TransAlta acquires 310 MW power portfolio from Hut 8

TransAlta (TAC) has entered into a definitive share purchase agreement with Hut 8 under which TransAlta will acquire the 310 MW portfolio of four natural gas-fired power plants in Ontario owned and operated by Far North Power, 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 MW 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.