FERC Approves MARA’s Acquisition of Long Ridge Gas Plant

Cointime update: The Federal Energy Regulatory Commission has approved bitcoin miner MARA Holdings’ acquisition of the Long Ridge natural gas generation asset, in docket EC26-92. FERC rejected a market monitor protest tied to BlackRock and Vanguard and declined to condition approval on the plant continuing to supply PJM. The deal carries an enterprise value of about $1.512 billion for roughly 0.5 GW of gas capacity and about $144 million in annualized adjusted EBITDA, with an outside date of Nov. 30.