MARA Holdings, Inc. (a global energy and digital infrastructure company) has agreed to acquire Long Ridge Energy & Power LLC from FTAI Infrastructure Inc. in a deal valued at approximately USD 1.5 billion, including the assumption of certain debt.

The transaction will hand MARA a 505 MW combined-cycle gas power plant in Hannibal, Ohio, along with more than 1,600 contiguous acres that the company intends to develop into a flagship artificial intelligence and critical IT infrastructure campus.

The announcement marks a major escalation in MARA's stated strategy of controlling energy generation and compute infrastructure under a single operational platform.

What MARA Is Buying

The core asset in the transaction is the Long Ridge combined-cycle gas turbine, a highly efficient facility operating within the PJM interconnection in eastern Ohio.

The plant carries a nameplate capacity of approximately 505 MW and is supported by roughly 100 million cubic feet per day of vertically integrated fuel supply.

According to MARA, the facility operates at all-in costs of less than USD 15 per megawatt-hour and benefits from long-dated hedges that the company says provide durable and visible cash flows.

Beyond the power plant itself, the acquisition includes approximately 125 acres of industrially permitted land, rail infrastructure supporting on-site logistics and operations, and access to water and fiber connectivity.

MARA said the site's immediate access to power, land, water, and fiber upon closing represents significantly less development execution risk compared to greenfield alternatives.

Scale and Strategic Positioning

MARA said the acquisition is expected to increase its owned and operated power capacity by approximately 65 percent. Following the close, the company projects its total operational and development capacity will reach approximately 2.2 gigawatts across markets, including PJM (Pennsylvania-New Jersey-Maryland Interconnection), ERCOT (Electric Reliability Council of Texas), SPP (Southwest Power Pool), and certain international markets.

The company also said the site supports more than 1 gigawatt of total potential power capacity when accounting for both generation and load. That figure incorporates the 200 MW of existing MARA capacity already co-located at the Hannibal site, as well as a line of sight to up to 600 gross MW of AI and critical IT loads over time.

MARA said it has multiple pathways to expand capacity through a combination of grid expansions and additional on-site power generation. Fred Thiel, MARA's chairman and chief executive officer, framed the deal as central to the company's infrastructure ambitions.

"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," Thiel said in the announcement.

He added that such assets are increasingly difficult to replicate given the time, cost, and complexity of securing power, land, permitting, and interconnection in the current market.

AI Campus Development Timeline

MARA said its Hannibal data center, already co-located at the Long Ridge Energy site, has received inbound interest from multiple potential investment-grade AI and critical IT tenants.

The company has not disclosed the identity of those prospective tenants. Construction of an initial AI and critical IT buildout is expected to begin in the first half of 2027.

MARA said initial capacity is targeted to be ready for service in mid-2028, with the ramp accelerated by the 200 MW of capacity currently in place at the site. The company said it will pursue additional capacity expansion pathways in parallel with the process of closing the transaction.

MARA stated that it does not expect to reduce Long Ridge Energy's current supply of power generation into the PJM grid and does not anticipate any impact to consumers.

As the company develops additional compute capacity behind the meter, it said it expects to pair that incremental demand with additional generation over time.

Financial Details and Structure

The USD 1.5 billion transaction value includes the assumption of at least USD 785 million of debt, backstopped by a bridge loan from Barclays. MARA said the acquisition represents approximately USD 144 million of annualized adjusted EBITDA, based on Long Ridge Energy's performance in the second half of 2025.

The company characterized this as providing stable, cash-generative operations that support both its broader development objectives and its overall financial health.

MARA said the deal encompasses multiple potential monetization pathways, including long-term high-performance compute leases, flexible compute operations that include Bitcoin mining, and wholesale power generation.

Regulatory Process and Staffing

The transaction is expected to close in the second half of 2026. Closing remains subject to regulatory approvals, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act and approval from the Federal Energy Regulatory Commission, as well as other customary closing conditions.

MARA said it plans to retain Long Ridge Energy's existing team following the close of the transaction. The company described that workforce as supplementing its existing expertise and providing a scalable operating platform for future digital infrastructure development.

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