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 also take on at least $785 million in debt, backed 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 includes Long Ridge's 505-megawatt gas plant in Hannibal, Ohio, as well as over 1,600 acres of land, 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. This acquisition is expected to increase MARA's owned-and-operated power capacity by around 65% and expand its development pipeline to approximately 2.2 gigawatts across various markets. MARA plans to begin construction on an initial AI and critical IT buildout in the first half of 2027, with the goal of bringing the first capacity online by mid-2028.
The company does not anticipate disrupting Long Ridge's current power supply to the PJM grid. The Long Ridge assets are expected to generate around $144 million in annualized adjusted EBITDA, with the deal set to close in the second half of 2026.