[FERC Approves MARA's Acquisition of Long Ridge Gas Power Plant] BlockBeats reported on November 5th that, according to Matthew Sigel, Head of Digital Asset Research at VanEck, the U.S. Federal Energy Regulatory Commission (FERC) has approved the acquisition of Long Ridge gas power generation assets by Bitcoin mining company MARA Holdings (MARA) (Case No. EC26-92). Sigel stated that objections raised by market monitoring agency IMM, citing BlackRock and Vanguard, were not upheld, and FERC also refused to accept the requirement that the power plant's output remain on the PJM grid as a condition for approval. According to his analysis, the transaction is valued at approximately $1.512 billion, corresponding to approximately 0.5 GW of natural gas power generation capacity (approved output 485 MW, nameplate capacity 505 MW) and approximately $144 million in annualized adjusted EBITDA, representing a valuation of approximately 10.5 times earnings. The recent PJM gas-fired power plant deal was valued at approximately 7 times earnings, valuing the power plant itself at around $1 billion. MARA will pay an additional $500 million for land, gas wells, railroads, and expansion options. MARA will retain approximately $900 million in Long Ridge debt and requires approximately $610 million in cash, to be covered by approximately $600 million in Bitcoin-collateralized loans drawn down in August. The external closing date for the transaction is November 30th. Sigel points out that MARA discussed a total AI load of approximately 600 MW at the site, including approximately 200 MW of existing grid-connected load. Whether the expansion will be a joint venture with Starwood and whether MARA can retain a maximum 50% stake remains unclear. He believes the next catalyst may be the signing of a lease agreement around the time of closing. [Original Link]