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 of debt backstopped by a bridge loan.
The seller, FTAI Infrastructure (FIP), is up 12% in pre-market 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 links, 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 raise its owned-and-operated power capacity by about 65% and expand its operating and development pipeline to roughly 2.2 gigawatts across PJM, ERCOT, SPP and international markets.
MARA plans to start construction on an initial AI and critical IT buildout in the first half of 2027, with the first capacity targeted 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.