Spain-based CryptosolarTech has launched an Initial Coin Offering (ICO) campaign to receive financial backing for its ambitious project to create what it calls a “farm where we will install 3,000 servers to mine cryptocurrencies.”
The company said that 80% of the funds raised through the ICO will be used for the development of the cryptocurrencies’ mining platforms, the acquisition of land and construction of several solar power plants, which will provide the new facility with power, the acquisition of an industrial warehouse, and the servers. The remaining 20% will be utilized for the pool platform development, licenses, infrastructure issues, and maintenance.
The sale of tokens started on April 16, and is planned to end on July 14, said CryptosolarTech. The number of total tokens is 1,260,000,000, with minimum investment set at 100 tokens. A soft-cap has been set at €983,733, while the hard-cap has been established at €71.4 million. In the pre-ICO phase, 210,000,000 tokens will be sold at a price of €0.05, while in the following four phases, the price will be gradually raised to €0.06, €0.07, €0.08, and €0.10, respectively.
In June, CryptosolarTech will file for an environmental approval request for the project, as well as for request of authorization for the public construction, and grid-connection of the power plants. In October, it plans to launch the application for the construction permit for the solar PV projects, and to develop the conditioning of the facilities for the development of mining.
Later in September, the acquisition of land and the industrial warehouse is scheduled, while work on the PV plants is planned for November. It is expected to conclude in April 2019.
In its whitepaper for the project, the company stressed that the solar project will comprise 10 solar plants with a capacity of 45 MW and an estimated required investment of €42.8 million. The three largest projects, named Sevilla II (31.8 MW), Jaen (10 MW) and Sevilla I (2.5 MW), will require an aggregate investment of over €41 million, thus accounting for almost all of the funds devoted to the solar projects.
The mining center will be located in Malaga, while the solar plants will all be installed near Sevilla, in Spain’s southernmost and sunniest region, Andalusia. According to Spanish agency, Europapress, CryptosolarTech has already signed a 15-year PPA with local power provider, Respira Energía for the power that will be sold from the solar facilities. No further details were provided.