MARA Holdings (MARA) has agreed to acquire Long Ridge Energy & Power in a deal valued at approximately $1.5 billion. MARA will also assume at least $785 million in debt, supported by a bridge loan.
Sell-side FTAI Infrastructure (FIP) rose 12% in pre-market trading. MARA leads by 3%.
The deal includes Long Ridge’s 505-megawatt combined cycle natural gas plant in Hannibal, Ohio, as well as more than 1,600 acres of land, water, fiber optic connections, fuel supplies and grid connections, according to documents filed Thursday.
MARA said the site could support more than 1 gigawatt of total power capacity over time.
MARA said the acquisition will increase its owned and operated power capacity by approximately 65% and expand its operating and development pipeline in PJM, ERCOT, SPP and international markets to approximately 2.2 GW.
MARA plans to begin construction of initial AI and critical IT construction in the first half of 2027, with first production capacity planned for mid-2028. The company said it does not expect 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 annual adjusted EBITDA. The transaction is expected to close in the second half of 2026.