Talen Energy, an independent power producer, has completed a transaction with TeraWulf Inc. to purchase TeraWulf’s interest in Nautilus Cryptomine, a 200-megawatt bitcoin mining facility in Berwick, Pa.
As a result of the transaction, Talen now owns 100% of Nautilus.
“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,” said Cole Muller, Executive Vice President -Strategic Ventures for Talen Energy.
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.
Earlier this year, Talen Energy announced that it had entered into a $650 million agreement with Amazon Web Services for the sale of a data center campus to AWS that will be powered by the Susquehanna nuclear power plant.
