ANNOUNCES COMPLETION OF OMV WIND FARM ACQUISITION
Transeastern Power Trust* (BPWR.C) has completed the previously announced acquisition of a 45-megawatt 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 2.8 million euros 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.
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."
* Transeastern Power anticipates changing its name to Blockchain Power Trust (BPWR.C) concurrently with the closing of its previously announced private placement.
About Transeastern Power Trust
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. The trust seeks to provide investors with long-term, stable distributions, while preserving the capital value of its investment portfolio through investment, principally in a range of operational assets, which generate electricity from renewable energy sources, with a particular focus on solar and hydro power. The trust intends to qualify as a mutual fund trust under the Income Tax Act (Canada). The trust will not be a SIFT (specified investment flow-through) trust (as defined in the Tax Act), provided that the trust complies at all times with its investment restriction, which precludes the trust from holding any non-portfolio property (as defined in the Tax Act).