MARA (NASDAQ: MARA) agreed on Thursday to acquire Long Ridge Energy & Power from FTAI Infrastructure (NASDAQ: FIP) for a total transaction value of approximately $1.5 billion, including assumed debt. The deal adds a 505 MW combined-cycle gas power plant in Hannibal, Ohio, and more than 1,600 contiguous acres to MARA’s energy and compute infrastructure portfolio. Shares of MARA are up 5% on the week, trading hands at $12.22 as of publishing time.
MARA said the acquisition increases its owned and operated capacity by 65% and expands its total operational and development capacity to approximately 2.2 GW across PJM, ERCOT, SPP and international markets. The site includes 200 MW of existing MARA capacity and has line of sight to more than 1 GW of total potential capacity across generation and load.
“Power is the scarce input in AI and, with the planned addition of Long Ridge Energy, we are gaining control of a highly efficient, contracted energy platform that has a rare combination of large-scale power, land, water access, fuel supply and grid interconnection in a single location,” Fred Thiel, MARA’s chairman and CEO, said in a statement.
MARA said it expects construction of an initial AI/Critical IT buildout to begin in the first half of 2027, with initial capacity targeted to be ready for service in mid-2028. The company said it has multiple paths to expand the site to up to 600 gross MW of AI and critical IT loads over time through grid expansions and on-site power generation.
The Long Ridge plant currently sells power into the PJM grid, and MARA said it does not expect to reduce that supply. As the company develops additional compute capacity behind the meter, it plans to pair that demand with incremental generation over time.
MARA said the deal adds approximately $144 million of annualized adjusted EBITDA at all-in operating costs below $15/MWh. The company said long-dated hedges at the facility support cash flow visibility. MARA described the site as supporting multiple revenue streams, including wholesale power generation, long-term AI/HPC leases and flexible compute operations such as bitcoin mining.
FTAI Infrastructure said the sale will eliminate $1.16 billion of Long Ridge debt and allow repayment of approximately $300 million of parent-level debt. “Long Ridge has grown from a brownfield development project we commenced nearly a decade ago into an exceptional operating platform,” Ken Nicholson, CEO of FTAI Infrastructure, said. The company plans to use remaining net proceeds for growth opportunities in its freight rail and terminals segments.
The base purchase price is $1.512 billion, subject to customary adjustments. Buyer financing is supported by a Barclays-arranged bridge facility of up to $785 million to refinance Long Ridge’s existing credit facilities.
The transaction is expected to close in the third quarter of 2026, subject to regulatory approvals.
