IREN Limited (NASDAQ:IREN) shares are trading higher Wednesday after the company announced it inked a transmission connection agreement to support a planned 800MW data center campus in Bundey, South Australia.
IREN Secures Transmission Connection For Planned 800MW Campus
IREN said the project marks its first announced Australian data center development and is expected to be one of the largest data center campuses announced in the Asia-Pacific region to date.
The company said the site is located approximately 78 miles northeast of Adelaide and will benefit from high-voltage transmission infrastructure and submarine fiber connectivity into major regional demand centers, including Singapore, Indonesia, South Korea and Japan.
According to the company, the transmission connection agreement secures four 330kV feeder exits at the utility’s substation and is expected to support up to 800MW of capacity without requiring network upgrades. IREN said it remains on track to commence energization beginning in 2028.
The company noted that South Australia’s grid is targeting 100% net renewable energy by 2027. IREN said it plans to begin early works and procurement activities while satisfying regulatory approvals and conditions under the transmission connection agreement.
Co-Founder and Co-CEO Daniel Roberts said South Australia offers the clean energy, connectivity and policy support needed for AI infrastructure development at scale.
IREN said the Bundey campus is expected to create more than 500 jobs during construction and over 200 ongoing skilled positions once operational.
IREN Shares Advance
IREN Price Action: At the time of publication, IREN shares are trading 5.80% higher at $70.45, according to data from Benzinga Pro.
Image via Shutterstock
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