Transeastern Power Trust has announced that it has completed the acquisition of a 45 MW wind farm located in the Dobrogea Region, Romania (the “OMV Wind Project”) by acquiring the outstanding balance of shareholder loans and the issued and outstanding common shares in the capital of OMV Petrom Wind Power SRL from OMV Petrom SA. The acquisition was completed using $23 million of short-term bridge financing and EUR2.8 million from the vendor of the OMV Wind Project, which will be repaid out of the proceeds of the previously announced $40 million private placement scheduled to close in the first week of January.
Mr. J. Colter Eadie, Chief Executive Officer of Transeastern, commented “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. We believe that this is an environmentally sustainable model for cryptocurrencies and one that will allow us to operate profitably in many cryptocurrency pricing environments. We look forward to leveraging our knowledge of renewable energy operations and experience with delivering large scale infrastructure projects to execute our leading-edge cryptocurrency strategy.”
The Trust, through its direct and indirect subsidiaries in Canada, the Netherlands and Romania, has been formed to acquire interests in renewable energy assets in Romania, other countries in Europe and abroad that can provide stable cash flow to the Trust and a suitable risk-adjusted return on investment.
Read more about this fresh aquisition on MarketWatch.