Sangha Renewables began construction on a 19.9-megawatt bitcoin (BTC) mining facility in West Texas and secured $14 million of a $17 million equity target, the company announced Tuesday. The proof-of-concept project, developed with an independent power producer (IPP), will operate behind-the-meter at an existing solar site to monetize underutilized energy.

The vertically integrated facility aims to optimize power costs and deliver bitcoin-backed returns to investors through a project finance model. CEO Spencer Marr said the approach eliminates intermediaries, allowing investors to fund infrastructure directly and receive bitcoin distributions “at well below market price.” The IPP gains a new revenue stream without capital or operational costs.

Sangha leased 5.5 acres at a solar site prone to grid congestion and negative energy pricing. The company will purchase 19.9 MW of power under an offtake agreement, providing the IPP higher per-megawatt-hour revenue. Marr called the arrangement a “win-win-win” for partners, investors and grid stability.

The equity raise will fund site development and scale Sangha’s model, which uses proprietary financial modeling to forecast energy and bitcoin market conditions hourly. Accredited investors can participate via special purpose vehicles (SPVs), receiving bitcoin or bitcoin-backed income.

Operations are expected to start in Q3 2025, positioning the facility among North America’s lowest-cost mining sites. Sangha emphasizes risk mitigation and regulatory compliance, leveraging expertise from renewable energy and real estate sectors.

The project marks Sangha’s pivot from its predecessor, Sangha Systems, to focus on integrating bitcoin mining with renewable energy. The company aims to transform underutilized assets into high-yield infrastructure nationwide.

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