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 a minimum of $785 million in debt, secured by a bridge loan. Following the announcement, FTAI Infrastructure, the seller, saw a 12% increase in pre-market trading, while MARA's stock rose by 3%.
The acquisition encompasses Long Ridge's 505-megawatt gas plant in Hannibal, Ohio, along with 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 approximately 65% and expand its operational and development pipeline to around 2.2 gigawatts across various markets, including PJM, ERCOT, SPP, and international markets. Construction on the initial AI and critical IT buildout is slated to commence in the first half of 2027, with the first capacity expected to be available by mid-2028.
MARA has assured that the current power supply to the PJM grid will not be disrupted. The Long Ridge assets are anticipated to generate approximately $144 million in annualized adjusted EBITDA, with the deal expected to close in the second half of 2026.