In a 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 assume at least $785 million in debt, backed by a bridge loan.
The seller, FTAI Infrastructure, has seen its stock rise by 12% in pre-market trading, while MARA's stock has increased by 3%. The acquisition includes Long Ridge's 505-megawatt natural gas plant in Ohio, along with over 1,600 acres of land, access to water and fiber optic links, fuel supply, and connections to the power grid. According to MARA, the site has the potential to support over 1 gigawatt of power capacity in the future.
The acquisition is expected to increase MARA's owned and operated power capacity by approximately 65% and expand its development pipeline to around 2.2 gigawatts across various markets. MARA plans to begin construction on an initial AI and critical IT infrastructure project in the first half of 2027, with the goal of bringing the first phase online by mid-2028. The company does not anticipate disrupting Long Ridge's current power supply to the PJM grid. The Long Ridge assets are expected to generate around $144 million in annual adjusted EBITDA, with the deal slated to close in the second half of 2026.