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 a minimum of $785 million in debt, secured by a bridge loan.
Following the announcement, FTAI Infrastructure, the seller, saw a 12% increase in pre-market trading, while MARA's stock rose by 3%. The acquisition encompasses Long Ridge's 505-megawatt gas plant in Ohio, along with 1,600 acres of land, water access, fiber connections, fuel supply, and grid links.
According to MARA, the site has the potential to support over 1 gigawatt of power capacity. This acquisition is expected to boost MARA's owned-and-operated power capacity by 65% and expand its development pipeline to approximately 2.2 gigawatts across various markets.
MARA plans to commence construction on an initial AI and critical IT buildout in the first half of 2027, with the goal of bringing the first capacity 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 projected to generate around $144 million in annualized adjusted EBITDA, with the transaction expected to close in the second half of 2026.