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, 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 Ohio, as well as over 1,600 acres of land, water access, and connectivity infrastructure.
According to MARA, the site has the potential to support over 1 gigawatt of power capacity. This acquisition is expected to increase MARA's owned-and-operated power capacity by approximately 65% and expand its development pipeline to around 2.2 gigawatts across various markets. MARA plans to commence construction on its initial AI and critical IT infrastructure project in the first half of 2027, with the aim of delivering the first capacity by mid-2028.
The company does not anticipate disrupting Long Ridge's existing 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.