In a significant move, MARA Holdings has entered into an agreement to purchase Long Ridge Energy & Power for approximately $1.5 billion, with an additional assumption of at least $785 million in debt secured by a bridge loan. As a result, FTAI Infrastructure, the seller, has seen a 12% increase in pre-market trading, while MARA Holdings has risen by 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 links, fuel supply, and grid connections. According to MARA, this site has the potential to support over 1 gigawatt of total power capacity.
The 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. 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. 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.