IREN (NASDAQ: IREN) announced that it has signed a power grid connection agreement for an 800MW data center campus it will build in Bundey, South Australia. This project is IREN's first data center venture in Australia and the largest data center project announced in the Asia-Pacific region to date.

The site is located in Bundey, approximately 125km northeast of Adelaide, the capital of South Australia. Through this agreement, IREN has secured four 330kV transmission lines within a power company's substation. It is expected that a maximum power supply of 800MW will be possible without the need for separate large-scale grid expansions.

Regulatory approval processes and the fulfillment of conditions under the grid connection agreement are currently underway, with plans to proceed with initial construction and the procurement of key equipment simultaneously. The goal is to commence power supply in 2028.

IREN analyzed that while the Asia-Pacific region is one of the fastest-growing AI demand markets in the world, the relevant infrastructure is significantly lacking compared to the projected AI computing demand.

In particular, South Australia plans to operate its power grid with 100% net renewable energy by 2027. Coupled with submarine fiber-optic cable infrastructure connecting to major Asian markets such as Singapore, Indonesia, South Korea, and Japan, it is highly regarded as a competitive location for AI data centers.

Once the project is fully underway, it is projected to create over 500 jobs during the construction period and support over 200 specialized technical positions for ongoing operations after completion.

Daniel Roberts, Co-Founder and Co-CEO of IREN, stated, "South Australia offers the abundant clean energy needed to build large-scale AI infrastructure, a network connecting the Asia-Pacific region, and a government that actively supports industrial opportunities." He added, "The Bundey campus will be able to meet not only global and Asia-Pacific AI demand but also the growing AI computing demand within South Australia," noting, "We will collaborate with the government, local communities, and industry to expand access to AI infrastructure and support research, development, and innovation."

South Australian Premier Peter Malinauskas evaluated, "The data center is a significant economic opportunity that will bring quality jobs, expand renewable energy infrastructure, and foster local community development." He emphasized, "South Australia is positioned to seize the opportunities of the AI era through its leadership in renewable energy, investment in higher education, pro-business policies, and the appointment of Australia's first dedicated Minister for Artificial Intelligence." He added, "IREN's Bundey project will create hundreds of construction jobs and long-term professional employment, reinforcing South Australia's status as a technology and innovation hub."

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