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MARA Holdings, Inc. signed a definitive agreement to acquire Long Ridge Energy & Power LLC from FTAI Infrastructure Inc. for approximately $1.5 billion. The deal adds a 505 MW natural gas power plant and more than 1,600 acres in Hannibal, Ohio.
The transaction gives MARA direct ownership of a combined-cycle gas turbine (CCGT) facility on the Ohio River in the PJM Interconnection territory. MARA said the site includes around 100 million cubic feet per day of vertically integrated natural gas supply, water rights, fiber connectivity, and rail infrastructure.
Long Ridge’s plant is designed to support stable cash flows, with all-in operating costs running below $15 per megawatt-hour and long-dated hedges. MARA also said the site can scale to more than 1 GW of total potential power capacity.
MARA said the acquisition increases its total owned and operated power capacity by roughly 65% to about 2.2 GW across PJM, ERCOT, SPP, and international markets. The company also operates a 200 MW co-located data center on the Long Ridge site.
MARA plans to begin construction of initial AI and critical IT capacity in the first half of 2027, targeting service delivery by mid-2028. The company also disclosed that it has received inbound interest from investment-grade tenants for long-term AI and high-performance computing leases on the site.
The transaction is expected to add approximately $144 million in annualized adjusted EBITDA based on Long Ridge’s second-half 2025 performance.
MARA will assume at least $785 million of existing debt, backed by a 364-day senior secured bridge loan from Barclays. MARA said the equity portion will be funded through cash on hand and bitcoin-backed financing.
FTAI plans to use net proceeds to repay approximately $300 million in parent-level corporate debt after settling roughly $1.16 billion in Long Ridge project-level debt. The company said it intends to redirect capital toward its freight rail and terminals businesses.
FTAI developed Long Ridge from a brownfield project nearly a decade ago. The plant uses a GE 7HA.02 turbine and is hydrogen-blend capable, with commercial operations beginning around 2021.
MARA plans to retain Long Ridge’s operating team. The deal includes a $75 million reverse termination fee that applies in certain deal-break scenarios, along with an indemnification agreement covering regulatory, legal, and maintenance matters.
Closing is expected in the third quarter of 2026, subject to Hart-Scott-Rodino Act clearance, Federal Energy Regulatory Commission (FERC) approval, and other standard conditions.
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