Sangha Renewables, a company pioneering the intersection of renewable energy and bitcoin mining through institutional-grade project finance, has broken ground on its flagship 19.9-megawatt (MW) mining facility in West Texas. Developed in collaboration with a leading independent power producer (IPP), the facility will operate behind-the-meter at a utility-scale solar site. This strategic setup is designed to maximize power monetization and generate compelling bitcoin-backed returns for investors.
Sangha has also announced a $14 million equity raise, securing a majority portion of its targeted $17 million equity round to fund the development of this initial site and support the scale-up of its innovative model. This project serves as the proof-of-concept for Sangha’s plans to transform underutilized renewable assets into high-yield, bitcoin-generating infrastructure across the U.S.
“Sangha is not just building bitcoin mining sites—we’re building a new model for how capital flows in and out of bitcoin,” said Spencer Marr, co-founder and CEO. “By applying a project finance structure honed-in the renewable energy and real estate sectors, we enable investors to participate directly in productive assets—without intermediaries, speculative equities, or inefficiencies of datacenter hosting. Investors put cash or bitcoin into the construction of the project and then enjoy streaming distributions of bitcoin for years to come at well below the market price of bitcoin.”
Sangha has leased 5.5 acres from the IPP on the solar site that has been operational for several years. Generation in West Texas is subject to grid congestion and episodes of negative energy pricing. The IPP will soon benefit from a new revenue stream without bearing any capital or operational costs.
Under the offtake agreement, Sangha will purchase 19.9 MW of behind-the-meter power.
“It’s a win-win-win,” added Marr. “The IPP earns more per megawatt-hour, our investors gain exposure to low-cost bitcoin production, and we deliver grid-stabilizing load where it’s needed most.”
Sangha’s approach to mining is differentiated by:
Sophisticated Site Selection: Projects are chosen using proprietary financial modeling that forecasts energy pricing and bitcoin hashprice on an hourly or 15-minute basis, driving precise curtailment and profitability analysis.
True Capital Efficiency: Investor capital flows directly into mining infrastructure. Minimal overhead, transparent fee structures and optional smart contract-linked payouts ensure alignment and clarity.
Proven Project Finance Model: Borrowed from decades of real estate and renewable energy development, Sangha’s structure emphasizes risk mitigation, operational rigor and repeatable deployment.
Regulatory Scrutiny: Sangha and its team of lawyers and advisors have set themselves apart in their ability to navigate the ever-changing regulatory environment for these types of projects, taking the burden of interconnection and related aspects of the deal off the hands of the IPP.
The West Texas facility is expected to commence operations in Q3 2025, delivering one of the lowest power costs in North America—positioning it among the most competitive bitcoin mining operations in the country.
Sangha’s model enables accredited investors to invest directly into site-level special purpose vehicles (SPVs), receiving distributions in bitcoin or bitcoin-backed income. The firm’s model integrates seamlessly with modern smart-contract infrastructure, creating a secure and streamlined investment experience.
This project also marks a milestone in the company’s evolution. The founders of Sangha Renewables began their journey with Sangha Systems. As their vision evolved, they made a decisive shift toward renewable energy, leading to the creation of Sangha Renewables—a company dedicated to integrating bitcoin mining with sustainable power solutions to generate lasting value for investors, developers and the grid.
