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. The seller, FTAI Infrastructure, saw a 12% increase in pre-market trading, while MARA's stock rose by 3%.
The acquisition includes Long Ridge's 505-megawatt gas plant in Ohio, along with 1,600 acres of land, water access, and other essential infrastructure. According to MARA, the site has the potential to support over 1 gigawatt of power capacity. The acquisition is expected to increase MARA's owned-and-operated power capacity by approximately 65% and expand its pipeline to around 2.2 gigawatts.
Construction on the initial AI and critical IT buildout is slated to begin 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 generate around $144 million in annualized adjusted EBITDA, with the deal expected to close in the second half of 2026.