MONTREAL, March 8, 2023 /PRNewswire/ — Pow.re Holdings Limited (“Pow.re” or the “Company”), a high-density computing (“HDC”) and fintech company, has announced that Pow.re. re reached a binding agreement with a local partner to secure a 100MW power allocation at a fixed price for 5 years from ANDE’s newly built Yguazu Substation in Paraguay.
This week, construction work began on the power conversion and data center infrastructure at Pow.re’s 8.5-hectare site, right next to ANDE’s newly commissioned substation.
On February 26, 2023, ANDE, Paraguay’s state utility, energized the first of three 500 kV transmission lines between the Itaipu Dam and Yguazu. ANDE President Felix Sosa announced on Twitter that “for the first time in history, Paraguay will be able to withdraw 100% of the powers that correspond to it in the ITAIPU Binacional, thereby gaining our national energy sovereignty.” The Itaipu Dam is the third largest in the world with a production capacity of 14 GW. The ITAIPU-Binacional Agreement entitles Paraguay and Brazil to each consume 50% of this capacity (in the past Paraguay has sold most of its share of Itaipu power capacity to Brazil).
The project is a unique opportunity to generate zero-emission computing power from a world-class hydroelectric power plant that becomes even more timely as the US energy sector is plagued by rising electricity prices due to regional reliance on natural gas. Maxime Bisaillon, Director of Engineering at Pow.re, stated: “This is a unique opportunity to access a large amount of 100% renewable energy at a competitive price. We believe this circumstance does not exist anywhere else in the world.” Adding: “This further validates our position that stranded sustainable power can be used to the mutual benefit of green power producers like Paraguay and HDC companies like Pow. Reference”
When fully operational, the Yguazu site would allow Pow.re to produce an additional estimated 4.5 EH/s (exahash per second) of processing power.
In connection with the implementation of this project, the Company also welcomes Andres Romero and Matthew Carson as consultants. Mr. Romero brings a deep understanding of the South American business landscape and the digital asset mining sector, while Mr. Carson brings a wealth of experience delivering large-scale projects such as Project Spokane and Whinstone. Both consultants previously held positions at Canaan Creative and Northern Data and are respected industry veterans who will help advance the company’s business development goals.
About Pow.re Holdings Limited
Pow.re is a high-density computing operator that deploys data centers near sustainable energy sources to generate computing power. Pow.re will use its growing production to target the computing power markets for hedging and investment purposes.
Company website: https://www.pow.re
LinkedIn: https://www.linkedin.com/company/pow-re-holdings
Twitter: @powremines
SJ OhCo-Founder/COO[email protected]
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SOURCE Pow.re Holdings Limited
