In a deal worth approximately $1.5 billion, MARA Holdings has reached an agreement to purchase Long Ridge Energy & Power, with the added assumption of at least $785 million in debt secured by a bridge loan. The seller, FTAI Infrastructure, 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 located in Hannibal, Ohio, as well as over 1,600 acres of land, water access, fiber connections, fuel supply, and grid connections, as disclosed in a recent filing. According to MARA, the site has the potential to support over 1 gigawatt of total power capacity. This acquisition is expected to increase MARA's owned-and-operated power capacity by around 65% and expand its operational and development pipeline to approximately 2.2 gigawatts across various markets, including PJM, ERCOT, SPP, and international regions. MARA plans to initiate construction on an initial AI and critical IT infrastructure project in the first half of 2027, with the first phase of capacity expected to be operational by mid-2028.
The company has assured that it does not intend to disrupt Long Ridge's existing power supply to the PJM grid. The Long Ridge assets are anticipated to contribute around $144 million in annualized adjusted EBITDA, with the deal expected to close in the second half of 2026.