Iris Energy (IREN) said Monday it reached an agreement for a 600-megawatt grid connection tied to its second Sweetwater site in West Texas.
The deal supports the company's broader 2.75-gigawatt development plans in the region, where it said it already has capacity lined up for its Sweetwater 1 and 2 campuses.
The new location sits roughly 30 miles from Sweetwater 1 and is expected to be ready in late 2027, the company said.
IREN said it will make a non-refundable connection payment of $4.1 million and refundable deposits of $26.9 million over the next 12 months.
Talks are underway with artificial intelligence and cloud firms to contract usage ahead of the first site's 2026 launch, IREN said.
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