Hut 8 acquires gas power plants in Canada

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Hut 8 acquires gas power plants in Canada
Credit: © Reuters.

MIAMI - Hut 8 Corp. ( NASDAQ | TSX: NASDAQ: HUT ), a prominent North American digital asset miner and high-performance computing provider, has announced the completion of its acquisition of four natural gas power plants in Ontario, Canada. This strategic move was made in partnership with Macquarie Equipment Finance Ltd., part of the global financial services group Macquarie Group (OTC: MQBKY ) Limited.

The joint venture, named Far North Power Corp., now owns 310 MW of power infrastructure across four facilities located in Kingston, Iroquois Falls, Kapuskasing, and North Bay, with the latter also housing a Bitcoin mining operation. Hut 8 holds an approximately 80% interest in Far North, while Macquarie has secured a minority equity interest of about 20%.

Asher Genoot, CEO of Hut 8, expressed the company's active engagement with Macquarie in planning to generate returns on the new assets. Chris Vickery, Vice President of Energy at Hut 8, highlighted the leadership team's expertise in maximizing the value of distressed assets and energy sector proficiency.

With the transaction's closure, Macquarie has entered into a secured funding arrangement with Far North in the form of an operating lease facility. The deal also marks the resolution of all litigation claims between Hut 8 and certain Validus Power Corp. entities.

Hut 8, headquartered in Miami, operates a diverse infrastructure portfolio, including eleven sites with five high-performance computing data centers and six Bitcoin mining and hosting locations. The company is recognized for its significant inventory of self-mined Bitcoin among publicly-traded entities.

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