MARA Holdings (MARA) has agreed to buy Long Ridge Energy & Power in a deal valued at about $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 premarket trading. MARA is ahead 3%.
The deal includes Long Ridge’s 505-megawatt combined-cycle gas plant in Hannibal, Ohio, along with more than 1,600 acres of land, water access, fiber connections, fuel supply and grid connections, according to a Thursday filing.
MARA said the site could support more than 1 gigawatt of total power capacity over time.
MARA said the acquisition would increase its owned and operated power capacity by about 65% and expand its operating and development pipeline to about 2.2 gigawatts across the PJM, ERCOT, SPP and international markets.
MARA plans to begin construction of an initial AI and critical IT buildout in the first half of 2027, with initial capacity targeted for mid-2028. The company said it does not expect to interrupt Long Ridge’s current power supply to the PJM grid.
The company expects the Long Ridge assets to add approximately $144 million in annualized adjusted EBITDA. The transaction is expected to be completed in the second half of 2026.
