Firmus says Long Reach data centre in Tasmania is not yet fully funded

Firmus has yet to lock in full funding for Long Reach, the biggest of its three planned Tasmanian data centres, according to general energy manager Paul Grzinic, who appeared before Tasmania's parliamentary energy committee, ABC News reported. The facility is planned at 288MW.

Grzinic said the St Leonards site at Launceston and the first stage of Wesley Vale were both fully funded. A company spokesperson described St Leonards as well into construction and contracted to a customer. For Wesley Vale stage one, money had been set aside but approval was still pending, the spokesperson said, and Bell Bay, where Long Reach sits, was under option to a customer and would be funded in stages. Firmus declined to name the customers.

On power, Hydro Tasmania said it was weighing a Firmus request for 444MW and expected to decide by the end of the year. The utility pointed to three wind farms still in planning that might eventually supply Firmus, but said no new generation would be ready before 2030 at the earliest. Grzinic told the committee the energy for the Tasmanian sites would be developed and bought within the state, and that consultants had wrongly included incorrect information in a submission to a federal AI inquiry. The Conversation reported that Bell Bay would make Firmus the largest electricity user in Tasmania.

Firmus pulled its application to list on the ASX on 9 October, after order books closed in Sydney that morning. Its board pointed to market volatility and said the terms would not properly reflect the business and its long-term outlook. The Straits Times reported the company had aimed to raise US$5.5 billion, with the money needed to help pay for the wider network build. Firmus said it would seek private funding and look at other public and private options.

An analysis republished from The Conversation said only two Firmus data centres were operating, with the rest in planning or construction. It also said the company's claimed value had climbed almost eight-fold in less than a year, and that many institutional investors reviewing a draft prospectus decided against buying at A$11 a share.

On approvals, Firmus is appealing a George Town Council condition restricting backup diesel generator use at Long Reach. Latrobe Council has asked Planning Minister Kerry Vincent to treat the Wesley Vale proposal as a major project. The Conversation reported that about 6,000 people signed a petition opposing the Bell Bay project.