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. The seller, FTAI Infrastructure, has seen a 12% increase in pre-market trading, while MARA's stock has risen by 3%. The acquisition includes Long Ridge's 505-megawatt gas plant in Ohio, along with 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 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 plans to begin construction on its initial AI and critical IT infrastructure in the first half of 2027, with the goal of bringing the first capacity online by mid-2028. The company does not anticipate disrupting Long Ridge's current power supply to the PJM grid.
The Long Ridge assets are expected to generate around $144 million in annualized adjusted EBITDA, with the deal set to close in the second half of 2026.