Key Takeaways:
- MARA Holdings agreed to buy Long Ridge Energy for $1.5 billion, adding a 505 MW Ohio gas plant on April 30, 2026.
- The deal lifts MARA’s total power capacity 65% to 2.2 GW, with artificial intelligence (AI) data center buildout targeting mid-2028 service.
- FTAI Infrastructure shares jumped roughly 14% as the sale lets the company retire $300 million in corporate debt.
MARA Holdings Locks In $1.5 Billion Deal for Ohio Power Plant to Build AI Data Center Campus
The deal gives MARA (Nasdaq: MARA) direct ownership of a combined-cycle gas turbine (CCGT) facility on the Ohio River in PJM Interconnection territory, one of the most active power markets in North America for data center development.
MARA already operates a 200 MW co-located data center on the Long Ridge site. The acquisition pushes the company’s total owned and operated power capacity to approximately 2.2 GW across PJM, ERCOT, SPP, and international markets, a roughly 65% increase.
Long Ridge’s assets include around 100 million cubic feet per day of vertically integrated natural gas supply, water rights, fiber connectivity, and rail infrastructure. All-in operating costs for the plant run below $15 per megawatt-hour, with long-dated hedges supporting stable cash flows.
MARA explained that the site can scale to more than 1 GW of total potential power capacity. The company plans to begin construction of initial AI and critical IT capacity in the first half of 2027, targeting service delivery by mid-2028.
The transaction adds approximately $144 million in annualized adjusted EBITDA based on Long Ridge’s second-half 2025 performance. MARA will assume at least $785 million of existing debt, backstopped by a 364-day senior secured bridge loan from Barclays. The equity portion will be funded through cash on hand and bitcoin-backed financing.
FTAI will use net proceeds to repay approximately $300 million in parent-level corporate debt after settling roughly $1.16 billion in Long Ridge project-level debt. The Pittsburgh-based company said it plans to redirect capital toward its freight rail and terminals businesses.
MARA disclosed that it has already received inbound interest from investment-grade tenants for long-term AI and high-performance computing leases on the site. The company also plans to continue flexible Bitcoin mining operations and wholesale power sales through PJM.
FTAI developed Long Ridge from a brownfield project nearly a decade ago. The plant uses a GE 7HA.02 turbine and is hydrogen-blend capable, with commercial operations beginning around 2021.
MARA plans to retain Long Ridge’s operating team. The $75 million reverse termination fee applies in certain deal-break scenarios, and the transaction includes an indemnification agreement covering regulatory, legal, and maintenance matters.
The announcement noted that closing is expected in the third quarter of 2026, pending Hart-Scott-Rodino Act clearance, Federal Energy Regulatory Commission (FERC) approval, and other standard conditions.
