In a significant move, MARA Holdings has entered into an agreement to purchase Long Ridge Energy & Power for approximately $1.5 billion, with the assumption of at least $785 million in debt backed by a bridge loan. The transaction has sent FTAI Infrastructure's stock soaring 12% in pre-market trading, while MARA's stock has risen 3%. The deal comprises 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 total power capacity.
This acquisition is expected to increase MARA's owned-and-operated power capacity by about 65% and expand its development pipeline to approximately 2.2 gigawatts across various markets. MARA plans to initiate construction on its initial AI and critical IT infrastructure project in the first half of 2027, with the goal of launching the first phase by mid-2028. The company has assured that the acquisition will not disrupt Long Ridge's current power supply to the PJM grid.
The Long Ridge assets are anticipated to generate around $144 million in annualized adjusted EBITDA, with the deal expected to close in the second half of 2026.