Trust put in Romanian wind
Electricity from 45MW project to power cryptocurrency mining operation
Transeastern Power Trust has completed the acquisition of the 45MW OMV wind farm in Romania.
The project’s former owner OMV Petrom sold all the outstanding shareholder loans and shares in OMV Petrom Wind Power to the Trust.
The Trust used $23m in short-term bridge financing and €2.8m from the wind farm vendor to complete the deal.
The money will be repaid out of the proceeds of a $40m private placement scheduled to close in the first week of January, the Trust said.
Trust chief executive J Colter Eadie said the organisation is moving from a renewable energy business to a vertically integrated cryptocurrency mining operation.
“We are well positioned to power our mining operations primarily through clean energy generated at our own operations at nominal cost augmented by revenue from green certificates earned through the generation of renewable energy,” he said.
Transeastern Power Trust plans to change its name to Blockchain Power Trust in January.