IREN plans AI expansion at Canal Flats site with construction through 2027: Columbia Valley Pioneer

IREN (NASDAQ: IREN) plans to build new AI computing facilities at its Canal Flats, British Columbia, data center, the Columbia Valley Pioneer reported Thursday. Construction will "take place throughout 2027" and the buildings "will not require new power or local water for cooling," Shaylene Sagar, IREN's Canal Flats data center manager, told the paper.

The new buildings will sit behind IREN's existing 10-acre campus on industrially zoned land, farther from homes than the current structures. The freehold site connects to BC Hydro through an IREN-owned 30 MW substation, and the fiscal 2026 annual report lists its planned capacity at 30 MW gross. In its August fiscal 2026 results, IREN noted plans to deploy liquid-cooled systems at Canal Flats, Mackenzie and Prince George in 2027, drawing on available power capacity at the existing sites.

The project will create at least 200 construction jobs over roughly the next year and dozens of long-term roles maintaining the equipment. IREN will hold an open house on Tuesday, November 17, at the Ponderosa Place Arts and Events Centre.

Get Blockspace's coverage of AI infrastructure deals delivered to your inbox.

"We are designing the campus for a closed-loop system that recirculates cooling fluid like a car radiator. IREN is not sourcing local water for cooling. Any coolant that needs to be removed during maintenance will be collected, trucked off the property, and disposed of responsibly at a licensed facility," the company wrote in response to the Pioneer.

Housing for construction crews is unresolved. A separate company, CF Bidco Property Holdings, has applied for a temporary use permit for a camp of up to 400 workers, and council deferred the decision to November 9, the incoming council's first meeting. IREN said the application was filed without its participation, that it has no plans to buy the land and that it is still evaluating accommodation options.

Canal Flats chief administrative officer Cynthia White said in October that the camp site needed a hearing because it was not zoned for that use. IREN's existing property is zoned for IT industry, so expansion there did not necessarily require public engagement sessions, she said.

"We are engaging with village officials to determine the most appropriate accommodations for water, sewer, security, road use, and other factors," IREN wrote.

The expansion lands alongside IREN's fiscal first-quarter results on Thursday, which showed revenue up 66% to $228 million and the $4 billion ARR target pushed to January 31, 2027. The company projects $15 billion in fiscal 2027 capex remains, with $6 billion still to be financed. The company also began construction of liquid-cooled buildings at its 100 MW Mackenzie site, which carries a $2.4 billion GPU financing at 9% .