In a deal worth approximately $1.5 billion, MARA Holdings has agreed to purchase Long Ridge Energy & Power, with the assumption of at least $785 million in debt backed by a bridge loan. The transaction has led to a 12% surge in pre-market trading for the seller, FTAI Infrastructure, and a 3% increase for MARA. The acquired assets include a 505-megawatt gas-fired power plant in Ohio, along with 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 over 1 gigawatt of power capacity. This acquisition is expected to increase MARA's owned and operated power capacity by about 65% and expand its development pipeline to roughly 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 capacity expected to be available by mid-2028.
The company does not anticipate disrupting Long Ridge's current power supply to the PJM grid. The Long Ridge assets are projected to add around $144 million in annualized adjusted EBITDA, with the deal expected to close in the second half of 2026.