Keel Infrastructure Corp. (NASDAQ: KEEL) completed the sale of its 70 MW site in Paso Pe, Paraguay, for approximately $13 million after customary closing adjustments. The final proceeds were significantly lower than the originally agreed price of up to $30 million.

The company cited deterioration in Bitcoin mining economics and broader macroeconomic factors for the price reduction. Sympatheia Power Fund led the acquisition of 100% of the shares of the single purpose subsidiary from Keel and its affiliates under the share purchase agreement terms.

"This sale marks the end of a chapter. Keel Infrastructure now has a 100% North American portfolio, with zero Latin American exposure and no remaining non-core assets to manage or divest," said Ben Gagnon, CEO.

Gagnon stated that the price adjustment reflects current Bitcoin mining economics and that the company brought forward approximately two to three years of estimated free cash flow under current market conditions. The company plans to allocate the proceeds to its high-performance computing and artificial intelligence pipeline development.

Keel Infrastructure develops and owns data centers and energy infrastructure for high-performance computing workloads, including AI applications. The company operates with a pipeline of 2.2 gigawatts and established grid interconnections across Pennsylvania and Washington in the United States, and Québec in Canada.

The information is based on a company press release statement.