Hut 8 sells 310-megawatt power portfolio to TransAlta

Hut 8 (HUT) announced that it has entered into a definitive share purchase agreement with TransAlta Corporation (TAC). Under the Agreement, TransAlta will acquire the 310-megawatt portfolio of four natural gas-fired power plants in Ontario owned and operated by Far North Power Corp., an entity formed by Hut 8 and Macquarie Equipment Finance, a subsidiary of Macquarie Group. Upon assuming responsibility for the Portfolio, Hut 8 executed the operational and commercial measures necessary to re-establish the assets as revenue-generating facilities. Earlier this year, Far North secured five-year capacity contracts across the 310-megawatt Portfolio through the Ontario IESO Medium-Term 2 auction. These contracts transition the power generation assets from short-term, seasonal arrangements to long-term, investment-grade-backed revenue commitments, significantly increasing cash-flow stability and duration while preserving merchant energy revenue upside.