By Chris Wack


Iris Energy Ltd. shares were down 10% to $10.30 after the company said its wholly owned subsidiary has executed a binding connection agreement with AEP Texas Inc. for a new 600-megawatt specialized data center site in the Panhandle region of Texas.

The Bitcoin miner said the agreement with AEP Texas is to connect into a 345kV transmission line running directly through the 300-acre freehold site.

Iris Energy said key utilities are located in close proximity to the site boundary, including high speed fiber.

The new 600MW site is expected to increase the company's power capacity from 165MW to 765MW.

Iris Energy is currently working with global partners on the design, procurement and construction of the Texas facility, with the electrical connection expected to be completed during the first quarter of 2023. Additional miners may be procured in due course to use the potential 235MW of surplus capacity at this site.

The project is expected to employ up to 50 personnel when fully operational and about 100 personnel during construction.


Write to Chris Wack at chris.wack@wsj.com


(END) Dow Jones Newswires

01-21-22 1111ET