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, 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, as well as over 1,600 acres of land, water access, fiber connections, fuel supply, and grid connections.
According to MARA, the site has the potential to support more than 1 gigawatt of power capacity. The acquisition is expected to increase MARA's owned and operated power capacity by around 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 infrastructure project in the first half of 2027, with the initial capacity expected to be available 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 set to close in the second half of 2026.