08:04 AM EDT, 03/17/2025 (MT Newswires) -- 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 ( 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 ( IREN ) said.