MARA buys Long Ridge gas plant in Ohio for AI buildout

MARA Holdings agreed to acquire Long Ridge Energy & Power from FTAI Infrastructure for about $1.5 billion, inclusive of assumed debt. The asset includes a 505 MW combined‑cycle gas plant and more than 1,600 contiguous acres in Hannibal, Ohio.

The company expects the acquisition to increase its owned-and-operated capacity by roughly 65%, to about 2.2 gigawatts. MARA projects an annualized adjusted EBITDA contribution of approximately $144 million from the Long Ridge asset and says operating costs are expected to be below $15 per megawatt-hour.

Construction of AI and other critical IT infrastructure on the site is planned to begin in the first half of 2027, with initial capacity targeted for mid-2028. MARA plans to use the power plant’s existing cash flows and the plant’s projected EBITDA while it prepares the land for computing deployments.

The purchased acreage comes with existing power delivery, road access and site infrastructure. MARA noted ownership of the plant gives it control of the on-site power source rather than relying solely on market electricity purchases.

MARA described the acquisition price as “below-replacement cost” and called the deal the largest in the company’s history.

The transaction places MARA in the market for AI hosting and high-performance computing contracts alongside other public mining operators that have expanded into data center services.

The agreement is subject to customary closing conditions and regulatory approvals. Financial projections and timing are estimates and may change.