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← MARA Holdings
Thu, Nov 5, 2026

FERC authorizes MARA's acquisition of Long Ridge Energy & Power

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Analysis

This is positive news: FERC's approval removes a major regulatory hurdle for MARA's $1.5 billion Long Ridge acquisition, bringing the deal closer to closing and reinforcing MARA's power-generation expansion strategy.

Key points

  • FERC approved MARA's previously announced acquisition of Long Ridge Energy & Power LLC from FTAI Infrastructure Inc.
  • FERC found the transaction consistent with the public interest, satisfying a key condition for closing.
  • Closing is now expected in the coming weeks, with no exact date given.
  • The deal adds a 505 MW nameplate combined-cycle gas plant and over 1,600 contiguous acres, expected to increase MARA's owned power generation capacity by more than 300%.

Acquisition

Long Ridge Energy & Power LLCFERC approval received

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

FERC authorized the acquisition, finding it consistent with the public interest; closing expected in the coming weeks.