In a $1.5 billion deal, MARA Holdings has agreed to purchase Long Ridge Energy & Power, assuming at least $785 million in debt backed by a bridge loan. The transaction includes Long Ridge's 505-megawatt combined-cycle gas plant in Ohio, along with 1,600 acres of land, water access, and other essential infrastructure. 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. MARA plans to initiate construction on an initial AI and critical IT buildout in the first half of 2027, targeting the first capacity for mid-2028, without disrupting Long Ridge's current power supply to the PJM grid.
The Long Ridge assets are anticipated to add around $144 million of annualized adjusted EBITDA, with the deal expected to close in the second half of 2026.