April 24th, 2024

Hut 8 acquires series of power plants in Ontario after court battle

By Medicine Hat News on February 22, 2024.

@MedicineHatNews

Hut 8 has officially acquired four large power plants in Ontario at the centre of a joint development agreement that broke down and landed in court last year.

The large crypto-miner with its initial flagship data-processing centre in Medicine Hat announced late last week that a joint venture subsidiary has won court approval to take over four facilities during Validus Power court-creditors protection actions.

In 2019 the company announced a joint agreement to develop new power production with Validus, and later revealed the plan centred on a moth-balled natural gas power station in North Bay, Ont.

In 2023, Hut 8 registered a stalking horse offer in partnership with Macquarie Finance for the 40-megawatt facility as well as others in Kingston (110 megawatts), Iroquois Falls (120 megawatts) and Kapuskasing, Ont. (40 megawatts). The new subsidiary is named “Far North” and controls a total of 310 megawatts of production capacity.

Hut 8’s Medicine Hat facility has a stated production capacity to draw 67 megawatts of power, including 42 through a supply agreement from the City of Medicine Hat’s power station.

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