MARA to acquire Long Ridge Energy & Power for $1.5 billion
Key points
- Definitive agreement to acquire Long Ridge Energy & Power LLC from FTAI Infrastructure for approximately $1.5 billion, including assumption of at least $785 million of debt backstopped by a Barclays bridge loan
- Campus in Hannibal, Ohio includes a 505 MW nameplate combined-cycle gas plant (currently authorized to sell 485 MW) and over 1,600 contiguous acres
- Site supports more than 1 GW of total potential capacity, with line of sight to up to 600 gross MW of AI and critical IT loads
- Adds approximately $144 million of annualized adjusted EBITDA at less than $15/MWh all-in operating costs; increases MARA's owned and operated capacity by approximately 65%
- Expected to close in the second half of 2026, subject to HSR clearance and FERC approval
Acquisition
Long Ridge Energy & Power LLC is an energy and digital infrastructure business in Hannibal, Ohio, operating a highly efficient 505 MW nameplate combined-cycle gas power plant with approximately 100 MMcfd of vertically integrated fuel supply, rail infrastructure, and over 1,600 contiguous acres supporting an integrated data center campus.
- Total transaction value of approximately $1.5 billion, including assumption of at least $785 million of debt, backstopped by a bridge loan from Barclays
- Seller: FTAI Infrastructure Inc. (NASDAQ: FIP)
- Adds approximately $144 million of annualized adjusted EBITDA (based on Long Ridge's 2H 2025 performance) at less than $15/MWh all-in operating costs
- Campus supports more than 1 GW of total potential power capacity; multiple paths to up to 600 gross MW of AI/Critical IT loads over time
- Includes MARA's existing 200 MW Hannibal data center capacity co-located at the site; initial AI/Critical IT buildout construction expected to begin 1H 2027, targeted ready for service mid-2028
- Expected to increase MARA's owned and operated power capacity by approximately 65%, expanding operational and development capacity to approximately 2.2 GW
- CCGT currently authorized to sell 485 MW, expected to increase to full 505 MW nameplate in H1 2027
- FERC authorized the transaction in November 2026, finding it consistent with the public interest and satisfying a key closing condition; closing now expected in the coming weeks
Definitive agreement to acquire Long Ridge Energy & Power LLC from FTAI Infrastructure for a total transaction value of approximately $1.5 billion (including assumption of at least $785 million of debt); expected to close in H2 2026 subject to HSR clearance and FERC approval
Site update
| Site | Status | Active | In build | Theoretical |
|---|---|---|---|---|
Long Ridge Energy & Power (pending)Hannibal, OH PENDING, NOT CLOSED as of Aug 26, 2026. Equity Purchase Agreement signed with Ohio River Partners Holdco/Finance LLC (FTAI Infrastructure Inc. subsidiaries) for ~$1.5B enterprise value (incl. up to ~$900M assumed debt, incl. 8.750% Senior Secured Notes due 2032) to acquire 100% of Long Ridge Energy & Power LLC, a 485 MW (expanding to 505 MW in H2 2026/Q1 2027) gas-fired plant adjacent to MARA's Hannibal, OH campus. Termination deadline Nov 30, 2026 (extendable to June 30, 2027); $75.0M termination fee. Partly financed via a $785.0M Barclays bridge facility and the Aug 2026 Coinbase/Two Prime BTC-backed term loans. | Disclosed | 0 MW | — | 505 MWgross |