In a landmark deal worth approximately $1.5 billion, MARA Holdings has entered into an agreement to purchase Long Ridge Energy & Power. As part of the transaction, MARA will also take on at least $785 million in debt, which will be backed by a bridge loan. Following the announcement, FTAI Infrastructure, the seller, saw its stock rise by 12% in pre-market trading, while MARA's stock increased by 3%.
The acquisition encompasses Long Ridge's 505-megawatt gas plant in Hannibal, Ohio, as well as over 1,600 acres of land, complete with water access, fiber links, fuel supply, and grid connections. According to MARA, this site has the potential to support more than 1 gigawatt of total power capacity over time. The acquisition is expected to increase MARA's owned-and-operated power capacity by around 65% and expand its operating and development pipeline to approximately 2.2 gigawatts across various markets, including PJM, ERCOT, SPP, and international markets. MARA plans to commence construction on an initial AI and critical IT buildout in the first half of 2027, with the first capacity targeted for mid-2028.
The company has assured that it does not intend to disrupt Long Ridge's current power supply to the PJM grid. The Long Ridge assets are anticipated to contribute around $144 million in annualized adjusted EBITDA, with the deal expected to close in the second half of 2026.