MARA Buys $1.5B Ohio Gas Plant for AI Data Campus

MARA Holdings agreed to acquire Long Ridge Energy & Power LLC from FTAI Infrastructure for about $1.5 billion, adding a 505 MW combined‑cycle natural gas plant and more than 1,600 acres in Hannibal, Ohio. The site sits on the Ohio River inside the PJM Interconnection power market.

The purchase increases MARA’s owned and operated power capacity to roughly 2.2 gigawatts, about a 65% rise from its prior fleet. The transaction includes a co‑located 200 MW data center already on site. MARA plans to begin constructing initial AI and critical IT capacity in the first half of 2027, targeting commercial service by mid‑2028. The company has received inbound interest from investment‑grade tenants for long‑term leases. MARA intends to continue flexible Bitcoin mining operations and wholesale power sales into PJM.

Long Ridge’s site includes vertically integrated fuel and logistics assets: approximately 100 million cubic feet per day of natural gas supply, water rights, fiber connectivity and rail access. The plant uses a GE 7HA.02 turbine, can blend hydrogen, and began commercial operations around 2021. MARA estimates the site can scale to more than 1 gigawatt of total potential power capacity. The seller reported all‑in operating costs below $15 per megawatt‑hour, supported by long‑dated hedges.

Under the deal MARA will assume at least $785 million of existing project debt. Financing is backstopped by a 364‑day senior secured bridge loan from Barclays. The equity portion will come from cash on hand and bitcoin‑backed financing. Based on Long Ridge’s second‑half 2025 performance, MARA projects the asset will add about $144 million in annualized adjusted EBITDA.

FTAI will use net proceeds from the sale to repay roughly $300 million of parent‑level corporate debt after settling about $1.16 billion in Long Ridge project‑level debt. FTAI Infrastructure shares rose about 14% after the announcement.

MARA plans to retain Long Ridge’s operating team. The agreement includes a $75 million reverse termination fee in certain 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 approval and other customary conditions.

FTAI developed Long Ridge from a brownfield project nearly a decade ago. The site’s location in PJM and existing fiber and logistics infrastructure are part of MARA’s plan to pair on‑site generation with AI and high‑performance computing capacity.