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 seller, FTAI Infrastructure, has seen its stock rise by 12% in pre-market trading, while MARA's stock has increased by 3%.
The acquisition encompasses Long Ridge's 505-megawatt combined-cycle gas plant 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. This 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 intends to commence construction on an initial AI and critical IT buildout 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 contribute around $144 million in annualized adjusted EBITDA, with the deal expected to close in the second half of 2026.