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 assume at least $785 million in debt, backed by a bridge loan. The seller, FTAI Infrastructure, has seen a 12% increase in pre-market trading, while MARA's shares are up 3%. The acquisition encompasses Long Ridge's 505-megawatt 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 power capacity. This acquisition is expected to increase MARA's owned-and-operated power capacity by around 65% and expand its development pipeline to approximately 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 expected to come online 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 contribute around $144 million in annualized adjusted EBITDA, with the deal expected to close in the second half of 2026.