MARA Agrees $1.5B Long Ridge Acquisition Adding 65% More Capacity and $144M EBITDA
MARA will acquire Long Ridge Energy for $1.5 billion, including $785 million debt, adding a 505 MW gas plant and a 1 GW digital infrastructure campus. The deal boosts capacity by 65%, adds $144 million of annual EBITDA at under $15/MWh operating costs and offers sightlines to 600 MW of AI compute loads.
1. Acquisition Details
MARA will acquire Long Ridge Energy & Power LLC for a total of $1.5 billion, including assumption of approximately $785 million of debt. The deal secures a 505 MW combined-cycle gas power plant in Ohio and over 1 GW of contiguous land and infrastructure for digital and power development.
2. Capacity and Financial Impact
The acquisition increases MARA’s owned and operated power capacity by roughly 65%, boosting its total to around 2.2 GW across PJM, ERCOT, SPP and international markets. It adds about $144 million of annualized adjusted EBITDA supported by sub-$15/MWh operating costs, providing stable cash flows.
3. Strategic Rationale
By integrating generation, fuel supply and compute infrastructure on a single campus, MARA aims to create a flagship AI and critical IT hub. The site offers immediate access to power, water and fiber, reducing greenfield development risk and offering multiple monetization pathways including HPC leases and Bitcoin mining.
4. Transaction Timeline
The acquisition is expected to close in the second half of 2026, subject to Hart-Scott-Rodino and FERC approvals and customary conditions. MARA plans to begin initial AI buildout in the first half of 2027, targeting mid-2028 for first capacity, while pursuing expansions up to 600 MW of additional load capacity.