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New owner of Kapuskasing and Iroquois Falls power plants should be know soon

We should know more later this month whether or not Hut 8 Mining becomes new owner of Validus Power facilities in Iroquois Falls and Kapuskasing.

The deadline for companies to submit bids ended yesterday. The former business partner is looking at becoming majority owner of the two power plants at 80 per cent, while the other 20 per cent would be owned by Macquarie Equipment Finance Limited, a company that Validus currently owes money to.

Validus Power was forced into receivership in August after it failed to make a payment on that money it had borrowed from Macquarie.

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