Mara Holdings acquires Long Ridge Energy plant and plans 200MW data center in Ohio

Cryptocurrency and HPC data center developer Mara Holdings signed a $1.5 billion deal to acquire the 505MW Long Ridge Energy combined-cycle gas turbine (CCGT) power plant in Hannibal, Ohio, from Long Ridge Energy & Power. The transaction includes the assumption of $785 million in debt backed by a Barclays bridge loan, with Mara planning to develop a 200MW data center at the site starting in the first half of 2027. The initial phase is expected to be operational by mid-2028, with potential to expand total capacity to 1GW through grid expansions and on-site generation. The Hannibal site provides immediate access to power, land, water, and fiber infrastructure, positioning it as the cornerstone of Mara's data center development pipeline. Mara, formerly known as Marathon Digital Holdings, will retain Long Ridge Energy’s operational team and retain the plant’s current power supply commitments to the PJM grid without impacting consumers. The acquisition aligns with Mara’s strategy to control energy generation alongside compute infrastructure, addressing power scarcity for AI and HPC workloads.

Counterparts (3)

Seller

Long Ridge Energy & Power

company · 1 deals

Ohio-based power generation developer and operator specializing in high-efficiency, scalable natural gas plants with hydrogen blending capability for hyperscale data centers and industrial users.

Lender

Barclays

company · 6 deals

Barclays is a diversified bank with a strategy to achieve net zero emissions by 2050. It focuses on financing clients' transition to sustainable practices and scaling climate technology.

Buyer

Mara Holdings

company · 1 deals

Hallandale Beach-based digital energy company integrating energy, compute, and digital capital through data centers, AI/HPC infrastructure, and grid-balancing solutions. Operates across energy transition and digital infrastructure with strategic stakes in Exaion (France) and SDV joint ventures.