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 at least $785 million in debt, which will be backed by a bridge loan. The transaction has resulted in a 12% increase in pre-market trading for the seller, FTAI Infrastructure, while MARA has seen a 3% rise. The acquisition encompasses Long Ridge's 505-megawatt combined-cycle 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 more than 1 gigawatt of total power capacity over time. The acquisition is expected to increase MARA's owned-and-operated power capacity by approximately 65% and expand its operational and development pipeline to around 2.2 gigawatts across various markets, including PJM, ERCOT, SPP, and international regions. MARA intends to commence construction on an initial AI and critical IT infrastructure project in the first half of 2027, with the aim of delivering the first capacity 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 contribute around $144 million in annualized adjusted EBITDA.
The transaction is expected to be completed in the second half of 2026.