Hut 8 Awarded Five-Year Capacity Contract for 310MW of Natural Gas Power in Ontario

Cryptomining and HPC firm Hut 8 has been awarded a five-year capacity contract with the Ontario Independent Electricity System Operator (IESO) for 310MW of natural gas generation assets. The portfolio is owned and operated by Far North Power Corp, a partnership between Hut 8 and Macquarie Equipment Finance, a subsidiary of the Macquarie Group.

“Securing these contracts is a testament to the commercial and regulatory fluency of our power-native team,” said Asher Genoot, CEO of Hut 8. “It reflects our proactive approach to portfolio management and our focus on identifying value-accretive opportunities to maximize returns on our Power assets.”

“This milestone for Far North is [an] affirmation of the business and our relationship with Hut 8,” said Joshua Stevens, managing director in Macquarie Group’s Commodities and Global Markets business. “These contracts position the Far North power plants in Ontario for long-term relevance in a capacity-constrained power market, demonstrating the value we strive to bring as a capital provider.”