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 also assume at least $785 million in debt, backed by a bridge loan. The seller, FTAI Infrastructure, has seen its shares rise by 12% in pre-market trading, while MARA's shares have increased by 3%.
The acquisition includes Long Ridge's 505-megawatt natural gas 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 total power capacity. 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. MARA plans to commence construction on an initial AI and critical IT buildout in the first half of 2027, with the first capacity targeted for mid-2028.
The company does not anticipate reducing Long Ridge's current power supply to the PJM grid. The Long Ridge assets are expected to generate approximately $144 million in annualized adjusted EBITDA, with the deal set to close in the second half of 2026.