In a deal worth approximately $1.5 billion, MARA Holdings has agreed to purchase Long Ridge Energy & Power. As part of the agreement, MARA will assume at least $785 million in debt, backed by a bridge loan.
The transaction is expected to increase MARA's owned and operated power capacity by around 65% and expand its development pipeline to roughly 2.2 gigawatts across various markets, including PJM, ERCOT, SPP, and international regions. The acquired site, featuring a 505-megawatt gas plant and over 1,600 acres of land in Ohio, has the potential to support more than 1 gigawatt of total power capacity. 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 anticipates that the Long Ridge assets will contribute approximately $144 million in annualized adjusted EBITDA, with the transaction expected to close in the second half of 2026.