HUT - Hut 8 completes transaction to acquire four power generation facilities totaling 310 MW in partnership with Macquarie | Benzinga
MIAMI, Feb. 15, 2024 (GLOBE NEWSWIRE) -- Hut 8 Corp. ((Nasdaq, TSX:HUT), ("Hut 8" or the "Company") one of North America's largest, most innovative digital asset mining pioneers and high performance computing infrastructure providers has completed its previously announced stalking horse bid transaction (the "Transaction") to acquire four natural gas power plants in Ontario, Canada, in partnership with Macquarie Equipment Finance Ltd. ("Macquarie"), a subsidiary of Macquarie Group Limited, a global financial services group.
"We have developed a deep partnership with Macquarie throughout this process and are actively working with them on a plan to generate a return on our ownership interest in these assets in the near term," said Hut 8 CEO Asher Genoot. "We are evaluating a range of strategic options for these assets and look forward to sharing updates as they materialize."
The joint venture entity formed by Hut 8 and Macquarie, Far North Power Corp. ("Far North"), is now the owner of 310 MW of power infrastructure, including:
- A 110 MW facility in Kingston
- A 120 MW facility in Iroquois Falls
- A 40 MW facility in Kapuskasing
- A 40 MW facility and Bitcoin mine in North Bay
"Our leadership team not only brings a proven track record of maximizing the value of distressed assets to this transaction but also brings a wealth of energy sector expertise and relationships," said Chris Vickery, Vice President of Energy at Hut 8. "We are excited to continue collaborating with the Macquarie team to refine a commercial strategy for these assets and look forward to exploring further opportunities to deepen our relationship with our partner."
With the completion of the Transaction, Macquarie has entered into a new secured funding arrangement with Far North in the form of an operating lease facility. In addition, Macquarie now holds a minority equity interest of approximately 20% in Far North, and Hut 8, indirectly, is the majority owner ...