Key Takeaways
- • MARA Holdings agreed to acquire Long Ridge Energy & Power from FTAI Infrastructure for $1.5 billion on April 30, 2026, adding a 505 MW combined-cycle gas turbine facility and 1,600+ acres in Hannibal, Ohio.
- • The acquisition increases MARA's total owned and operated power capacity by approximately 65% to 2.2 GW across PJM, ERCOT, SPP, and international markets, with site potential to scale beyond 1 GW capacity.
- • Long Ridge's vertically integrated assets include ~100 million cubic feet per day of natural gas supply, water rights, fiber connectivity, and rail infrastructure, with all-in operating costs below $15/MWh supported by long-dated hedges.
- • MARA plans to commence construction of initial AI and critical IT data center capacity in the first half of 2027, with service delivery targeted for mid-2028, leveraging the Ohio River location in the PJM Interconnection, a primary market for data center development.
- • FTAI Infrastructure will retire approximately $300 million in corporate debt from the transaction proceeds, with the company's shares jumping roughly 14% upon deal announcement.
Summary
MARA Holdings has secured a definitive agreement to acquire Long Ridge Energy & Power LLC from FTAI Infrastructure Inc. (Nasdaq: FIP) for approximately $1.5 billion, marking a significant expansion of the bitcoin miner's power generation and data center infrastructure portfolio. The transaction closed on April 30, 2026, and includes a 505 MW natural gas power plant along with more than 1,600 acres of land in Hannibal, Ohio, positioned on the Ohio River within the PJM Interconnection territory—one of North America's most active and developed power markets for data center deployment.
The acquisition represents a strategic pivot toward vertically integrated energy and computing infrastructure. MARA currently operates a 200 MW co-located data center already on the Long Ridge site, and the full ownership of the generation asset consolidates this operational footprint. Post-acquisition, MARA's total owned and operated power capacity will reach approximately 2.2 GW across multiple interconnections (PJM, ERCOT, SPP) and international operations, representing a 65% increase in capacity. The Long Ridge facility itself can scale to support more than 1 GW of total potential power generation, providing substantial runway for future expansion.
Long Ridge's asset base extends beyond the power plant itself. The facility includes approximately 100 million cubic feet per day of vertically integrated natural gas supply, water rights necessary for cooling operations, fiber connectivity infrastructure, and rail access—elements that reduce operational complexity and enhance cost competitiveness. The plant operates at all-in costs below $15 per megawatt-hour, with long-dated hedges in place to stabilize cash flows and provide revenue predictability.
MARA outlined a construction timeline beginning in the first half of 2027 for initial AI and critical IT data center capacity, with service delivery expected by mid-2028. The transaction enables the company to build a large-scale AI infrastructure campus directly adjacent to reliable, cost-efficient power generation—a critical requirement for hyperscale data center economics in competitive markets.
For FTAI Infrastructure, the sale provides significant financial flexibility. The transaction allows the company to retire approximately $300 million in corporate debt, improving its balance sheet and reducing leverage. Market reaction was positive, with FTAI shares climbing roughly 14% on deal announcement, reflecting investor approval of the liability reduction and capital optimization.
The acquisition represents a strategic pivot toward vertically integrated energy and computing infrastructure. MARA currently operates a 200 MW co-located data center already on the Long Ridge site, and the full ownership of the generation asset consolidates this operational footprint. Post-acquisition, MARA's total owned and operated power capacity will reach approximately 2.2 GW across multiple interconnections (PJM, ERCOT, SPP) and international operations, representing a 65% increase in capacity. The Long Ridge facility itself can scale to support more than 1 GW of total potential power generation, providing substantial runway for future expansion.
Long Ridge's asset base extends beyond the power plant itself. The facility includes approximately 100 million cubic feet per day of vertically integrated natural gas supply, water rights necessary for cooling operations, fiber connectivity infrastructure, and rail access—elements that reduce operational complexity and enhance cost competitiveness. The plant operates at all-in costs below $15 per megawatt-hour, with long-dated hedges in place to stabilize cash flows and provide revenue predictability.
MARA outlined a construction timeline beginning in the first half of 2027 for initial AI and critical IT data center capacity, with service delivery expected by mid-2028. The transaction enables the company to build a large-scale AI infrastructure campus directly adjacent to reliable, cost-efficient power generation—a critical requirement for hyperscale data center economics in competitive markets.
For FTAI Infrastructure, the sale provides significant financial flexibility. The transaction allows the company to retire approximately $300 million in corporate debt, improving its balance sheet and reducing leverage. Market reaction was positive, with FTAI shares climbing roughly 14% on deal announcement, reflecting investor approval of the liability reduction and capital optimization.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.