Officials on Monday said progress was made in urgent weekend talks on amending the U.S. peace proposal for Ukraine that many saw as favoring Russia, but the Kremlin said it hadn’t seen the changes.
Washington’s 28-point plan presented last week caused alarm by heavily aligning with Moscow’s demands in the nearly four-year war caused by its invasion. The plan pressed Ukraine to hand over some territory to Russia and reduce its army. It also sought Europe’s agreement that Ukraine will never be admitted into the NATO military alliance.
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A man reacts at the dead body his wife after his residential building was damaged by a Russian attack in Kharkiv, Ukraine, late Sunday, Nov. 23, 2025. (AP Photo/Andrii Marienko)
Rescue workers put out a fire of a residential building damaged by a Russian strike in Kharkiv, Ukraine, late Sunday, Nov. 23, 2025. (AP Photo/Andrii Marienko)
A man hugs his children as they react to the death of their mother killed by a Russian airstrike in Kharkiv, Ukraine, late Sunday, Nov. 23, 2025. (AP Photo/Andrii Marienko)
U.S. Secretary of State Marco Rubio talks to the press at the U.S. Mission to International Organizations in Geneva, Switzerland, Sunday, Nov. 23, 2025. (Martial Trezzini/Keystone via AP)
A paramedic gives first aid to a resident who was injured in a Russian airstrike in Kharkiv, Ukraine, late Sunday, Nov. 23, 2025. (AP Photo/Andrii Marienko)
An adviser to Ukraine’s president who attended the talks in Geneva between U.S. and Ukrainian officials told the AP they managed to discuss almost all the plan's points, and one unresolved issue is that of territory, which can only be decided at the head of state level. Ukraine and allies have ruled out territorial concessions.
Oleksandr Bevz also said the U.S. showed “great openness and understanding” that security guarantees are the cornerstone of any agreement for Ukraine. He said the U.S. would continue working on the plan, then the leaders of Ukraine and the U.S. will meet. After that, the plan would be presented to Russia.
Bevz would not say what if any compromises Ukraine made in the talks, and added that “everyone arrived stressed."
European officials, who say they were blindsided by the U.S. plan and that their own security is at stake, pressed Washington for changes in the Geneva talks.
“The negotiations were a step forward, but there are still major issues which remain to be resolved,” Finnish President Alexander Stubb wrote on social media.
U.S. President Donald Trump, who had accused Ukraine of not being sufficiently grateful for U.S. military support while the talks were underway, on Monday suggested the process could be moving in the right direction.
“Is it really possible that big progress is being made in Peace Talks between Russia and Ukraine??? Don’t believe it until you see it, but something good just may be happening,” he wrote on social media.
Trump earlier gave Ukraine until Thursday to agree to the plan, but U.S. Secretary of State Marco Rubio downplayed the deadline, saying officials could keep negotiating.
But Russian officials still haven’t seen the revised peace plan, a Kremlin spokesperson said. Dmitry Peskov added there was no plan for U.S. and Russian delegations to meet this week, but the Russian side remained “open for such contacts.”
Yuri Ushakov, Russian President Vladimir Putin’s foreign affairs adviser, said the plan the Kremlin had received before the Geneva talks had many provisions that "seem quite acceptable” to Moscow. He described European proposals “floating around” as “completely unconstructive.”
British Prime Minister Keir Starmer said Ukraine’s allies in the “coalition of the willing” — a broad term for about 30 countries supporting Kyiv — will hold talks about the negotiations on Tuesday by video.
German Chancellor Friedrich Merz welcomed the “interim result” of the Geneva talks, saying the U.S. proposal “has now been modified in significant parts," without details.
The surprise emergence of the U.S. peace plan coincided with a bleak period for Ukrainian President Volodymyr Zelenskyy. His country is under severe strain on the front line against Russia’s bigger army, and it is short of money.
Meanwhile, Zelenskyy is trying to defuse a major corruption scandal that has tainted his government.
Zelenskyy late Sunday said of the Geneva talks: “Diplomacy has been reinvigorated, and that’s good. Very good."
Rubio, who directed the talks in Geneva, on Sunday called them “very worthwhile” and constituted the most productive day in “a very long time.”
“I feel very optimistic that we can get something done,” Rubio said.
Merz, the German leader, said Moscow must now become engaged in the process.
“The next step must be that Russia must come to the table," he said in Angola, where he was attending a summit between African and European Union countries. "This is a laborious process. It will move forward at most in smaller steps this week. I do not expect there to be a breakthrough this week.”
Turkey also hopes to build bridges between Russia and Ukraine. Putin spoke by phone with Turkish counterpart Recep Tayyip Erdogan on Monday, the Kremlin spokesperson said.
Russian drones hit residential areas of Kharkiv, Ukraine’s second-largest city, overnight, killing four people and wounding 13, including two children, authorities said.
Eight residential buildings, an educational facility and power lines were damaged, according to the head of the regional military administration, Oleh Syniehubov.
Ukraine’s air force said Russia fired 162 strike and decoy drones over the country overnight.
Koshiw reported from Kyiv, Ukraine. Associated Press writers Harriet Morris in Tallinn, Estonia; Gerald Imray in Johannesburg, South Africa; Kirsten Grieshaber and Geir Moulson in Berlin; Sam McNeil in Brussels; and Stephen McGrath in Leamington Spa, England, contributed to this report.
Follow AP’s coverage of the war in Ukraine at https://apnews.com/hub/russia-ukraine
A man reacts at the dead body his wife after his residential building was damaged by a Russian attack in Kharkiv, Ukraine, late Sunday, Nov. 23, 2025. (AP Photo/Andrii Marienko)
Rescue workers put out a fire of a residential building damaged by a Russian strike in Kharkiv, Ukraine, late Sunday, Nov. 23, 2025. (AP Photo/Andrii Marienko)
A man hugs his children as they react to the death of their mother killed by a Russian airstrike in Kharkiv, Ukraine, late Sunday, Nov. 23, 2025. (AP Photo/Andrii Marienko)
U.S. Secretary of State Marco Rubio talks to the press at the U.S. Mission to International Organizations in Geneva, Switzerland, Sunday, Nov. 23, 2025. (Martial Trezzini/Keystone via AP)
A paramedic gives first aid to a resident who was injured in a Russian airstrike in Kharkiv, Ukraine, late Sunday, Nov. 23, 2025. (AP Photo/Andrii Marienko)
ALBANY, N.Y.--(BUSINESS WIRE)--Apr 2, 2026--
Soluna Holdings, Inc. (“Soluna” or the “Company”) (NASDAQ: SLNH), a developer of green data centers that converts renewable energy into computing power, today announced that it has closed the acquisition of the 150 MW Briscoe Wind Farm in West Texas for a total purchase price of $53.0 million. The transaction was financed through cash on the balance sheet and debt.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260402681640/en/
The acquisition is expected to be immediately accretive, with projected Year-One Adjusted EBITDA of $6 million to $11 million and annualized revenue of $20 million to $24.4 million. With this acquisition, Soluna achieves full vertical integration for Project Dorothy, owning both the renewable energy source and the data center infrastructure it powers. The closing positions the Company to unlock development of Project Dorothy 3, a planned renewable-powered AI campus expansion on 300 new acres adjacent to the existing site with potential capacity of up to 300 MW+.
Immediate Financial Accretion
The acquisition is expected to provide immediate and significant cash flow. For the first twelve months of ownership, the wind farm is projected to have an earnings power of between $6 million and $11 million in Adjusted EBITDA, depending on prevailing power market conditions. Annualized revenue contribution is projected at $20.0 million to $24.4 million.
“This closing is a transformative step in Soluna’s evolution,” said John Belizaire, CEO of Soluna.
“Energy sovereignty is the key durable moat in the AI infrastructure race. By owning the Briscoe Wind Farm, we have secured the cornerstone infrastructure needed to build an AI campus with up to 300 MW of capacity. This acquisition delivers on our founding vision: building a utility-scale digital infrastructure company powered by its own renewable energy,” Belizaire continued.
Vertical Integration: From Energy Consumer to Energy Producer
Energy availability remains the primary constraint in scaling AI and high-performance computing infrastructure. By acquiring the dedicated wind-generation asset behind Project Dorothy, Soluna secures long-term energy certainty, eliminates reliance on third-party power purchase agreements (PPAs), and creates a durable cost advantage.
Dorothy 3: 300 MW Renewable-Powered AI Campus
With full ownership of the power source secured, Soluna expects to advance development of Dorothy 3 on a new 300-acre land parcel adjacent to Dorothy 1 and Dorothy 2. Dorothy 3 is planned as a renewable-powered AI compute campus with potential capacity of up to 300 MW and is being designed to serve high-performance computing and generative AI workloads. The 300MW expansion is expected to result from continued development of grid interconnection expansion and onsite generation.
Asset Overview
Generate Capital (“Generate”) continues to support Soluna in connection with this acquisition. Their participation underscores institutional confidence in Soluna’s vertically integrated strategy and long-term growth trajectory.
Following this milestone, Soluna expects to continue pursuing opportunities to vertically integrate additional project sites where appropriate. The Company’s development pipeline exceeds 4.3 GW across multiple sites, including the recently energized 83 MW Project Kati 1, the 300+ MW Project Kati 2 AI campus in its joint venture with Metrobloks, and additional greenfield opportunities.
Soluna was advised by Norton Rose Fulbright (legal), Lowenstein Sandler LLP (legal), O’Melveny & Myers LLP (energy regulatory), Leo Berwick (financial and tax due diligence), Leidos (power market analysis), IMA (insurance), Verdonck Partners (financial advisory), Jed Brawley (strategic consulting), CAMS eSPARC, LLC (environmental), and DNV GL (technical and engineering). Generate was advised by Vinson & Elkins LLP.
Soluna expects to file a Current Report on Form 8 K with the Securities and Exchange Commission that will contain a more complete description of the terms of the acquisition and the related agreements. The summary information in this press release is qualified in its entirety by the full text of such agreements, which will be filed as exhibits to the Form 8 K.
For more information on the acquisition, including an investor presentation and FAQ, visit Soluna’s Investor Center at www.solunacomputing.com/investors. More on Project Dorothy and Soluna's data center projects is available at www.solunacomputing.com.
Safe Harbor Statement by Soluna
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include all statements, other than statements of historical fact, regarding our current views and assumptions with respect to future events regarding our business, our expectations with respect to the anticipated development of Project Dorothy 3, the expected financial contribution of the Briscoe Wind Farm acquisition, including projected Year-One Adjusted EBITDA and annualized revenue, the expected opportunities to vertically integrate additional project sites, and other statements that are predictive in nature. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” and similar statements. Soluna may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Forward-looking statements involve inherent risks and uncertainties, further information regarding which is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Soluna undertakes no duty or obligation to update such information, except as required under applicable law.
Non-GAAP Measures
In addition to figures prepared in accordance with generally accepted accounting principles (“GAAP”), Soluna from time to time may present alternative non-GAAP performance measures, e.g., EBITDA, adjusted EBITDA, adjusted net profit/loss, adjusted earnings per share, free cash flow, both on a company basis and on a project-level basis, among others. EBITDA is defined as earnings before interest, taxes, and depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted for stock-based compensation costs, provision for credit losses, loss on sale of fixed assets and credit on equipment deposit, provision for credit losses, impairment on fixed assets, fair value adjustment loss (gain), fair value on placement agent warrants financing fee, and loss (gain) on debt extinguishment and revaluation, net. Projected Year-One Adjusted EBITDA is a non-GAAP financial measure; however, Soluna cannot predict with certainty the magnitude or scope of certain items that would be included in the most directly comparable GAAP measure for the relevant future periods, and such items may be significant. Due to these uncertainties, Soluna cannot provide a quantitative reconciliation of projected Year-One Adjusted EBITDA to the most directly comparable GAAP financial measure without unreasonable effort. The impact of differences in projected Year-One Adjusted EBITDA and annualized revenue contributions from those estimates provided in this press release could have a material impact on the business’s overall operating results. Project-level measures may not take into account a full allocation of corporate expenses. These measures should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. Alternative performance measures are not subject to GAAP or any other generally accepted accounting principles. Other companies may define these terms differently. See our annual report on Form 10-K for the year ended December 31, 2024, for an explanation of how management uses these measures in evaluating its operations. Investors should review the non-GAAP reconciliation included in the Company’s periodic filings with the SEC and should not rely on any single financial measure to evaluate the Company’s business.
About Soluna Holdings, Inc. (Nasdaq: SLNH)
Soluna is on a mission to make renewable energy a global superpower, using computing as a catalyst. The Company designs, develops, and operates digital infrastructure that transforms surplus renewable energy into global computing resources. Soluna’s pioneering data centers are strategically co-located with wind, solar, or hydroelectric power plants to support high-performance computing applications, including Bitcoin Mining, Generative AI, and other compute-intensive applications. Soluna’s proprietary software MaestroOS™ helps energize a greener grid while delivering cost-effective and sustainable computing solutions and superior returns. To learn more, visit solunacomputing.com and follow us on:
Soluna regularly posts important information on its website and encourages investors and prospective investors to consult the Soluna investor relations and investor resources sections regularly.
Soluna’s acquisition of the Briscoe Wind Farm marks a structural milestone in Soluna's evolution from co-location to full vertical integration of renewable energy and compute infrastructure at Project Dorothy.
