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 also take on at least $785 million in debt, backed by a bridge loan. The seller, FTAI Infrastructure, has seen a 12% increase in pre-market trading, while MARA has risen by 3%. The acquisition includes Long Ridge's 505-megawatt gas plant in Hannibal, Ohio, as well as 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 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 development pipeline to around 2.2 gigawatts across various markets.
Construction on the initial AI and critical IT infrastructure is slated to begin in the first half of 2027, with the first phase of capacity expected to come online by mid-2028. MARA does not anticipate disrupting Long Ridge's current power supply to the PJM grid. The company expects the Long Ridge assets to generate around $144 million in annual adjusted EBITDA, with the deal set to close in the second half of 2026.