Keel Infrastructure Finalizes $13 Million Sale of Paraguay Site, Exits Latin America
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Key Takeaways
- Keel Infrastructure sold its 70 MW Paso Pe site in Paraguay for approximately $13 million.
- The final sale price was reduced from an initial $30 million due to Bitcoin mining market challenges.
- Sympatheia Power Fund acquired full ownership of the subsidiary holding the asset.
- The transaction completes Keel's exit from Latin America, focusing its portfolio entirely in North America.
- Proceeds will be invested in the company's HPC and AI infrastructure development pipeline.
Keel Infrastructure Corp. (NASDAQ/TSX: KEEL), formerly Bitfarms, announced the completion of the sale of its 70 MW Paso Pe site in Paraguay. The transaction involved transferring all shares of the subsidiary holding the asset to Sympatheia Power Fund.
Following standard closing adjustments, the final proceeds amounted to roughly $13 million, a decrease from the initially agreed price of up to $30 million. This adjustment was attributed to the weakening economics of Bitcoin mining and broader macroeconomic conditions.
This sale concludes Keel's divestment of non-core assets outside North America, leaving the company with a portfolio fully concentrated in the North American market and no remaining exposure to Latin America.
The company indicated that the funds from the sale will be directed immediately toward advancing its high-performance computing (HPC) and artificial intelligence (AI) infrastructure development pipeline, reflecting a strategic focus on these growth areas.
Keel noted that the upfront cash received corresponds to an estimated two to three years of free cash flow under current market conditions for the divested asset, underscoring the financial rationale behind the transaction and the shift toward supporting the AI economy in North America.
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