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 seller, FTAI Infrastructure, has seen a 12% increase in pre-market trading, while MARA has risen by 3%. The acquisition comprises Long Ridge's 505-megawatt gas plant in Ohio, along with 1,600 acres of land, water access, fiber links, fuel supply, and grid connections.
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 approximately 65% and expand its pipeline to around 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 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.