In a deal worth approximately $1.5 billion, MARA Holdings has reached 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. Shares of the seller, FTAI Infrastructure, have risen 12% in pre-market trading, while MARA's stock has increased by 3%.
The acquisition includes Long Ridge's 505-megawatt gas-fired power plant in Hannibal, Ohio, as well as over 1,600 acres of land, water access, fiber connections, fuel supply, and grid links. 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 approximately 65% and expand its development pipeline to around 2.2 gigawatts across various markets. MARA plans to begin constructing an initial AI and critical IT facility in the first half of 2027, with the first phase of capacity expected to be operational 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 deal expected to close in the second half of 2026.