Québec Permitted To Increase Rates And Brookstone To Build Wind Farm In Morocco

Brookstone Partners, a New York-based private equity firm, has declared plans to build 900 megawatts (MW) wind farm close Dakhla – a disputed area currently regulated by Morocco.

Brookstone established ‘Soluna’ – the site that will house the proposed wind farm – in the wake of getting rights to the land from Altus AG. The company would like to raise $100 million USD by means of initial coin offering to finance the development of its initial 36 MW worth of turbines. The cost of finishing the whole venture is assessed to keep running as high as $3 billion.

The managing director of Brookstone, Michael Toporek, expressed: “We have exclusive rights to the area for a wind farm, but the issue was there’s no real place to put” the electricity. “These days, what you can do with stranded power is set up a computing center, develop this as an off-grid project,” he included.

Brookstone will utilize the power it produces to power digital currency mining and data centers.

The fourth biggest hydropower producer on the planet, Hydro-Québec, has been allowed authorization to increase the rates charged to digital currency miners by the Régie de l’énergie – the economic regulator of Québec’s energy sector. Hydro-Québec will now be allowed to charge 15 Canadian cents (around 11.5 U.S. cents) to digital currency miners – twofold the rate that is accessible to Quebec’s residential customers.

According to local media, the new rate “would be applied in the event that a promoter connects to Hydro-Québec’s network while a temporary blockade is in effect on the new technology,” with the official decision stating: “The Régie considers that the rates and conditions […] will ensure the security of electricity supply in the particular context of massive, sudden, unexpected and simultaneous demands for the use of blockchain technology, including mining cryptocurrencies.”

Agreements made between Hydro-Québec and operational cryptocurrency miners before June 6th will not be subject to the new price.


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