Central and South America |
tendered and ultimately implemented during the second phase of the contract, which will take place over the following 40 months. During the execution of the rehabilitation work, AFRY will supervise the contractors on site and verify the technical and social- environmental compliance of the project. As hydropower is the main source of clean energy in Paraguay, the 200MW Acaray–Yguazú complex is one of the most important power plants to meet the country’s growing energy demand and to accelerate the sustainability transition. Therefore, it is essential to modernise and further improve the power generation infrastructure with state-of-the-art technology, security systems, monitoring instrumentation and emergency action plans, in order to guarantee the safety of neighbouring population centres and improve the sustainability of the electricity service by ensuring continuity and an increase in renewable energy. Just rececently, Bitfarms Ltd,a global vertically
integrated Bitcoin mining company, acquired two Power Purchase Agreements (PPAs) in Paraguay for up to 150MW of eco-friendly hydropower: up to 50MW in Villarrica, in close proximity to the Company’s existing operations in Paraguay, and up to 100MW in Yguazu, a new location close to the Itaipu dam. “As we approach the next Bitcoin halving, we
are seeking to drive growth by leveraging our farm design expertise and drawing upon our operational experience to broaden our geographical presence and optimize global, underutilized power resources,” said Geoff Morphy, CEO of Bitfarms. “Paraguay has access to an abundance of surplus renewable power, and these acquisitions secure valuable, yet limited, sustainable energy contracts while broadening our foothold in a resource-rich country.” At Villarrica, construction is scheduled to commence in Q3 2023 beginning with a sub-station followed by building out a second mining facility. At Yguazu, Bitfarms has the opportunity to develop a new farm with up to 100MW of mining capacity, the timeline for which is being determined. Hydropower at both locations will be provided at a contracted cost of approximately 3.9 cents per kWh, before VAT, and is not subject to annual inflationary adjustments. Founded in 2017, Bitfarms is a global, publicly
Right: The Inter-American Development Bank (IDB) is helping modernise the 1890MW Salto Grande Binational Hydroelectric Complex in Argentina and Uruguay ©
reisegraf.ch /
Shutterstock.com
traded Bitcoin mining company. Bitfarms develops, owns, and operates vertically integrated mining farms with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers. Bitfarms currently has 11 farms, which are located in four countries: Canada, the US, Paraguay, and Argentina. Powered predominantly by hydrolectricity and long-term power contracts, Bitfarms said it is committed to using sustainable, locally based, and often underutilized energy infrastructure. Hydropower is also being used for the production
of hydrogen in the country. Earlier this year NeoGreen Hydrogen Corp., a global integrated Green Hydrogen developer, inked a long-term 75MW baseload Power Purchase Agreement (PPA) with ANDE, Paraguay’s national electricity company. The ambitious project is set to be established in
Tres Fronteras, an area where Brazil, Paraguay, and Argentina meet, situated near the Iguazu and Parana rivers. NeoGreen’s venture will primarily focus on producing green fertilizer to serve both the domestic market and regional customers through river exports. What makes this PPA noteworthy is that it has been
agreed upon at the lowest commercial rate, allowing for the production of affordable green ammonia. This will be achieved by utilizing electricity generated from Itaipú Dam. Initial estimates suggest that the project will yield approximately 10,000 MT per year of green hydrogen, which will be converted into ammonium nitrate for use in NPK fertilizer blends. The strategic decision to cater to the domestic
market is aimed at providing price stability and reducing the need for import dependency in Paraguay’s substantial agricultural sector. Additionally, the NeoGreen project is expected to inject an estimated US$400 million of inward investment into the region, generating local employment opportunities during the construction and operational phases. The Final Investment Decision (FID) for the Tres
Fronteras Project is anticipated to be made by Q4 2023, with green hydrogen and ammonia production targeted to commence in mid-2026. Since joining forces with ANDE under the Cooperation Agreement in November 2021, NeoGreen
14 | August 2023 |
www.waterpowermagazine.com
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