Key Takeaways:
MARA Holdings agreed to buy Long Ridge Energy for $1.5 billion, adding a 505 MW Ohio gas plant on April 30, 2026. The deal lifts MARA’s total power capacity 65% to 2.2 GW, with artificial intelligence (AI) data center buildout targeting mid-2028 service. FTAI Infrastructure shares jumped roughly 14% as the sale lets the company retire $300 million in corporate debt. MARA Holdings Locks In $1.5 Billion Deal for Ohio Power Plant to Build AI Data Center CampusMARA explained that the site can scale to more than 1 GW of total potential power capacity. The company plans to begin construction of initial AI and critical IT capacity in the first half of 2027, targeting service delivery by mid-2028.
FTAI will use net proceeds to repay approximately $300 million in parent-level corporate debt after settling roughly $1.16 billion in Long Ridge project-level debt. The Pittsburgh-based company said it plans to redirect capital toward its freight rail and terminals businesses.
FTAI developed Long Ridge from a brownfield project nearly a decade ago. The plant uses a GE 7HA.02 turbine and is hydrogen-blend capable, with commercial operations beginning around 2021.
MARA plans to retain Long Ridge’s operating team. The $75 million reverse termination fee applies in certain deal-break scenarios, and the transaction includes an indemnification agreement covering regulatory, legal, and maintenance matters.
The announcement noted that closing is expected in the third quarter of 2026, pending Hart-Scott-Rodino Act clearance, Federal Energy Regulatory Commission (FERC) approval, and other standard conditions.
