Hut 8 announces the sale of a 310 MW power portfolio to TransAlta, marking the conclusion of a program to stabilize and strengthen the portfolio.
The transaction involves the acquisition of natural gas-fired power plants in Ontario from Far North Power Corp.
Hut 8 executed operational and commercial measures to re-establish the assets as revenue-generating facilities.
Acquisition Conclusion
Transaction concludes a program to stabilize and strengthen the power portfolio post-bankruptcy acquisition.
Long-Term Contracts
Secured five-year capacity contracts across the 310 MW Portfolio through Ontario's MT2 auction for revenue stability.
Strategic Shift
Hut 8 prioritizes capital allocation towards digital infrastructure development opportunities over power generation.
- The sale to TransAlta positions the portfolio for value creation under its stewardship.
- Hut 8's focus on digital infrastructure development reflects a strategic direction towards high-return opportunities.
The sale of the power portfolio signifies a strategic move by Hut 8 to optimize capital and focus on digital infrastructure development opportunities, while ensuring long-term value creation.