On November 17, 2025, Hut 8 Corp. has entered into a definitive share purchase agreement with TransAlta Corporation for the acquisition of a 310-megawatt portfolio comprising four natural gas-fired power plants in Ontario. The facilities are owned and operated by Far North Power Corp., a joint entity established by Hut 8 and Macquarie Equipment Finance Ltd. The transaction concludes Hut 8's multi-phase initiative to stabilize and strengthen the portfolio following its bankruptcy acquisition. Hut 8 implemented operational and commercial improvements to reestablish the assets as revenue-generating facilities. Earlier in 2025, Far North secured five-year capacity contracts across the entire 310-megawatt portfolio through the Ontario IESO Medium-Term 2 auction, transitioning the power generation assets from short-term seasonal arrangements to long-term, investment-grade-backed revenue commitments.

CIBC Capital Markets served as financial advisor to Hut 8, while Bennett Jones LLP provided legal counsel to the Company. Hut 8 intends to redeploy capital from the portfolio toward large-scale digital infrastructure development opportunities while maintaining a strategic interest in power generation. TransAlta's acquisition positions the assets for long-term value creation, leveraging its scale, commercial platform, and existing Ontario operating presence. The transaction reflects Hut 8's strategic realignment to prioritize high-return digital infrastructure opportunities within its development pipeline.

Transaction value was not disclosed.