HANNIBAL, Ohio, Jan. 29, 2020 (GLOBE NEWSWIRE) -- Long Ridge Energy Terminal, located on 1,600 acres in Hannibal, Ohio announced today its plans to develop a 125-acre data center campus in conjunction with its on-site 485 MW combined cycle power plant currently under construction.
Situated between Columbus, Ohio and Pittsburgh, Pennsylvania in an Opportunity Zone, the data center campus will offer more than 300 megawatts of capacity to serve custom hyperscale data center development and the wholesale colocation market in need of low-cost on-site power, new customizable white space data center infrastructure, and real estate expansion capability securely outside of the crowded northern Virginia data center market.
Long Ridge's initial 15-acre phase, dubbed "LR-1", will deliver a 170,000-square foot powered shell with 24 megawatts of IT capacity. Land has been cleared and site development planning is well underway for the LR-1 structure.
"We believe Long Ridge represents a fresh opportunity to the large-scale data center market," said Robert Wholey, President of Long Ridge. "The low-cost, virtually unlimited power infrastructure, dark and lit cloud service fiber availability, energy-efficient cooling provided by the Ohio River, and our plans to leverage on-site solar energy to complement our power generation capabilities - make Long Ridge an ideal, safe and secure emerging data center location."
Long Ridge's data center development plans follow the December 2019 announcement that GCM Grosvenor purchased a 49.9% equity interest in Long Ridge from Fortress Transportation and Infrastructure Investors LLC.
About Long Ridge Energy TerminalThe Long Ridge Energy Terminal is the Appalachian Basin's leading multimodal energy terminal with a 485 MW power plant under development, nearly 300 acres of flat land, two barge docks on the Ohio River, a unit train capable loop track and direct access to Ohio Route 7. Long Ridge is a subsidiary of Fortress Transportation and Infrastructure Investors LLC, which trades on the New York Stock Exchange under the ticker FTAI. For more information on Long Ridge, please visit www.longridgeenergy.com.
About Fortress Transportation and Infrastructure Investors LLCFortress Transportation and Infrastructure Investors LLC owns and acquires high quality infrastructure and equipment that is essential for the transportation of goods and people globally. FTAI targets assets that, on a combined basis, generate strong and stable cash flows with the potential for earnings growth and asset appreciation. FTAI is externally managed by an affiliate of Fortress Investment Group LLC, a leading, diversified global investment firm.
About GCM GrosvenorGCM Grosvenor is a global alternative asset management firm with over $57 billion in assets under management in hedge fund strategies, private equity, infrastructure, real estate and multi-asset class solutions. GCM Grosvenor is one of the largest, most diversified independent alternative asset management firms worldwide, and has offered alternative investment solutions since 1971. The firm is headquartered in Chicago, with offices in New York, Los Angeles, London, Tokyo, Hong Kong and Seoul, serving a global client base of institutional and high net worth investors.
Cautionary Note Regarding Forward-Looking Statements Certain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, but not limited to, statements regarding plans for and completion and operation of the power plant, and ability to offer certain megawatts of capacity. These statements are based on FTAI management's current expectations and beliefs, and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond FTAI's control. FTAI and Long Ridge can give no assurance that their expectations will be attained and such differences may be material. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the relevant sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in FTAI's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available on FTAI's website www.ftandi.com. In addition, new risks and uncertainties emerge from time to time, and it is not possible for FTAI to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this press release. FTAI expressly disclaim any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in FTAI's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based. This release shall not constitute an offer to sell or the solicitation of an offer to buy any securities.
Contact:Ed MyersLong Ridge Energy Terminal firstname.lastname@example.org (434) 242-0663