IREN Secures 2.75GW for Data Centers in West Texas with New 600MW Grid Connection Agreement

Core Insights - IREN Limited has signed a 600MW grid connection agreement for its Sweetwater 2 data center hub, which is part of a larger 2GW project in West Texas, enhancing its competitive position in scalable data center infrastructure [1] - The company emphasizes that its 2.75GW capacity in West Texas is fully contracted, reducing development risk and ensuring deliverable capacity [2] - IREN is focusing on aligning its infrastructure with the demands of global AI and cloud computing firms, with plans for fiber interconnections and data center colocation agreements [3] Company Overview - IREN operates one of the world's largest renewable energy markets, providing scalable and low-cost electricity [5] - The company has secured 600MW of power under a binding grid connection agreement, ensuring real, contracted capacity [5] - IREN's strategic location includes over 500 acres near existing facilities, with a direct fiber loop being designed to connect Sweetwater 1 and 2 [5] Future Developments - The energization of Sweetwater 1 is scheduled for April 2026, while Sweetwater 2 is expected to be energized in 2027 [3] - IREN's development portfolio includes 2,910MW of grid-connected power across North America and a multi-gigawatt development pipeline [12] - The company is expanding its data center capacity from 510MW to 910MW by 2025, specifically designed for high-performance computing applications [10]