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 sale has resulted in a 12% increase in pre-market trading for the seller, FTAI Infrastructure, while MARA's stock has risen by 3%. The acquisition encompasses Long Ridge's 505-megawatt gas plant in Ohio, as well as over 1,600 acres of land, water access, and connections to fiber links, fuel supply, and the grid.
According to MARA, the site has the potential to support more than 1 gigawatt of power capacity. This purchase 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. Construction on the initial AI and critical IT infrastructure is slated to commence in the first half of 2027, with the first phase of capacity expected to be operational by mid-2028. MARA has assured that the acquisition will not disrupt Long Ridge's current power supply to the PJM grid.
The Long Ridge assets are anticipated to generate around $144 million in annualized adjusted EBITDA, with the deal expected to close in the second half of 2026.