In a deal worth approximately $1.5 billion, MARA Holdings has entered into an agreement to acquire Long Ridge Energy & Power. As part of the transaction, MARA will assume at least $785 million in debt, which will be backed 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 includes Long Ridge's 505-megawatt gas-powered plant in Hannibal, Ohio, as well as over 1,600 acres of land, water access, fiber connections, fuel supply, and grid connections.
According to MARA, the site has the potential to support more than 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.
MARA plans to begin 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 stated that it does not intend 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 deal expected to close in the second half of 2026.