DivestmentApr 30, 2026, 07:17 AM
FIP to Sell Long Ridge for $1.52B; Repay Corporate Debt
AI Summary
FTAI Infrastructure Inc. (FIP) announced a definitive agreement to sell Long Ridge Energy & Power LLC and related assets to a subsidiary of MARA Holdings, Inc. for approximately $1.52 billion. The sale is a key strategic step for FIP, aiming to unlock shareholder value and deleverage the company. FIP plans to use the net proceeds to repay $1.16 billion of asset-level debt and approximately $300 million of corporate debt, with remaining funds for reinvestment in growth opportunities. The transaction is expected to close in the third quarter of 2026, pending regulatory approvals.
Key Highlights
- FIP to sell Long Ridge Energy & Power LLC to MARA for approximately $1.52 billion.
- Long Ridge includes a 485-megawatt combined cycle gas power plant and 1,600 acres.
- FIP plans to use net proceeds to repay $1.16 billion of Long Ridge debt.
- FIP expects to repay approximately $300 million of corporate debt.
- Transaction is subject to regulatory approvals and expected to close in Q3 2026.