• MARA agreed April 30 to acquire Long Ridge Energy & Power from FTAI Infrastructure for ~$1.5B including assumed debt — a 505 MW CCGT in Hannibal, Ohio plus 1,600+ contiguous acres, fuel supply, water, fiber and a PJM interconnection.

• The campus has >1 GW of total potential capacity, including 200 MW of existing MARA load and line of sight to up to 600 gross MW of AI / Critical IT, with construction targeted for 1H 2027 and service in mid-2028.

• Economics: ~$144M of annualized adjusted EBITDA on Long Ridge’s 2H 2025 run-rate, $785M of assumed debt backstopped by a Barclays bridge, and power costs expected below $15/MWh thanks to vertically integrated ~100 MMcf/d of gas supply.

• Updated four-year capital plan is $57B per Reuters (up ~33%), driven by a 20-year electric-service agreement with Evest LLC — a Meta subsidiary — under the LPSC’s Lightning Initiative, with >5.2 GW of new gas-fired CCGTs queued behind the Meta buildout.

• Another 7–12 GW of potential data-center customers in the pipeline; management cites ~$2B of retail-customer savings under its Fair Share Plus pledge, and affirmed 2026 adjusted EPS guidance of $4.25–$4.45.

• OG&E said April 30 it will power three new Google data centers in Muskogee and Stillwater; Google commits to pay 100% of grid-connection costs and all contracted costs regardless of actual energy usage, plus its share of the generation required to serve the sites.

• The deal becomes the basis for a new large-load tariff OG&E plans to file with the Oklahoma Corporation Commission “in the coming weeks”; Google will also make capacity available from two solar facilities currently under construction.

• Hut 8 DC LLC priced $3.25B of 6.192% senior secured notes due 2042 — fully amortizing, non-recourse to Hut 8 — funding a turnkey 245 MW critical-IT data center and substation at the River Bend campus, with closing expected April 30.

• Read-through: private credit and IG project-debt are now wrapping powered land, substations and contracted AI load the way infrastructure lenders underwrite power plants — Hut 8 is the cleanest precedent yet for the structure.

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