Alcoa Corporation has a deal to sell portions of its former Massena East smelter in upstate New York for up to $315 million. The buyer wasn't named in the announcement, but cryptominer NYDIG has previously been linked to the site.
At closing, Alcoa expects to initially receive approximately $50m to $65m, depending on the amount of approved data center capacity. The company said it may receive an additional approximately $60m to $250m for approved capacity expansions and as approved capacity is commissioned during the seven-year period following closing.
Alcoa EVP and CFO Molly Beerman said the site is initially permitted for 180MW, but could reach 635MW in phases. The 1,600-acre former Reynolds Metals Facility was constructed in 1958 and taken over by Alcoa in 2000.
Alcoa CEO Bill Oplinger said the agreement "represents meaningful progress against our asset monetization strategy." Oplinger said the firm has two other deals that the company believes "could happen quickly."