MARA to Buy Ohio Gas-Fired Power Plant in $1.5B Deal, Eyes AI Data Center Buildout
MARA Holdings, Inc. has signed a definitive agreement to acquire Long Ridge Energy & Power LLC from FTAI Infrastructure Inc. (Nasdaq: FIP) for about $1.5 billion, securing a 505 MW natural gas power plant and more than 1,600 acres in Hannibal, Ohio.
The transaction, announced Thursday, would lift MARA's total owned and operated power capacity by roughly 65% to approximately 2.2 GW across PJM, ERCOT, SPP, and international markets. The Long Ridge site sits on the Ohio River within PJM Interconnection, a key U.S. power market for data-center development. MARA currently runs a 200 MW colocated data center on the property.
Long Ridge also includes about 100 million cubic feet per day of vertically integrated natural gas supply, along with water rights, fiber connectivity, and rail infrastructure. MARA said all-in operating costs are below $15 per megawatt-hour, supported by long-dated hedges, and that the campus can scale beyond 1 GW of total potential power capacity.
MARA plans to start construction of initial AI and critical IT capacity in the first half of 2027 and targets bringing the first phase into service by mid-2028. Based on Long Ridge's second-half 2025 performance, the acquisition is expected to add about $144 million in annualized adjusted EBITDA.
Under the terms, MARA will assume at least $785 million of existing debt, supported by a 364-day senior secured bridge loan from Barclays. The equity portion will be funded with cash on hand and bitcoin-backed financing.
FTAI said net proceeds will be used to repay roughly $300 million in parent-level corporate debt after settling approximately $1.16 billion in Long Ridge project-level debt. Shares of FTAI Infrastructure rose about 14% following the announcement. The Pittsburgh-based company said it intends to reallocate capital toward its freight rail and terminals businesses.
MARA said it has received inbound interest from investment-grade tenants for long-term AI and high-performance computing leases at the site. The company also plans to continue flexible bitcoin mining and wholesale power sales through PJM.
FTAI developed Long Ridge from a brownfield site nearly a decade ago. The plant uses a GE 7HA.02 turbine, is capable of hydrogen blending, and began commercial operations around 2021. MARA said it intends to retain the existing operating team.
The agreement includes a $75 million reverse termination fee under certain break scenarios and an indemnification arrangement covering regulatory, legal, and maintenance matters. Closing is expected in the third quarter of 2026, subject to Hart-Scott-Rodino Act clearance, Federal Energy Regulatory Commission (FERC) approval, and other customary conditions.
