Bitcoin (BTC) Miner Marathon Digital (MARA) Signs Agreement with Kenya to Invest in Green Energy Projects

Bitcoin (BTC) mining company Marathon Digital (MARA) concluded an agreement On Friday with Kenya’s Ministry of Energy and Petroleum on the development of the African country’s energy infrastructure with investments worth over $80 million.

The partnership aims to “monetize untapped energy across Kenya and jointly develop technology projects,” says Marathon CEO Fred Thiel. he said.

In a social media post, the company said the investment would include green data centers. In a press note, Maraton also noted that the capital will include foreign investments, without specifying the sources of financing. “With foreign investment expected to exceed $80 million, this venture has the potential to deliver economic benefits to the Kenyan economy and generate revenue for the local energy sector ecosystem,” the statement said.

The partnership comes after Marathon held talks across the country earlier this month to help manage its renewable energy business and advise on the regulatory regime for digital assets.

Renewable energy is the main source of energy in Kenya and accounts for 80% of all electricity generated in Kenya 2022, with plans to increase its share to 100% by the end of the decade. However, renewable energy sources such as solar and wind power are intermittent, meaning they do not produce energy when most of its consumption is occurring. Building renewable energy infrastructure is capital intensive and requires an energy management system to properly store and distribute energy.

Under the agreement, policymakers from Marathon and Kenya will work together to “better understand how to optimize renewable energy projects that produce excess energy due to intermittency and seasonal fluctuations,” the press release said.

Marathon shares were trading 6% higher on Friday at around $21 from yesterday’s close, outperforming BTC’s 1% gain over the past 24 hours.