- IREN proposed a 900MW Redbank data center campus in New South Wales, outside its secured 5GW power portfolio.
- The project remains in early assessment, with grid connection and NSW planning approvals pending.
- Construction is expected in phases over six to eight years, potentially lifting IREN’s Australian pipeline to 1.7GW.
- IREN shares declined in premarket trading and closed Tuesday at their quarterly low amid AI cloud stock weakness.
On Tuesday, Bitcoin miner IREN Limited outlined early plans for a 900-megawatt data center campus in New South Wales, Australia, via a post on X. The proposed Redbank site is the first outside the company’s announced 5-gigawatt secured-power portfolio.
However, the company told investors the project is “not included in our announced 5GW secured-power portfolio” and remains at the early assessment stage. Redbank would need a grid connection and New South Wales planning approvals before construction can begin.
Consequently, IREN has not announced a transmission connection agreement for Redbank, unlike its 800MW Bundey campus in South Australia. According to a Capital Brief report, the company could spend more than $10 billion on Redbank and pay Wagga Wagga City Council more than $200 million over 30 years.
The report said grid connection is targeted for 2029, with construction phased over six to eight years. If completed, Redbank could lift IREN’s Australian development pipeline to 1.7GW.
IREN plans to file a scoping report by the end of October and will hold community sessions on November 4 and November 5. The company’s annual SEC filing listed nine data center projects, but Redbank was not among them.
IREN shares were down 0.4% in early trading Wednesday after closing at $34.80 on Tuesday, matching their quarterly low. The decline came amid broader weakness in AI cloud stocks and concerns about data center spending.
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