07:31 AM EDT, 07/02/2025 (MT Newswires) -- Hut 8 ( HUT ) said Wednesday that its four natural gas-fired power plants in Ontario received five-year capacity contracts from the Ontario Independent Electricity System Operator.

The contracts were awarded to portfolio owner and operator Far North Power, which was formed by Hut 8 ( HUT ) and Macquarie Group unit Macquarie Equipment Finance, the company said.

Hut 8 ( HUT ) said the plants have a total nameplate capacity of 310 megawatts and the contracts have a weighted average capacity payment of about 530 Canadian dollars ($388.7) per megawatt-business day in the first year, with possible increases over time.

The contracts are set to start May 1, the company said.

Hut 8 ( HUT ) shares were up 4.4% in recent premarket activity.