Iris Energy Limited development of green energy-driven data centres in Canada
Canada | April 21, 2023
Client: Iris Energy Limited
Our Vancouver office is working alongside the firm’s Calgary office to advise Australia-based Iris Energy Limited on the development of green energy-driven data centres in Canada. Iris Energy is a bitcoin mining business powered by renewable energy, with multiple data centre sites in British Columbia powered by renewable hydroelectric electricity. Iris Energy has a portfolio of development projects across Canada, the United States and APAC.
Our work includes advising on all aspects of real estate (e.g., land purchases, leases, contaminated site remediation advice, and management of environmental liabilities), business agreements (e.g., equipment leases, equipment finance, equipment procurement agreements, engineering agreements), other land and power arrangements (e.g., utility interconnection and power supply agreements, regulatory requirements) and IPO support.
This mandate reflects a significant footprint across British Columbia, with 3 existing projects totalling 160MW and major growth across North America. The development of data centres is a fast-growing area for Canadian real estate groups, not least because the British Columbia government has taken major steps to attract investment. Such developments present unique challenges and requirements. With bitcoin mining often being criticised for its substantial energy use, it is noteworthy that our client is focusing on developing data centres powered by renewables.
Our work includes advising on all aspects of real estate (e.g., land purchases, leases, contaminated site remediation advice, and management of environmental liabilities), business agreements (e.g., equipment leases, equipment finance, equipment procurement agreements, engineering agreements), other land and power arrangements (e.g., utility interconnection and power supply agreements, regulatory requirements) and IPO support.
This mandate reflects a significant footprint across British Columbia, with 3 existing projects totalling 160MW and major growth across North America. The development of data centres is a fast-growing area for Canadian real estate groups, not least because the British Columbia government has taken major steps to attract investment. Such developments present unique challenges and requirements. With bitcoin mining often being criticised for its substantial energy use, it is noteworthy that our client is focusing on developing data centres powered by renewables.