El Salvador, intending to adopt a debt-free strategy, embarks on the construction of a green energy generation park with a capacity of 241 megawatts (MW) in the Metapán region. This park will encompass both solar and wind projects.
“Volcano Energy,” a venture in El Salvador utilizing the nation’s rich natural resources to establish energy infrastructure dedicated to bitcoin mining, recently announced the completion of the funding commitment for the park.
With this initiative, El Salvador seeks to establish its prominence as a significant global participant in the bitcoin mining sector, simultaneously fostering energy competitiveness, diversification, and geographical expansion for the Bitcoin network.
According to the statement, this represents a groundbreaking endeavor that will establish one of the most extensive bitcoin mining facilities globally. Situated in the El Shiste, within the Metapán municipality of Santa Ana, the selected location offers exceptional solar and wind energy potential in the country.
The power park will possess a capacity of 169MW for photovoltaic solar energy and 72MW for wind energy. The initial computational power is projected to exceed 1.3 EH/s, signifying a milestone for both the nation and the industry.
According to the announcement, the project’s overall investment is valued at $1 billion, commencing with an initial injection of $250 million. This funding is being provided by influential leaders in the Bitcoin industry, in collaboration with renowned developers and manufacturers of renewable energy technology, as well as global experts in bitcoin mining.
The government of El Salvador will play a pivotal role in the project’s planning and implementation, ensuring its active involvement and securing a preferred stake equivalent to 23% of the revenue. The remaining ownership will be divided among investors, and the funds will be reinvested to expand energy production capacity and propel the advancement of bitcoin mining.
