy projects in Canada to its suite of geothermal operations in Iceland, the United States and South America.
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