In a deal worth approximately $1.5 billion, MARA Holdings has agreed to purchase Long Ridge Energy & Power. As part of the agreement, MARA will also take on at least $785 million in debt, backed by a bridge loan. The transaction has led to a 12% increase in FTAI Infrastructure's pre-market trading value, while MARA's stock has risen by 3%.
The acquired assets include a 505-megawatt combined-cycle gas plant located in Hannibal, Ohio, along with over 1,600 acres of land, access to water and fiber links, fuel supply, and grid connections. According to MARA, the site has the potential to support over 1 gigawatt of power capacity.
This acquisition is expected to increase MARA's owned-and-operated power capacity by around 65% and expand its pipeline to approximately 2.2 gigawatts across various markets. Construction on the initial AI and critical IT buildout is slated to begin in the first half of 2027, with the first phase of capacity expected to be operational by mid-2028. MARA does not anticipate disrupting Long Ridge's current power supply to the PJM grid.
The company forecasts that the Long Ridge assets will generate around $144 million in annualized adjusted EBITDA, with the deal expected to close in the second half of 2026.