BERWICK, Pa. - Talen Energy Corporation, which was spun off from PPL Corp. in 2015, has purchased a company's interest in a Pennsylvania bitcoin mining facility.
Talen Energy Corporation announced Thursday that it has completed a transaction with TeraWulf Inc. to purchase TeraWulf’s interest in Nautilus Cryptomine, a 200-megawatt bitcoin mining facility in Berwick, Pa., according to a news release on Talen's website.
As a result of the transaction, Talen now owns 100% of Nautilus.
“We are pleased to complete this strategic transaction,” said Cole Muller, Executive Vice President -Strategic Ventures.
“The transaction allows Talen the ability to reset a legacy below-market power purchase agreement and provides us with increased flexibility as we explore strategic alternatives in order to maximize the value per megawatt for our Susquehanna nuclear generation facility.”
Under the terms of the agreement, Talen has purchased TeraWulf’s 25% share in Nautilus and obtained full control of the legacy power purchase agreement, for total consideration of $85 million cash along with select physical assets used in the bitcoin mining operation, according to the news release.
Talen Energy is a power producer and energy infrastructure company headquartered in Houston, Texas.
