Overview
- MARA Holdings, which announced the deal Thursday, agreed to buy Long Ridge Energy & Power for about $1.5 billion and assume at least $785 million of debt backed by a Barclays bridge loan.
- The acquisition includes a 505 MW gas-fired plant in Hannibal, Ohio, plus more than 1,600 acres with water, fiber, rail and fuel links, creating room to scale past 1 gigawatt over time.
- MARA said the purchase lifts its owned power capacity by roughly 65% and takes its operating and development pipeline to about 2.2 gigawatts across PJM, ERCOT, SPP and international markets.
- Based on second-half 2025 performance, Long Ridge is projected to add about $144 million in annualized adjusted EBITDA at all-in costs below $15 per megawatt-hour.
- Closing is targeted for the second half of 2026 pending antitrust and energy approvals, with site construction planned for early 2027 and initial capacity aimed for mid-2028 while existing PJM grid deliveries continue.