Soluna Completes $53M Briscoe Wind Farm Acquisition, Strengthening Renewable-Powered AI Infrastructure
Soluna Holdings, Inc. has completed the acquisition of the 150-megawatt Briscoe Wind Farm located in West Texas for a total purchase price of $53 million, marking a major milestone in the company’s strategy to vertically integrate renewable energy generation with high-performance computing infrastructure. The company, which is publicly traded on NASDAQ: SLNH, focuses on building green data centers that convert excess renewable energy into computing power for applications such as artificial intelligence and advanced analytics.
The acquisition was financed through a combination of cash from Soluna’s balance sheet and a debt component arranged with investment partner Generate Capital. With the transaction now complete, Soluna has secured direct ownership of the renewable energy asset that powers its flagship data-center campus known as Project Dorothy.
Company leaders say the deal represents a transformative step toward building a new type of digital infrastructure platform in which renewable energy generation and computing capacity are integrated under a single ownership structure.
A Major Step Toward Vertical Integration
The newly acquired Briscoe Wind Farm has a generating capacity of 150 megawatts and features wind turbines supplied by GE Vernova. The facility is interconnected to the regional electricity grid operated by the Electric Reliability Council of Texas (ERCOT), the independent system operator responsible for managing the Texas power market.
Through the acquisition, Soluna now owns the wind farm that supplies renewable electricity to its nearby data-center operations, giving the company control over three critical infrastructure components: power generation, land, and computing facilities.
Executives describe the transaction as a major step in transforming Soluna from a pure energy consumer into an integrated energy producer and digital infrastructure provider.
“This closing is a transformative step in Soluna’s evolution,” said John Belizaire, Chief Executive Officer of Soluna. “Energy sovereignty is becoming the most durable competitive advantage in the global race to build AI infrastructure. By acquiring the Briscoe Wind Farm, we have secured the foundational energy infrastructure required to develop a renewable-powered AI campus with hundreds of megawatts of capacity.”
Belizaire added that the acquisition supports the company’s founding vision of creating utility-scale digital infrastructure powered directly by renewable energy sources.
Immediate Financial Impact
Beyond its strategic significance, the acquisition is expected to deliver immediate financial benefits for the company.
Soluna projects that the wind farm will generate between $6 million and $11 million in Adjusted EBITDA during the first twelve months of ownership. Annualized revenue from the asset is estimated to fall between $20 million and $24.4 million, depending largely on power market conditions in Texas.
Because the project is already operational and connected to the ERCOT grid, it is expected to contribute cash flow immediately after closing.
The financial structure of the transaction includes approximately $12.5 million in debt financing provided by Generate Capital, with the remainder funded through Soluna’s existing cash reserves.
The acquisition’s relatively modest capital requirement compared to the scale of the generating asset reflects the maturity of the project and Soluna’s strategic focus on acquiring infrastructure that can quickly generate revenue while also supporting future computing deployments.
Powering the Project Dorothy Campus
The Briscoe Wind Farm is located adjacent to Soluna’s Project Dorothy campus in West Texas. The site has already become one of the company’s most important development hubs.
Project Dorothy currently includes multiple phases of renewable-powered data-center infrastructure designed to utilize excess wind generation. These facilities convert otherwise curtailed renewable energy into computing power for applications such as artificial intelligence, machine learning, and blockchain operations.
With the wind farm acquisition complete, Soluna now controls the energy supply for the campus, allowing the company to optimize power use, reduce reliance on third-party energy contracts, and improve cost predictability.
Ownership of the generating asset also eliminates the need for traditional power purchase agreements (PPAs), which often introduce pricing volatility and long-term contractual obligations.
This vertical integration creates a durable competitive advantage, according to the company, particularly as demand for energy-intensive computing continues to surge.
Unlocking the Dorothy 3 Expansion
Perhaps the most significant long-term impact of the acquisition is the development potential it unlocks for the next phase of the Dorothy campus.
Soluna plans to move forward with Project Dorothy 3, a large-scale renewable-powered artificial intelligence campus that could eventually reach more than 300 megawatts of computing capacity.
The proposed development would be built on a newly secured 300-acre parcel located adjacent to the existing Dorothy 1 and Dorothy 2 facilities.
The company envisions Dorothy 3 as a dedicated hub for high-performance computing workloads, including generative AI systems, advanced simulation platforms, and large-scale machine learning training environments.
If fully developed, the project would significantly expand Soluna’s ability to serve hyperscale computing customers while maintaining a renewable energy footprint.
Executives note that the 300-megawatt expansion will depend on continued progress in grid interconnection capacity and additional on-site generation resources.
Nevertheless, ownership of the Briscoe Wind Farm represents a critical step toward enabling that growth.
Technical Details of the Wind Farm
The Briscoe Wind Farm includes several key infrastructure components that make it particularly well suited to support Soluna’s integrated energy-and-compute model.
The project features GE Vernova 1.85-87 turbines, a widely deployed wind turbine platform known for its reliability and efficiency in large-scale wind installations.
The facility’s direct interconnection to the ERCOT grid provides access to one of the most active electricity markets in North America, allowing the asset to generate revenue through wholesale power sales when energy is not being consumed by the company’s computing operations.
Soluna acquired 100 percent of the equity interests in the wind farm’s operating entity, providing full ownership and operational control.
The site’s proximity to the Project Dorothy campus also minimizes transmission losses and infrastructure costs, enabling more efficient use of renewable energy resources.
Continued Support from Strategic Partners
The transaction was supported by Generate Capital, which provided debt financing and has been a key partner in several of Soluna’s infrastructure projects.
Generate’s involvement highlights the growing institutional interest in infrastructure platforms that combine renewable energy development with digital-economy applications.
Financial institutions increasingly view these projects as attractive investments because they connect two rapidly expanding markets: clean energy and artificial intelligence computing.
Expanding a Multi-Gigawatt Pipeline
The Briscoe acquisition also strengthens Soluna’s broader development pipeline, which currently exceeds 4.3 gigawatts of potential renewable-powered computing projects across multiple locations.
Among the company’s ongoing initiatives is Project Kati 1, an 83-megawatt facility that has recently been energized and is beginning operations.
Soluna is also advancing Project Kati 2, a proposed AI computing campus with capacity exceeding 300 megawatts that is being developed in partnership with Metrobloks.
These projects form part of a long-term strategy to create distributed computing hubs located near renewable energy resources that would otherwise face curtailment due to grid congestion.
By locating data centers directly alongside wind and solar farms, Soluna aims to capture energy that might otherwise go unused while simultaneously supporting the growth of power-intensive digital industries.
Advisory and Transaction Support
A number of advisory firms supported Soluna throughout the acquisition process.
Legal counsel was provided by Norton Rose Fulbright and Lowenstein Sandler LLP, while energy regulatory guidance came from O’Melveny & Myers LLP.
Additional advisory services included financial and tax due diligence from Leo Berwick, power market analysis from Leidos, insurance consulting from IMA Financial Group, and financial advisory support from Verdonck Partners.
Technical and environmental assessments were provided by DNV and CAMS eSPARC, LLC.
Generate Capital received legal counsel from Vinson & Elkins LLP.
Next Steps and Regulatory Filings
Following completion of the transaction, Soluna plans to submit a Current Report on Form 8-K to the U.S. Securities and Exchange Commission outlining the full terms of the acquisition and related agreements.
The filing will provide investors with a comprehensive overview of the transaction structure, financial details, and strategic implications for the company.
With the Briscoe Wind Farm now part of its portfolio, Soluna is expected to continue pursuing similar vertical integration opportunities across its growing network of renewable-powered data-center projects.
As global demand for artificial intelligence infrastructure accelerates, the company believes that controlling both energy production and computing capacity will be critical to maintaining long-term competitiveness in the evolving digital economy.
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