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-fired power plant in Hannibal, Ohio, along with over 1,600 acres of land, access to water and fiber optic links, fuel supply, and grid connections.
According to MARA, the site has the potential to support more than 1 gigawatt of power capacity. The 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 intends to commence construction on an initial AI and critical IT infrastructure project in the first half of 2027, with the goal of bringing the first phase online by mid-2028. The company has assured that it does not plan to disrupt Long Ridge's current power supply to the PJM grid. The Long Ridge assets are anticipated to generate around $144 million in annual adjusted EBITDA, with the transaction expected to close in the second half of 2026.