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Data Center Company To Acquire Retail Supplier, Generator
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MARA Holdings, Inc., which describes itself as an energy and compute infrastructure company, recently announced that it has entered into a definitive agreement to acquire Long Ridge Energy & Power LLC ("Long Ridge Energy") from FTAI Infrastructure Inc. ("FTAI Infrastructure") for a total transaction value of approximately $1.5 billion (including the assumption of certain debt).
The acquisition includes Long Ridge Energy’s 505 MW nameplate combined-cycle gas power plant (the "Long Ridge CCGT") in Hannibal, Ohio, and over 1,600 contiguous acres, "supporting an integrated digital infrastructure campus in one of the most active data center and power markets in the world."
The acquisition also includes Long Ridge's associated retail supplier, Long Ridge Retail Electric Supplier LLC
As previously reported by ECM, Long Ridge Retail Electric Supplier is a competitive retail supplier formed for the purpose of serving customers at an industrial site, the Long Ridge Energy Terminal, that was formerly the site of the Ormet Primary Aluminum Corporation aluminum reduction facility in Monroe County, Ohio
MARA said that, under the transaction, "The acquired campus will provide immediate access to power, land, water and fiber upon closing, with less site development execution risk relative to greenfield alternatives, and supports more than 1 GW of total potential power capacity across generation and load."
"The agreement to acquire Long Ridge Energy is a significant step forward in executing our optimized digital infrastructure strategy," said Fred Thiel, MARA’s chairman and CEO. "Power is the scarce input in AI and, with the planned addition of Long Ridge Energy, we are gaining control of a highly efficient, contracted energy platform that has a rare combination of large-scale power, land, water access, fuel supply and grid interconnection in a single location -- assets that are increasingly difficult to replicate in today’s market -- and is ready for expansion to build a flagship AI campus. By combining energy generation, fuel supply and compute infrastructure, we are building a differentiated platform designed to maximize the value of every megawatt we control."
With the acquisition, MARA will expand its operational and development capacity to approximately 2.2 gigawatts across the PJM, ERCOT, SPP, and international markets.
"MARA also has multiple paths to expand capacity at the site to up to 600 gross MW over time through a combination of grid expansions and on-site power generation, which MARA will pursue in parallel with the transaction close," MARA said
Long Ridge, "benefits from structurally low energy costs, supported by all-in operating costs of less than $15/MWh, and long-dated hedges that provide durable and visible cash flows. MARA does not expect to reduce Long Ridge Energy’s current supply of power generation into the PJM grid and does not anticipate impact to consumers. As MARA develops additional compute capacity behind the meter, it expects to pair that demand with incremental generation over time," MARA said
Following the closing of the transaction, MARA plans to retain Long Ridge Energy’s team, "supplementing MARA’s existing expertise and providing a scalable operating platform for future digital infrastructure development."
The $1.5 billion transaction value includes the assumption of at least $785 million of debt, backstopped by a bridge loan from Barclays
MARA said that the transaction represents approximately $144 million of Annualized Adjusted EBITDA, based on Long Ridge Energy’s 2H 2025 performance
The transaction is expected to close in the second half of 2026, subject to regulatory approvals, including clearance under the Hart-Scott-Rodino Act and Federal Energy Regulatory Commission approval, as well as satisfaction of other customary closing conditions
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May 13, 2026
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Copyright 2026 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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