TransAlta buying four Ontario natural gas-fired power plants for $95 million

TransAlta headquarters building in Calgary. THE CANADIAN PRESS/Larry MacDougal

CALGARY — TransAlta Corp. has signed a deal to buy Far North Power Corp. and its four natural gas-fired power plants in Ontario for $95 million.

The power utility is buying the assets from an affiliate of Hut 8 Corp. and Macquarie Equipment Finance Ltd.

The plants are located in Iroquois Falls, Kingston, North Bay, and Kapuskasing.

They will add 310 megawatts capacity to TransAlta’s portfolio to bring its total to 1,300 MW.

TransAlta says it will finance the transaction using cash on hand and its credit facilities.

The deal is expected to close by early in the first quarter of 2026.

This report by The Canadian Press was first published Nov. 17, 2025.