Blockchain
Bitcoin (BTC) Miner Marathon Digital (MARA) signs deal with Kenya to invest in green energy projects
Bitcoin (BTC) mining company Marathon Digital (MARA) reached an agreement Friday with the Ministry of Energy and Petroleum of Kenya to develop the energy infrastructure of the African country with investments of over 80 million dollars.
The aim of the partnership is to “monetise underutilized energy across Kenya and jointly develop technology projects,” said Fred Thiel, Marathon’s chief executive. She said.
In a social media post, the company said the investment will be made green data centers. Marathon also noted in a Press release that the capital will include foreign investment without specifying the sources of financing. “With expected foreign investment to exceed $80 million, this venture is poised to provide economic benefits to the Kenyan economy and generate revenue for the local energy sector ecosystem,” according to the statement.
The partnership comes as Marathon held talks earlier this month with the nation to help manage its renewable energy operations and advise on its digital asset regulatory regime.
Renewable energy is Kenya’s main energy source, responsible for 80% of all Kenya’s electricity generation 2022, with plans to increase its share to 100% by the end of the decade. However, renewable energy sources such as solar and wind are intermittent, meaning they do not produce energy when the majority of consumption occurs. Building renewable energy infrastructure is capital-intensive and requires an energy management system to properly store and distribute the energy.
Under the agreement, Marathon and Kenyan policymakers will cooperate to “better understand how to optimize renewable energy projects that produce excess energy due to intermittency and seasonal variations,” the press release said.
Marathon shares were trading 6% higher at around $21 on Friday from yesterday’s close, outperforming BTC’s 1% advance over the past 24 hours.