Hut 8 mining is one step closer to becoming new owners of power plants in Iroquois Falls and Kapuskasing.
Officials were notified of the news on Tuesday by KSV Restructuring, the company that was in charge of Validus Power’s bankruptcy, that their bid was declared successful. Now, Hut 8 mining needs final approval from the Ontario Supreme Court of Justice.
If successful a new Ontario division of Hut 8 Mining will own 80 per cent of the two plants, while Macquarie Equipment Finance Limited will retain 20 per cent. The new partnership would also include the acquisition of power plants in Kingston, North Bay as well as a Bitcoin mine.