The generation behind
the instrument
A contracted, multi-gigawatt portfolio
Contracted, not speculative
Revenue sits under ten-year, dollar-denominated power-purchase agreements rather than spot exposure. The generation is already contracted; what has been missing is a way to move it.
Real plant, already built
Dams, turbines, solar PV and battery systems — real plant, not a promise. Where we restore rather than build, the civil works — the overwhelming majority of hydro cost and risk — are already in the ground.
A cost floor the market cannot reach
Secured state hydro at roughly four cents a kilowatt-hour is the durable margin. Compute and mining off-takers price well above it, and that gap is the arbitrage.
Investment-grade off-take
Listed and large-balance-sheet compute and mining demand is the load-bearing fact under every block — the counterparties are the ones already buying power at scale.
Five classes of power cash flow — one collateral menu
Hydro arbitrage — buy at ~4¢, sell at ~10¢ to crypto & AI-compute off-takers. A 50 MW / 10-yr PPA is a ~$150M revenue stream; ~2 GW contracted across multiple sub-Saharan markets.
Utility-scale BESS on existing hydro — capture stranded off-peak power, discharge firm baseload to datacenter & crypto-miner off-take at a ~5¢ spread. ~$300–350K/MW; sub-2-yr payback.
Turbine refurbishment on installed hydro capacity — ~600 MW–1 GW upside at ~$200–300M capex. Repaid in discounted energy; de-risks vs. greenfield given the existing civil works.
Fully-capitalised builds — multilateral-backed (AfDB, World Bank, MIGA), targeting 20–30% IRR at ~$200M capex per build. Operational within 18 months; minority-to-controlling equity as the asset class.
Pipeline & RFP — large hydro, utility-scale PV, a sovereign-compute SEZ, and cross-border regional power trading.
Underwrite a contracted kilowatt
Upwards of 25 GW available to structure to a lender’s underwriting. The first blocks to tokenize are two contracted sub-Saharan positions of roughly a gigawatt each.
See how it works