IREN proposes 900MW Redbank campus, but power supply is not yet secured

what happened

IREN Limited is widening its Australian data center plans with a proposed 900-megawatt campus called Redbank in New South Wales. Stocktwits reported the move based on a post the company published on X. The project, however, is not part of the 5-gigawatt portfolio that IREN describes as secured.

IREN shares slipped slightly in premarket trading on Wednesday. The company said the site is at an early assessment stage and that it is still working toward a grid connection. Before lodging a scoping report, which marks the first step in the state planning approval process, IREN held a public discussion with Wagga Wagga residents.

According to a Capital Brief report, the project could cost more than $10 billion, and the company expects to pay over $200 million to Wagga Wagga City Council across 30 years. The target grid connection year is 2029, with construction spread over six to eight years.

why it matters

For markets, the key point is that Redbank has no signed grid agreement yet, so its contribution to IREN's future capacity remains uncertain. The company's Australian pipeline now stands at 1.7 gigawatts, but without confirmed connection agreements those figures are preliminary. Investors may watch the scoping report due at the end of October and the community sessions on November 4 and 5.

tags

instruments