Canadian company Transeastern Power Trust has finalized the acquisition of the Dorobantu wind park in Eastern Romania, developed by OMV Petrom, and will use the energy produced there to mine cryptocurrencies such as Bitcoin.
The company completed the acquisition of the 45MW wing park using USD 23 million of short-term bridge financing and a EUR 2.8 million vendor financing from OMV Petrom, which will be repaid from the proceeds of the previously announced USD 40 million private placement scheduled to close in the first week of January, reports local Profit.ro.
The company announced it would change its name to Blockchain Power Trust to reflect the new business strategy.
“As we move from a renewable energy utility model to a vertically integrated cryptocurrency mining operation we believe we are pioneering a new and robust business model. 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,” Transeastern CEO J. Colter Eadie said in a note to investors.
The company owns several other renewable energy projects in Romania.