In a significant move valued at approximately $1.5 billion, MARA Holdings (MARA) has finalized an agreement to acquire Long Ridge Energy & Power. As part of the transaction, MARA will take on no less than $785 million in debt, which is supported by a bridge loan. This deal has positively impacted FTAI Infrastructure (FIP), the seller, with shares rising 12% in pre-market trading, while MARA’s shares have climbed by 3%.
The acquisition encompasses Long Ridge’s 505-megawatt combined-cycle gas facility located in Hannibal, Ohio. Additionally, it includes over 1,600 acres of land, access to water resources, fiber network connections, fuel supply chains, and grid interconnections, as detailed in a Thursday filing.
MARA has indicated that the site could potentially support upwards of 1 gigawatt of total power capacity in the future. The company also stated that this acquisition will increase its owned-and-operated power capacity by approximately 65% and broaden its operating and development pipeline to about 2.2 gigawatts across markets such as PJM, ERCOT, SPP, and international regions.
Construction on an initial AI and critical IT buildout is scheduled to commence in the first half of 2027, with plans to achieve first capacity by mid-2028. MARA reassured that it will maintain Long Ridge’s current power supply contributions to the PJM grid.
The inclusion of Long Ridge’s assets is projected to enhance annualized adjusted EBITDA by about $144 million. The transaction is anticipated to be finalized in the latter half of 2026.