US-based energy infrastructure company MARA has reached a definitive agreement to acquire Long Ridge Energy & Power from FTAI Infrastructure for nearly $1.5bn, including assumed debt and a bridge loan supported by Barclays.
The transaction is expected to close in the second half of 2026 pending regulatory approvals such as clearance under the Hart-Scott-Rodino Act and Federal Energy Regulatory Commission authorisation.
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This acquisition includes Long Ridge Energy’s 505MW combined-cycle gas power plant in Hannibal, Ohio, and more than 1,600 acres intended for a digital infrastructure campus.
It will immediately give MARA access to power, water, land and fibre at the site, reducing development risks compared to new greenfield locations.
The campus has the potential for more than 1GW of total power capacity for both generation and usage. MARA has indicated that the site can accommodate various operational models including wholesale power generation, high-performance computing and Bitcoin mining.
Following completion, the transaction is expected to increase MARA’s owned and operated capacity by around 65%, expanding the company’s operational and development footprint to an estimated 2.2GW across the PJM, SPP, ERCOT and international markets.
The company’s data centre at Hannibal, co-located at the Long Ridge site, has attracted attention from possible investment-grade AI and critical IT tenants.
Construction of an initial buildout for AI and critical IT workloads is scheduled to begin in the first half of 2027 (H1 2027), with 200MW of capacity expected to be operational by mid-2028.
MARA also plans to expand total site capacity to as much as 600MW by combining grid expansion with on-site generation.
The Long Ridge facility is integrated into the PJM power grid, operating as a combined-cycle gas turbine with around 505MW of capacity and 100 million cubic feet per day of fuel supply.
Operating costs remain below $15/MW-hour, supported by long-term price hedges.
MARA stated that there will be no reduction in current power supply to the PJM grid or impact on consumers, with future increases in compute demand to be matched by additional on-site generation.
The acquisition also includes rail infrastructure to facilitate on-site logistics and development.
MARA intends to retain Long Ridge Energy’s existing team to strengthen its operations and support future digital infrastructure expansion.
The acquired assets are forecast to contribute roughly $144m in annualised adjusted earnings before interest, taxes, depreciation and amortisation based on Long Ridge Energy’s projected performance in H2 2025.
MARA chairman and CEO Fred Thiel said: “By combining energy generation, fuel supply and compute infrastructure, we are building a differentiated platform designed to maximise the value of every megawatt we control.”
Barclays Capital and Compass Point Research & Trading are acting as MARA’s financial advisors, with Paul, Weiss, Rifkind, Wharton & Garrison and Sidley Austin providing legal advice.
FTAI Infrastructure is being advised by Jefferies and Lazard, with Skadden, Arps, Slate, Meagher & Flom serving as legal counsel.
