MARA Holdings agreed on 30 April to buy Long Ridge Energy & Power from FTAI Infrastructure for a total transaction value of about $1.5bn, including at least $785m of assumed debt.
Why MARA Holdings, Inc. is buying Long Ridge Energy & Power LLC
MARA said power is the scarce input for AI and that Long Ridge would create a digital infrastructure campus with more than 1 GW of potential capacity, including its existing 200 MW, and line of sight to up to 600 gross MW of AI and critical IT loads. The plant adds about $144m of annualised adjusted EBITDA at all-in operating costs below $15/MWh, with more than 70% of output contracted long term.
“Power is the scarce input in AI”
Deal terms and financing
The roughly $1.5bn value includes the assumption of at least $785m of debt. Long Ridge's assets comprise the 505 MW Long Ridge combined-cycle plant in Hannibal, Ohio, about 100 MMcfd of integrated gas supply and more than 1,600 contiguous acres. MARA targets an initial AI build-out from the first half of 2027.
Regulatory approvals and timing
Closing was expected in the second half of 2026, subject to approvals including Hart-Scott-Rodino clearance and FERC authorisation. In its second-quarter shareholder letter in August, MARA said it was awaiting FERC approval and had completed a change-of-control consent solicitation for Long Ridge's 2032 senior secured notes.
Market context
MARA, best known as a bitcoin miner, now describes itself as an owner, developer and operator of digital infrastructure, vertically integrated across power, land and compute, and is shifting away from hosted mining.
