MARA Holdings (MARA) agreed to buy Long Ridge Energy & Power in a deal valued at about $1.5 billion. MARA will also assume at least $785 million of 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 Long Ridge’s 505-megawatt combined-cycle gas plant in Hannibal, Ohio, along with more than 1,600 acres of land, water access, fiber links, fuel supply and grid connections, according to a document filed 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 operations and development portfolio to approximately 2.2 gigawatts in PJM, ERCOT, SPP and international markets.
MARA plans to begin construction of initial AI and critical IT development in the first half of 2027, with first capacity planned for mid-2028. The company said it does not expect to cut Long Ridge’s current power supply to the PJM grid.
The company expects the Long Ridge assets to add about $144 million of annualized adjusted EBITDA. The deal is expected to close in the second half of 2026.
