IREN: Redbank

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Future facility in planning stagefacility with prospective expansion planned

IREN: Redbank

Site planned for 2029 and has expansions through 2035

Utility Provider: Transgrid

Site History

October 2026: IREN shares early plans for Redbank with the Wagga Wagga community. The project sits outside IREN's announced 5 GW secured-power portfolio.
Late October 2026: IREN plans to lodge a scoping report with the NSW Government, the first step of the state planning approval.
November 4-5, 2026: Community drop-in sessions in Wagga Wagga.
2029: IREN's target for the first grid connection.

Project Profile

Developer: IREN
Location: Gregadoo, west of the Gregadoo Waste Management Centre, about 10 km south of Wagga Wagga. The land is not prime agricultural land.
Design: Site renderings show at least four buildings of varying sizes and an on-site substation.
Build: Staged over six to eight years.
Investment: Reported at more than AU$10 billion.
Cooling: Closed-loop system. The initial fill takes about 3 megalitres, and annual top-ups stay under 1% of system volume.
Jobs: 500+ during construction and 200+ ongoing roles. Construction workers stay in an on-site camp.
Community: IREN forecasts more than AU$200 million in payments to Wagga Wagga City Council over 30 years, covering a community benefit fund, local infrastructure, and rates.
Status: Early assessment. The scoping report and environmental impact statement are still to come.

Utility

Transgrid's Wagga 330/132 kV substation sits about 2 km east of the site on Ashfords Road.
Several 330 kV and 132 kV lines run west from the substation through the Redbank Road area, including the EnergyConnect link to Dinawan.
IREN will build an on-site substation and fund its own grid connection. No connection agreement is in place yet.
HumeLink's new Gugaa 500/330 kV substation, about 11 km south-east, is due for commissioning in 2027.
IREN plans to contract new renewable generation and storage to offset the campus load. The site has no behind-the-meter generation.

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Redbank Rd

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IREN: Redbank Power Growth Over Time

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Sites within 15 miles of IREN: Redbank

Distance	Site	About
1.07 miles	CDC: Gregadoo Campus	CDC's proposed Gregadoo campus sits on Ashfords Road, about 11 km south of Wagga Wagga in the NSW Riverina. The 103.8-hectare site lies about 1.3 km south of Transgrid's Wagga 330 kV substation. CDC plans four single-storey data centre buildings, built in stages.
6.04 miles	LEDC: Wagga Wagga

Operating Company

IREN was founded in November 2018 by brothers Daniel and Will Roberts as Iris Energy, with a thesis that vertically integrating land, renewable power, substations, buildings, and hardware would produce the lowest-cost, fastest-to-power compute platform.

British Columbia (2019 to 2021): hydro-powered foundation. IREN's first site, Canal Flats, BC (30 MW), came online in 2019 on 10 acres of freehold land repurposed from a closed lumber mill, powered by 100% hydroelectricity. Mackenzie, BC (80 MW, 11 acres acquired from the District of Mackenzie) and Prince George, BC (50 MW, 12-acre freehold site) followed, bringing BC capacity to 160 MW. All three campuses run on roughly 98% direct hydro and ~2% RECs.

Nasdaq IPO (November 2021). IREN listed on the Nasdaq Global Select Market on November 19, 2021, raising $232 million in a deal led by J.P. Morgan, Canaccord Genuity, and Citigroup.

Texas entry (2022). IREN moved into ERCOT in 2022, acquiring 420 acres of freehold land in Childress, TX with a direct 345 kV grid connection, and 500 acres in Sweetwater, TX with a 600 MW grid-connection agreement. Childress reached 750 MW operational and is now the company's largest campus.

Rebrand to IREN (November 2024). Iris Energy formally rebranded to IREN in November 2024, signaling a strategic pivot from a Bitcoin-mining-first identity to a broader next-generation data center and AI Cloud platform.

Pivot to AI Cloud / HPC (2024 to 2026). In Q4 2025, IREN energized Horizon 1, a 50 MW IT (75 MW gross) direct-to-chip liquid-cooled AI deployment at Childress, marking the company's first purpose-built AI data center. Sweetwater 1 (1.4 GW) was energized in April 2026; Sweetwater 2 (600 MW, ~28 miles away) is targeted for late 2027, and the two will be linked by a direct fiber loop to form a single 2 GW Sweetwater hub.

Oklahoma land bank. IREN's Woods County, Oklahoma site adds approximately 2,000 acres of land bank with up to 1.6 GW of development pipeline.

May 2026 acquisitions. On May 5, 2026, IREN announced the acquisition of Mirantis for approximately $625 million in stock, adding cloud infrastructure, Kubernetes orchestration, and enterprise support capabilities to accelerate AI Cloud deployment, operations, and customer support. On May 7, 2026, IREN announced the acquisition of Nostrum Group (Ingenostrum, S.L.), a next-generation data center developer in Spain, adding ~490 MW of secured grid-connected power and bringing IREN's total power portfolio to 5 GW. The Nostrum deal marks IREN's first European footprint for its AI Cloud platform.

Financials. IREN reported FY2025 revenue of $501.0 million (+168% YoY) and net income of $86.9 million. Q3 FY26 results were released alongside the Nostrum deal on May 7, 2026.

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