MARA Holdings, a leading energy and compute infrastructure company, has entered into a definitive agreement to acquire Long Ridge Energy and Power from FTAI Infrastructure for a total transaction value of approximately $1.5 billion, including the assumption of certain debt. The acquisition includes a highly efficient 505 MW combined-cycle gas power plant in Hannibal, Ohio, and more than 1,600 contiguous acres supporting an integrated digital infrastructure campus in one of the most active data center and power markets in the world.
The Long Ridge campus provides immediate access to power, land, water, and fiber upon closing, with more than 1 GW of total potential power capacity across generation and load. MARA believes the combination of large-scale power, land, water access, fuel supply, and grid interconnection in a single location represents a rare and increasingly difficult-to-replicate asset in today’s market.
The acquisition is expected to increase MARA’s owned-and-operated power capacity by approximately 65%, expanding its operational and development capacity to approximately 2.2 gigawatts across PJM, ERCOT, SPP, and international markets. The Long Ridge asset generates approximately $144 million in annualized adjusted EBITDA, based on second-half 2025 performance, with all-in operating costs of less than $15 per MWh supported by long-dated hedges. MARA’s Hannibal data center, co-located at the Long Ridge site, has already received inbound interest from multiple potential investment-grade AI and critical IT tenants.
MARA expects construction of an initial AI and 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 has multiple paths to expand capacity at the site to up to 600 gross MW over time. As part of the transaction, MARA will also acquire rail infrastructure supporting on-site logistics. Long Ridge Energy’s existing team will be retained following the close.
The transaction is expected to close in the second half of 2026, subject to regulatory approvals, including clearance under the Hart-Scott-Rodino Act and Federal Energy Regulatory Commission approval. MARA trades on Nasdaq under the ticker MARA.
Support: Barclays Capital and Compass Point Research and Trading are serving as financial advisors to MARA, with Paul, Weiss, Rifkind, Wharton and Garrison and Sidley Austin serving as legal advisors. Jefferies and Lazard are serving as financial advisors to FTAI Infrastructure, with Skadden, Arps, Slate, Meagher and Flom serving as legal advisor.
KEY QUOTES:
“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, assets that are increasingly difficult to replicate in today’s market, and is ready for expansion to build a flagship AI campus. By combining energy generation, fuel supply and compute infrastructure, we are building a differentiated platform designed to maximize the value of every megawatt we control.”
Fred Thiel, Chairman and CEO, MARA Holdings
