Exhibit 99.1
Hut 8 Announces Sale of 310 MW Power Portfolio to TransAlta Following Successful Optimization and Long-Term Contract Wins
Transaction concludes a multi-phase program through which Hut 8 stabilized and strengthened the Portfolio following its acquisition out of bankruptcy
MIAMI, FL, November 17, 2025 – Hut 8 Corp. (Nasdaq, TSX: HUT) (“Hut 8” or the “Company”), an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases, today announced that it has entered into a definitive share purchase agreement (the “Agreement”) with TransAlta Corporation (NYSE: TAC; TSX: TA) (“TransAlta”), one of Canada’s largest publicly traded power generators. Under the Agreement, TransAlta will acquire the 310-megawatt portfolio of four natural gas-fired power plants in Ontario (the “Portfolio”) owned and operated by Far North Power Corp. (“Far North”), an entity formed by Hut 8 and Macquarie Equipment Finance Ltd. (“Macquarie”), a subsidiary of Macquarie Group Limited.
The transaction concludes a multi-phase program through which Hut 8 stabilized and strengthened the Portfolio following its acquisition out of bankruptcy. 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-megawatt Portfolio through the Ontario IESO Medium-Term 2 (“MT2”) auction. These contracts transition the power generation assets from short-term, seasonal arrangements to long-term, investment-grade-backed revenue commitments, significantly increasing cash-flow stability and duration while preserving merchant energy revenue upside.
Asher Genoot, CEO of Hut 8, said: “Our power-native team executed a disciplined program to strengthen the four natural-gas power plants comprising the Portfolio, enhancing their operational and commercial footing. This work enabled the award of investment-grade, long-term capacity contracts across all four sites through the MT2 process. With that foundation in place, we created the appropriate conditions to crystallize the value of the Portfolio for our shareholders.”
Hut 8 continues to advance a multi-gigawatt pipeline of power-first digital infrastructure development opportunities across North America. While the Company maintains a strategic interest in power generation, it intends to prioritize capital allocation toward large-scale digital infrastructure development opportunities.
Sean Glennan, CFO of Hut 8, said: “These are attractive contracted facilities, but they are not core to our current strategy or capital plan, which is focused on high-return opportunities within our development pipeline. Redeploying capital from the Portfolio enables us to advance those opportunities while demonstrating our ability to invest in, optimize, and ultimately monetize complex power assets.”
TransAlta’s scale, commercial platform, and longstanding operating presence in Ontario make it a natural long-term owner of the Portfolio, positioning it for its next phase of value creation under TransAlta’s stewardship.
John Kousinioris, President and Chief Executive Officer of TransAlta, said: “With this acquisition, our position in Ontario increases through contracted and complementary assets. As electrification and population growth continues, the market will meaningfully rely on existing firm, dispatchable generation for grid reliability. Beyond the contract period these assets are attractively positioned for re-contracting opportunities as well as with optionality given the co-located land. The transaction adds to our reliable and increasingly diversified portfolio, and we see long term value in these assets."
CIBC Capital Markets acted as financial advisor to Hut 8, and Bennett Jones LLP served as legal counsel to the Company.
