Kapuskasing and Iroquois Falls natural gas power plants may soon have new owners. Validus Power, which is in the middle of bankruptcy proceedings, could be sold as one of many options facing the company.
Hut 8 mining that was once a business partner in its North Bay operations, is looking at buying 80 per cent of Validus. The other 20 per cent would be owned by Macquarie Electric Finance, a company that Validus currently owes money to. The deadline for businesses to submit a bid is December 7th.
Hut 8 Mining CEO Jamie Leverton says buying the power company would allow them to sell energy on the grid, mine Bitcoin and power high demand programs like Ai.