MARA Holdings (MARA) has agreed to buy Long Ridge Energy & Power in a deal valued at approximately $1.5 billion. MARA will also assume at least $785 million in debt backed by a bridge loan.
The seller, FTAI Infrastructure (FIP), is up 12% in pre-market trading. MARA is ahead by 3%.
The deal includes the 505-megawatt Long Ridge combined cycle gas plant in Hannibal, Ohio, as well as more than 1,600 acres of land, water access, fiber optic links, fuel supply and grid connections, according to a filing Thursday.
MARA said the site could support more than 1 gigawatt of total electrical capacity over time.
MARA said the acquisition would increase its owned and operated power capacity by approximately 65% and expand its operating and development pipeline to approximately 2.2 gigawatts in the PJM, ERCOT, SPP and international markets.
MARA plans to begin construction of an initial AI and critical computing deployment in the first half of 2027, with the first capacity planned for mid-2028. The company said it does not plan to cut off Long Ridge’s current power supply to the PJM grid.
The company expects the Long Ridge assets to add approximately $144 million to annualized adjusted EBITDA. The deal is expected to close in the second half of 2026.
