FTAI Infrastructure Inc. announced the sale of Long Ridge Energy & Power LLC and related assets to a subsidiary of MARA Holdings Inc. for a base purchase price of $1.512 billion before closing adjustments. The transaction is expected to close in the third quarter of 2026 after regulatory approvals.
Long Ridge operates a 485‑megawatt combined‑cycle gas plant in Hannibal, Ohio, and controls approximately 1,600 acres of land along the Ohio River. The plant is the first U.S. utility‑scale facility to blend hydrogen into its fuel mix and has a long‑dated hedged fuel supply.
The sale is a key step in FTAI’s plan to transition from a development‑stage asset owner to a cash‑generating operating company. Net proceeds will be used to repay $1.16 billion of Long Ridge‑level debt and reduce $300 million of parent‑level debt, cutting the company’s leverage from a debt‑to‑equity ratio of roughly 5.8 to a more sustainable level. FTAI’s Q4 2025 GAAP loss of $1.08 per share and negative return on equity of –147% underscore the need for deleveraging.
In Q4 2025, Long Ridge contributed $36.2 million of adjusted EBITDA while the rail segment generated $41.3 million. The sale removes a capital‑intensive segment that, while profitable, is less aligned with FTAI’s core freight rail and terminal businesses. The proceeds will also fund future acquisitions in those core segments.
For MARA Holdings, the acquisition marks a strategic pivot from cryptocurrency mining to a broader digital‑infrastructure and energy business that supports artificial‑intelligence workloads. The Long Ridge assets will add approximately 2.2 GW of operating capacity and an estimated $144 million of annualized adjusted EBITDA, providing a low‑cost, contracted power platform that can be expanded to support a flagship AI campus.
FTAI CEO Ken Nicholson said, "The sale of Long Ridge is a key step in our strategic plan at FIP, unlocking value to our shareholders and deleveraging our company." He added, "Long Ridge has grown from a brownfield development project we commenced nearly a decade ago into an exceptional operating platform." MARA Chairman and CEO Fred Thiel noted, "Power is the scarce input in AI," and that the acquisition gives MARA a "highly efficient, contracted energy platform that is ready for expansion to build a flagship AI campus."
Investors responded positively to MARA’s announcement, citing the company’s shift toward AI and the acquisition of a highly efficient energy platform. FTAI’s announcement was viewed as a significant deleveraging move that should improve the company’s balance sheet and free cash flow, positioning it for future growth in its core rail and terminal businesses.
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