MARA to Buy Ohio Gas Power Plant in $1.5 Billion Bet on AI Data Centers

MARA (NASDAQ: MARA) Holdings said Thursday it agreed to acquire Long Ridge Energy & Power from FTAI Infrastructure in a deal valued at approximately $1.5 billion, marking one of the largest acquisitions yet by a bitcoin mining company seeking to reposition itself as an AI and digital infrastructure operator.

The transaction gives MARA control of a roughly 505-megawatt combined-cycle natural gas power plant in Hannibal, Ohio, along with more than 1,600 acres of industrial land that the company plans to develop into a large-scale AI and high-performance computing campus.

The acquisition significantly expands MARA’s owned energy footprint at a time when power access has become one of the most critical constraints for AI infrastructure development. Chief Executive Fred Thiel described the deal as a step toward building a vertically integrated platform combining energy generation and compute infrastructure.

“Power is the scarce input in AI,” Thiel said in the release, adding that the site’s combination of power, land, water access, fuel supply and grid interconnection would support development of a “flagship AI campus.”

The Long Ridge site already hosts a MARA-operated data center and has received inbound interest from “multiple potential investment-grade AI/Critical IT tenants,” according to the company. MARA said it expects to begin construction on an initial AI-focused buildout in the first half of 2027, with initial capacity targeted to come online by mid-2028.

The company said the site could eventually support more than 1 gigawatt of total power capacity through a combination of existing generation, grid expansion and additional on-site power infrastructure.

The move represents another example of bitcoin miners leveraging existing power assets and industrial infrastructure to pursue AI and HPC workloads, which generally command longer-term contracted revenue streams than cryptocurrency mining. Over the past year, several publicly traded miners have sought to reposition themselves as power and compute infrastructure developers amid persistent pressure on bitcoin mining economics following the 2024 halving.

MARA said the Long Ridge acquisition would increase its owned and operated power capacity by approximately 65%, bringing its total operational and development pipeline to about 2.2 gigawatts across PJM, ERCOT, SPP and international markets.

The company also emphasized the economics of the Long Ridge power plant, saying the facility operates at all-in costs below $15 per megawatt-hour and benefits from long-dated hedges that generate stable cash flow. MARA said it does not expect to reduce the plant’s current electricity supply into the PJM grid as it develops additional behind-the-meter compute operations.

According to an SEC filing, MARA’s subsidiary will acquire 100% of the equity interests in Long Ridge Energy & Power. The deal includes a 485 MW plant expected to expand to 505 MW in the second half of 2026, along with associated water, fiber and rail infrastructure assets.

To help finance the acquisition, MARA secured a commitment from Barclays for a 364-day senior secured bridge loan facility of up to $785 million. The transaction value includes the assumption of at least $785 million of debt and is expected to close in the second half of 2026, subject to regulatory approvals including clearance from the Federal Energy Regulatory Commission and under the Hart-Scott-Rodino Act.

MARA said the acquired assets generated annualized adjusted EBITDA of approximately $144 million based on Long Ridge Energy’s second-half 2025 performance.