MARA Holdings has entered into an agreement to acquire Long Ridge Energy & Power for approximately $1.5 billion. As part of the deal, MARA will also assume a minimum of $785 million in debt, secured by a bridge loan. The transaction has positively impacted the stock prices of both the seller, FTAI Infrastructure, and MARA, with FTAI Infrastructure rising 12% in pre-market trading and MARA increasing by 3%. The acquisition includes Long Ridge's 505-megawatt combined-cycle gas plant located in Hannibal, Ohio, as well as over 1,600 acres of land, water access, fiber connections, fuel supply, and grid connections, as disclosed in a recent filing.
According to MARA, the 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 approximately 65% and expand its operating and development pipeline to around 2.2 gigawatts across various markets, including PJM, ERCOT, SPP, and international markets. MARA plans to initiate construction on an initial AI and critical IT buildout in the first half of 2027, with the first capacity expected to be available by mid-2028.
The company has assured that it does not anticipate disrupting Long Ridge's current power supply to the PJM grid. The Long Ridge assets are expected to contribute approximately $144 million in annualized adjusted EBITDA. The transaction is anticipated to close in the second half of 2026.