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NRW Holdings wins A$115m first stage of A$300m Melbourne data centre package. NRW Holdings Limited subsidiary Fredon has secured an initial A$115 million mechanical package for STACK Infrastructure's 864MW MEL03 hyperscale campus, deepening the contractor's exposure to Australia's artificial intelligence-driven data centre buildout. September 25, 2026 NRW Holdings Limited (ASX: NWH) shares gained 2.3% on September 24 after wholly owned subsidiary Fredon secured an approximately A$115 million first-stage contract for mechanical works at STACK Infrastructure's MEL03 hyperscale data centre project in Melbourne. Access Premium News The initial package covers off-site fabrication for mechanical systems serving 432 megawatts of the planned 864MW campus. Work begins in September 2026 and is scheduled to run through March 2028, while Fredon is the preferred contractor for a broader package worth approximately A$300 million through 2028. NRW Holdings Limited shares traded around A$8.31 following the announcement, adding roughly A$85 million to the company's market capitalisation during the session. The stock was also close to the upper end of its 52-week trading range, indicating that investors are already assigning considerable value to the company's growing infrastructure and data-centre exposure. Discover more Try Operations Software Pharmaceuticals What exactly has Fredon won at STACK Infrastructure's MEL03 campus? The firm commitment is approximately A$115 million, rather than the full A$300 million headline opportunity. Fredon has been awarded the first stage of the design-and-construct mechanical scope, primarily involving off-site fabrication required for the first 432MW of mechanical systems. Take Economics Courses The remainder of the approximately A$300 million package is associated with Fredon's preferred-contractor position and should therefore be distinguished from work that has already been formally contracted. That distinction matters because investors can easily interpret preferred-contractor status as equivalent to secured revenue. It is commercially valuable and signals STACK Infrastructure's intention to continue working with Fredon, but the additional approximately A$185 million does not carry exactly the same contractual certainty as the first-stage award. Discover more Form An LLC Business News The wider MEL03 development itself is enormous. At 864MW of intended hyperscale capacity, it represents infrastructure designed for the power and cooling intensity associated with large cloud-computing and artificial intelligence workloads. Source Heavy Machinery Why is a mining contractor becoming exposed to data centres? NRW Holdings Limited is still closely associated with mining services, civil construction and resources infrastructure, but Fredon gives the group substantial electrical, mechanical and technology-services exposure outside traditional mining. Fredon's capabilities include electrical and mechanical building services, security and communications infrastructure, allowing NRW Holdings Limited to participate directly in the capital expenditure boom surrounding Australian data centres. The significance is diversification. Mining and resources contracting can deliver large order books, but activity remains influenced by commodity cycles and customer capital expenditure. Hyperscale data centres provide exposure to a separate investment cycle driven by cloud adoption, digital services and artificial intelligence. Discover more Find Prescription Savings Australia has become an increasingly important regional data-centre market because of its stable power systems, major population centres, subsea connectivity and growing requirements for local data storage and processing. The rapid expansion of artificial intelligence has increased the amount of power required by new facilities, turning mechanical and electrical packages into very large engineering contracts. How material is the A$115 million award for NRW Holdings Limited? The first-stage package is meaningful but manageable relative to NRW Holdings Limited's broader scale. It will contribute revenue across the period from September 2026 to March 2028 rather than being recognised immediately. The potentially more significant number is A$300 million. If the remaining preferred-contractor scope converts into firm awards, the MEL03 campus could become one of Fredon's largest data-centre engagements and provide multi-year revenue visibility through 2028. Discover more business news Track Stocks Bonds NRW Holdings Limited did not disclose expected margins or cash-flow timing. Contract value therefore cannot be translated directly into profit, particularly for design-and-construct work where labour availability, procurement costs, project sequencing and client-directed changes can affect final profitability. Still, investors responded positively because the award extends an existing relationship with STACK Infrastructure rather than representing a first attempt to enter the sector. Repeat work can matter in data-centre construction because hyperscale operators value contractors capable of delivering complex mechanical and electrical systems to tight commissioning schedules. Why could the 864MW scale make MEL03 strategically important? Only half of the proposed campus capacity, around 432MW, is covered by the current mechanical systems scope referenced in the first package. The full development is designed for 864MW, illustrating the magnitude of potential future construction work if STACK Infrastructure proceeds across the entire site as planned. Modern artificial intelligence data centres have substantially higher power densities than conventional enterprise facilities. That increases cooling, electrical distribution, backup generation and mechanical-system requirements, creating opportunities for specialist contractors such as Fredon. The project consequently offers NRW Holdings Limited a way to participate indirectly in artificial intelligence infrastructure without assuming the technology or utilisation risks carried by the data-centre owner. Try CAD Software Its risk is instead construction execution. Fredon needs to control procurement, engineering, labour and delivery schedules while preserving margins over a project extending well into 2028. What does the market reaction say about NRW Holdings Limited sentiment? NRW Holdings Limited rose approximately 2.3% to A$8.31 on September 24, with the stock trading close to its 52-week high of A$8.43. Take Economics Courses That performance is notable because broader Australian equities were under pressure during the session. Investors appeared willing to reward the contractor for adding a high-quality infrastructure order in an area where spending growth remains strong. The sentiment backdrop also reflects a broader rerating of Australian contractors exposed to data-centre construction. Unlike speculative artificial intelligence investments dependent on distant revenue, construction contractors can earn revenue while the physical capacity is being built. That distinction does not eliminate risk, but it makes artificial intelligence infrastructure a tangible order-book story rather than simply a technology narrative. What should investors watch after the first A$115 million award? Conversion of the remaining preferred-contractor scope is the clearest catalyst. A movement from A$115 million of firm first-stage work toward the approximately A$300 million total package would materially increase revenue visibility. Margins will be equally important. Large contract wins can create impressive headlines but only add shareholder value when pricing adequately compensates for labour, materials, engineering risk and execution complexity. The third issue is whether Fredon can replicate MEL03 across other hyperscale developments. Repeat contract awards could establish data centres as a much larger structural earnings vertical within NRW Holdings Limited rather than a collection of individual projects. September 24 therefore delivered more than another contract announcement. Fredon has secured a major foothold inside one of Australia's largest planned hyperscale campuses, giving NRW Holdings Limited direct exposure to the physical infrastructure required for the next stage of cloud and artificial intelligence expansion.

BlackRock, IFM close in on $25 billion Stack data center deal, Bloomberg News reports. 24 Sep 2026 03:43PM (Updated: 24 Sep 2026 05:10PM) Add CNA as a trusted source to help Google better understand and surface our content in search results. Sept 24: A consortium backed by BlackRock and IFM Investors is in exclusive talks to buy Stack Infrastructure's Asia Pacific data center portfolio for up to $25 billion, Bloomberg News reported on Thursday, citing people familiar with the matter. Global investors have been pouring money into Asia's booming data center sector, driven by rising demand for cloud computing, AI and digital services. The investor group, which includes the BlackRock-backed Artificial Intelligence Infrastructure Partnership (AIP) and IFM, is preparing to conduct due diligence on the assets and hopes to reach an agreement soon with Stack's owner, Blue Owl Capital, the report said. Bloomberg reported in May that Stack was considering its options, including a sale of its Asia operations in a deal valued at more than $30 billion, and in June that IFM and AIP were among potential bidders. Denver-based Stack operates data centers across key Asia-Pacific markets including Tokyo, Osaka, Sydney and Melbourne, according to its website. Deliberations are ongoing, and talks could be prolonged or fail to result in a deal, the report added. Reuters could not immediately verify the report. BlackRock, IFM Investors, Stack Infrastructure and Artificial Intelligence Infrastructure Partnership did not immediately respond to a request for comment. AIP, launched in late 2024 with plans to initially invest more than $30 billion in AI-related projects, is among the world's largest investment vehicles focused on data centers and energy facilities needed to power AI applications. Nvidia, xAI, Microsoft, and investment firm MGX are also investors in the partnership.

'A little bit closer to the goal line.' Pittsylvania County OKs data center tax rate. CHATHAM - Another piece of a large puzzle to bring a data center campus to Southside Virginia is now in place. The Pittsylvania County Board of Supervisors on Tuesday evening approved establishing a data center tax rate, one of the stipulations in a local performance agreement for a $100 billion project at the Southern Virginia Megasite at Berry Hill. That rate will be $1.62 per $100 of assessed value. Before Tuesday night's vote, there wasn't a data center tax rate on the books. Stack Infrastructure is planning an investment in the Southern Virginia Megasite at Berry Hill, which will include a digital campus that will employ 2,500 people over 20 years. People are also reading... Leaders point to the cash bonanza that's in store from the project, most notably the data center tax rate. The Stack project is termed a digital infrastructure campus, meaning it will likely be dozens of individual data centers, a reason for the high employment figures. That's on top of thousands of construction jobs expected over decades at the megasite. Data centers operate high-end computer equipment that needs to be upgraded every few years. The centers that Stack is developing at Berry Hill are expected to center on artificial intelligence as opposed to just cloud storage. "We appreciate the Pittsylvania County Board of Supervisors' vote to establish the computer and peripherals tax rate for the development at Berry Hill," Kevin Hughes, chief external affairs officer with Stack Americas, told the Register & Bee via email after Tuesday night's vote. "The rate, contemplated as part of our local performance agreement, supports a significant new source of long-term tax revenue for the County and reflects the shared commitment to bringing transformative economic investment to Southside Virginia," he continued. "STACK Infrastructure is proud of the partnership we have built with local leaders and communities, and we remain focused on delivering on our commitments, including creating thousands of permanent jobs and generating lasting economic benefits for the region." The local performance agreement was signed June 14. In March, there was a land sale agreement inked with Stack for nearly 3,000 acres. That was needed for the company to start talks with Appalachian Electric Power. Although there's paperwork in place, there has yet to be a formal announcement of the project. With something of this magnitude, it normally comes with much fanfare from state-level officials. A Stack spokesperson explained to the Register & Bee in late June that such an announcement could come in four to eight weeks. "Our track record demonstrates when we make an announcement, site activity commences quickly," Hughes said previously. Rate isn't just for one project. Matt Rowe, the economic development director for Pittsylvania County, said the tax rate isn't limited to the megasite project. Instead, it's now on the books for any development in the county. Since the Berry Hill site is owned by the Danville-Pittsylvania Regional Industrial Facility Authority, the taxes will be split between the city and county. Beyond the tax rate, Danville and Pittsylvania County are expected to benefit from the windfall, even with a phased buildout. That agreement includes about 2,990 acres of property, which would sell for $238,000 an acre. The first phase is 1,000 acres. All of it would roughly bring in $711 million to the regional authority, which splits revenue between Danville and Pittsylvania County. The agreement outlines that the real estate tax revenue will be $16.25 million a year in the first phase with 1,000 acres. For every 1,000 additional acres purchased beyond that, it would be $16,250 per acre as a minimum payment. Since the city and county jointly own the megasite, the revenue will be split evenly, including the revenue from the data center tax. Danville City Manager Ken Larking recently pegged the revenue at about $60 million a year for the city, more than the money from Caesars Virginia. On Tuesday night, Rowe also stressed - again - that the Stack project carries no local incentives, including the data center tax rate. Some other localities may waive the tax rate for the first few years. Mecklenburg County, an area in Southside Virginia with data centers for more than a decade, has a much lower rate at 66 cents per $100 of assessed value. Still, with the revenue from data centers, the locality built new schools without having to borrow money. The locality also has some of the lowest real estate and personal property tax rates in the state. Speakers address and praise board. Three speakers, including business owner Ben Davenport, spoke in favor of the data center tax rate during Tuesday night's public hearings. "It's exciting for me to see something like this data center industry coming to our area," Davenport told the supervisors. He said projects like this would make it more appealing for developers to build more housing units, something that's needed across the region. "We're growing," he said, adding that phasing in the jobs over the years is a smart thing to do. "I appreciate you for sticking your guns and making this happen." Tim Reynolds, of the Staunton River District, also applauded efforts by the board in the "long road" to get to Tuesday night's point. "Tonight, with an affirmative vote, you guys can push this ball a little bit closer to the goal line," he said. Pittsylvania County Board of Supervisors Chair Robert Tucker said following the unanimous vote that he didn't do it for himself. "This vote is for those coming beyond us, 30 years old and younger," he said of giving children in the county a reason to stay in the area. "So here we are," he said. "We have an awesome opportunity to get a lot of much-needed things accomplished with the revenue that will be brought in with this data center," he continued. "It is the board's responsibility to move this county forward." Get the latest local business news delivered FREE to your inbox weekly.