Soluna Holdings (NASDAQ: SLNH) has closed a scalable credit facility of up to $100 million with Generate Capital to refinance and construct its green data center projects, drawing an initial $12.6 million to fund active builds and refinance existing assets.

The facility includes a delayed‐draw tranche of $22.9 million earmarked for continued development of Project Dorothy 2 and the forthcoming Project Kati 1 data center, as well as an uncommitted $64.5 million accordion feature to support Soluna’s growing 1 GW pipeline and AI‐related equipment procurement. Generate Capital received warrants to purchase 4 million shares of Soluna common stock and secured a board observer right under the agreement.

This latest financing follows over $30 million that Soluna raised earlier in 2025 from Galaxy Digital, Spring Lane Capital, and a recent public offering.