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, secured by a bridge loan.
Following the announcement, FTAI Infrastructure, the seller, saw a 12% increase in pre-market trading, while MARA's stock rose by 3%. The acquisition encompasses Long Ridge's 505-megawatt gas plant in Hannibal, Ohio, as well as over 1,600 acres of land, complete with water access, fiber connections, fuel supply, and grid links. 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 initiate construction on an initial AI and critical IT buildout in the first half of 2027, with the first capacity expected to come online by mid-2028. The company has stated that it does not anticipate disrupting Long Ridge's current power supply to the PJM grid.
The Long Ridge assets are projected to generate approximately $144 million in annualized adjusted EBITDA, with the deal expected to close in the second half of 2026.