IREN’s 2GW Sweetwater Hub Included as Base Load in ERCOT Batch Zero

Conditional ERCOT Batch Zero inclusion advances IREN’s 2GW Sweetwater Hub and supports its >5GW global data center build-out.

Rhea-AI Summary

IREN (IREN) reports that its 2GW Sweetwater Hub has been conditionally included in ERCOT’s Batch Zero process as Base Load. Sweetwater 1 (1,400MW) and Sweetwater 2 (600MW) are part of IREN’s previously announced global data center development portfolio exceeding 5GW. At Sweetwater 1, a high-voltage substation was energized earlier in 2026, and construction of 300MW (gross) of data center capacity is underway, with delivery targeted for Q4 2027. Additional large-scale projects in IREN’s development pipeline have also entered Batch Zero, but ERCOT’s classifications remain conditional and subject to further approvals. IREN plans to add these projects to its announced development portfolio only after executing relevant grid connection agreements and will continue coordinating with transmission and distribution providers, grid operators, regulators, and local communities.

Positive

• 2GW Sweetwater Hub conditionally classified as Base Load in ERCOT Batch Zero
• 300MW of data center capacity at Sweetwater 1 under construction, delivery targeted Q4 2027
• Sweetwater Hub forms part of IREN’s announced data center development portfolio of >5GW

Negative

• ERCOT Batch Zero classifications for IREN projects are conditional and subject to ongoing approval processes

Market Context

Before publication, IREN's prior-session change was +7.27%; the Aug 27 FY26 results had a -12.53% re...

Analysis

Before publication, IREN's prior-session change was +7.27%; the Aug 27 FY26 results had a -12.53% reaction, so recent expansion-related disclosures provided mixed market responses rather than a consistent benchmark for this conditional grid inclusion.

Key Figures

Sweetwater Hub capacity: 2GW Sweetwater 1 capacity: 1,400MW Sweetwater 2 capacity: 600MW +3 more

Sweetwater Hub capacity

2GW

Sweetwater 1 and Sweetwater 2

Sweetwater 1 capacity

1,400MW

ERCOT Batch Zero Base Load inclusion

Sweetwater 2 capacity

600MW

ERCOT Batch Zero Base Load inclusion

Construction capacity

300MW gross

Sweetwater 1 data center capacity under construction

Target delivery

Q4 2027

Sweetwater 1 construction

Global development portfolio

>5GW

Announced IREN data center development portfolio

Historical Context

2 past events · Latest: Aug 27

2 events

1. Aug 27

   FY26 results

   24h Move

   -12.5%

   AI Cloud revenue increased while the company reported a substantial net loss

2. Aug 13

   AI deployment

   24h Move

   +2.5%

   Horizon 1 was delivered to Microsoft and achieved NVIDIA Exemplar Cloud status

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

base load, high-voltage substation, grid connection agreements

3 terms

base load technical

"conditionally included in the Electric Reliability Council of Texas ("ERCOT") Batch Zero process as Base Load"

The minimum, continuous level of electricity demand that a power system needs to meet at all times, regardless of daily ups and downs. Think of it like the background hum of demand that never goes away — power plants or contracts that supply that steady demand typically run continuously and provide predictable output, which affects utility revenues, capacity planning, pricing and how investors value generation assets and long-term contracts.

high-voltage substation technical

"IREN’s high-voltage substation was energized earlier this year"

A high-voltage substation is a fenced facility where electricity is stepped up or down and routed between power plants, transmission lines, and distribution networks using large transformers, breakers, and switches. Like a highway interchange for electricity, it controls the flow and stability of large amounts of power; for investors, its presence and condition affect utility reliability, grid capacity, maintenance costs, regulatory compliance, and the value or revenue potential of energy and infrastructure assets.

grid connection agreements regulatory

"following the execution of the relevant grid connection agreements"

Agreements that set the technical, commercial and legal terms for physically and commercially attaching a power source or large electricity user to the electric grid. They spell out who must do what—safety and engineering standards, how much capacity can be used, metering and billing rules, connection fees, timelines and liability—much like a contract for hooking a building to a city water system. Investors care because these contracts determine whether a project can deliver power, when it can start earning revenue, and what costs or curtailment risks it may face.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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NEW YORK, Sept. 08, 2026 (GLOBE NEWSWIRE) -- IREN Limited (NASDAQ: IREN) (“IREN”) today announced that its 2GW Sweetwater Hub (Sweetwater 1 and Sweetwater 2) has been conditionally included in the Electric Reliability Council of Texas (“ERCOT”) Batch Zero process as Base Load.

Sweetwater 1 (1,400MW) and Sweetwater 2 (600MW) form part of IREN’s announced >5GW global data center development portfolio.

At Sweetwater 1, IREN’s high-voltage substation was energized earlier this year, and construction of 300MW (gross) of data center capacity continues with delivery targeted for Q4 2027.

Additional large-scale projects within IREN’s broader development pipeline have also been included in Batch Zero. Consistent with its approach to date, IREN will include these projects in its announced development portfolio following the execution of the relevant grid connection agreements.

ERCOT’s classifications remain conditional and subject to ongoing approval processes.

IREN will continue to coordinate closely with relevant transmission and distribution service providers, grid operators, regulators, and local communities as it develops future data center capacity.

About IREN

IREN is a vertically integrated AI Cloud platform, delivering data centers, compute and software for AI training and inference. IREN’s platform is underpinned by its expansive portfolio of land and grid-connected power in renewable-rich regions across North America, Europe and APAC.

Contacts

Investors
ir@iren.com

Media
media@iren.com

Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or IREN’s future financial or operating performance. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies, expectations as to receipt of government approvals, satisfaction of conditions relating to existing government approvals and classifications, execution of grid connection agreements, expansion, build out and delivery of data center capacity, and other trends we expect to affect our business. These statements often include words such as “anticipate,” “believe,” “may,” “can,” “should,” “could,” “might,” “plan,” “possible,” “project,” “strive,” “budget,” “forecast,” “expect,” “intend,” “target”, “will,” “estimate,” “predict,” “potential,” “continue,” “scheduled”. Forward-looking statements may also be made, verbally or in writing, by members of our Board or management team in connection with this news release.

These forward-looking statements are based on management’s current expectations and beliefs. These statements are neither promises nor guarantees, but involve and are subject to known and unknown risks, uncertainties and other important factors that may cause IREN’s actual results, performance or achievements to differ materially from any future results performance or achievements expressed or implied by the forward-looking statements, including IREN’s ability to successfully execute on its growth strategies and operating plans, achieve its targeted annualized AI Cloud Services revenue, continue to develop its existing data center sites, design and deploy direct-to-chip liquid and air cooling systems, provide software, and operate and expand its AI Cloud Services business, along with other important factors discussed under the caption “Risk Factors” in IREN’s Annual Report on Form 10-K, filed with Securities and Exchange Commission (the “SEC”) on August 27, 2026 and our other filings with the SEC. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any forward-looking statement included in this press release speaks only as of the date of such statement. Except as required by law, IREN disclaims any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise.