MARA Holdings has agreed to purchase Long Ridge Energy & Power for about $1.5 billion to expand its AI data center capabilities. The deal includes a 505 MW gas plant and 1,600 acres in Hannibal, Ohio. It is expected to close in the second half of 2026.
MARA Holdings (MARA), a bitcoin mining company pivoting toward AI infrastructure, announced on Thursday its agreement to acquire Long Ridge Energy & Power from FTAI Infrastructure (FIP) for approximately $1.5 billion. The transaction includes a 505-megawatt combined-cycle gas plant in Hannibal, Ohio, along with over 1,600 acres of land equipped with water access, fiber links, fuel supply, and grid connections. MARA will assume at least $785 million in debt, backed by a bridge loan from Barclays, subject to regulatory approvals. The acquisition is set to boost MARA's owned-and-operated power capacity by 65%, expanding its pipeline to roughly 2.2 gigawatts across markets including PJM, ERCOT, and SPP. The site could support more than 1 gigawatt of total power over time, with operating costs below $15 per megawatt-hour, and add about $144 million in annualized adjusted EBITDA. MARA plans to begin construction on an initial AI and critical IT buildout in the first half of 2027, targeting first capacity for mid-2028, while maintaining current power supply to the PJM grid. Shares of MARA surged more than 12% following the announcement, amid a broader 55% rally over the past month, while FIP rose 12% in pre-market trading. This move follows MARA's February acquisition of a 64% stake in French operator Exaion and reflects a sector-wide shift by bitcoin miners into AI and high-performance computing.
