Cryptocurrency and HPC data center developer Mara Holdings has signed a deal to acquire a 505MW combined-cycle gas turbine (CCGT) power plant in Hannibal, Ohio, which includes more than 1,600 acres of land capable of hosting a large-scale data center campus.

Mara will acquire the Long Ridge Energy plant from Long Ridge Energy & Power for approximately $1.5 billion, which includes the assumption of $785 million of debt, backstopped by a bridge loan from Barclays

Mara said that the campus will provide immediate access to power, land, water, and fiber, and will support more than 1GW of total potential power capacity across both generation and IT load.

According to the company, the development will serve as the cornerstone of its data center development pipeline. It intends to commence the initial buildout of the data center in the first half of 2027, with an initial 200MW of capacity expected to be deployed at the site.

The first phase of the project is expected to be ready for service in mid-2028. Mara claims it can expand capacity at the site to up to 600MW through a combination of grid expansions and on-site power generation.

“The agreement to acquire Long Ridge Energy is a significant step forward in executing our optimized digital infrastructure strategy,” said Fred Thiel, Mara’s chairman and CEO.

“Power is the scarce input in AI and, with the planned addition of Long Ridge Energy, we are gaining control of a highly efficient, contracted energy platform that has a rare combination of large-scale power, land, water access, fuel supply and grid interconnection in a single location – assets that are increasingly difficult to replicate in today’s market – and is ready for expansion to build a flagship AI campus. By combining energy generation, fuel supply, and compute infrastructure, we are building a differentiated platform designed to maximize the value of every megawatt we control.”

Hannibal is an unincorporated community and in eastern Ohio Township, Monroe County, along the state border with West Virginia.

Mara said that it does not intend to reduce the CCGT’s current supply of power generation into the PJM grid, and therefore expects there to be no direct impact on consumers. As part of the transaction, Mara will also acquire rail infrastructure supporting on-site logistics and operations.

Following the transaction's close, which is expected by H2 2026, Mara plans to retain Long Ridge Energy’s team.

Previously known as Marathon Digital Holdings, Mara is one of the biggest Bitcoin miners in the US, predominantly utilizing stranded energy assets to power modular mining units. Like many other cryptominers, it is also targeting AI/HPC developments.

The company has predominantly focused on utilizing stranded energy assets to power its operations. For example, in April, the firm expanded a gas-to-power data center initiative with NGON from 25MW to 50MW. The expansion in North Dakota was completed in four months and is fully energized and operational as of December.