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 is backed by a bridge loan. Following the announcement, FTAI Infrastructure, the seller, saw its stock rise by 12% in pre-market trading, while MARA's stock increased by 3%.
The acquisition includes 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. 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 approximately 65% and expand its operating and development pipeline to around 2.2 gigawatts across various markets, including PJM, ERCOT, SPP, and international markets.
MARA plans to commence construction on an initial AI and critical IT buildout 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 approximately $144 million in annualized adjusted EBITDA, and the deal is anticipated to close in the second half of 2026.