Yindjibarndi Energy Corporation Achieves Financial Close for Jinbi Solar Project and Secures 30-Year Rio Tinto Power Agreement
Yindjibarndi Energy Corporation (YEC), one of Australia’s most significant Indigenous-led renewable energy developers, has officially reached Financial Close for the Jinbi Solar Project in the Pilbara region of Western Australia and signed a long-term Power Purchase Agreement (PPA) with Rio Tinto. The milestone paves the way for construction to begin on the landmark renewable energy project, which is being developed on Yindjibarndi Ngurra (Country).
The achievement represents a major turning point not only for the project itself, but also for Indigenous participation and leadership within Australia’s rapidly evolving renewable energy sector. Financial Close confirms that all major commercial, financial, legal, and regulatory conditions required for construction have now been satisfied. These conditions include the completion of financing arrangements, government approvals, contractual agreements, and key stakeholder consents necessary to move the project into the delivery phase.
The Jinbi Solar Project is the first development undertaken by YEC to successfully progress to Financial Close. The milestone comes approximately three years after the formation of the partnership between the Yindjibarndi Aboriginal Corporation and ACEN Corporation, one of the Asia-Pacific region’s largest renewable energy companies.
The agreement with Rio Tinto forms a central component of the project’s commercial structure. Under the 30-year PPA, YEC will supply all electricity generated during Stage 1 of the Jinbi Solar Project directly to Rio Tinto’s Pilbara iron ore operations. The arrangement supports Rio Tinto’s long-term decarbonisation strategy and broader sustainability goals as the global mining sector increasingly transitions toward lower-emission energy sources.
Stage 1 of the Jinbi Solar Project will initially consist of a 75-megawatt alternating current (MWac) solar generation facility. The development framework also includes the potential for future expansion to 150 MWac. Additional development opportunities may include the integration of Battery Energy Storage Systems (BESS), subject to future investment decisions, regulatory approvals, and operational requirements.
With Financial Close now complete, YEC has formally issued Notices to Proceed to its key project contractors. Engineering, Procurement and Construction responsibilities have been awarded to DT Infrastructure, while construction accommodation services will be delivered by Rapid Camps. Construction activities are expected to advance according to the approved project schedule, with full commercial operations anticipated to commence in mid-2028. The operational commencement will also mark the beginning of the 30-year electricity supply period under the Rio Tinto agreement.
Initial site preparation works are already underway. Yurra, a Yindjibarndi Nation enterprise and YEC’s preferred civil works partner, has begun mobilisation and site preparation activities to ready the project area for large-scale construction.
The progress of the Jinbi Solar Project reflects what project leaders described as a disciplined and carefully managed commercial development process. Over the past several years, YEC has focused on establishing strong governance structures, securing financing arrangements, and building commercial frameworks aligned with both Yindjibarndi cultural principles and ACEN’s operational standards. The project has been designed to combine commercial viability with cultural responsibility and long-term community accountability.
YEC Chief Executive Officer Craig Ricato said reaching Financial Close was a landmark achievement for both the organisation and its shareholders.
According to Mr Ricato, the successful completion of Financial Close within only three years of the partnership’s establishment demonstrates that Indigenous-led renewable energy projects can meet the demanding commercial standards of Australia’s energy market while remaining firmly grounded in cultural values and community governance.
He noted that the achievement validates YEC’s development model, which places Yindjibarndi leadership and decision-making at the centre of the project while maintaining rigorous financial and operational discipline.
Mr Ricato also emphasised that Financial Close represents only one stage in a broader long-term development process. He explained that construction can now move forward immediately, but all future project stages will continue to progress carefully and systematically in line with regulatory approvals, stakeholder engagement obligations, and ongoing governance requirements.
The broader vision for the Jinbi Solar Project extends beyond renewable electricity generation. Yindjibarndi Nation Chief Executive Officer Michael Woodley described the project as a transformational initiative aimed at creating long-term economic opportunities while strengthening Indigenous authority on Country.
Mr Woodley said the project reflects the aspirations of the Yindjibarndi people to create sustainable economic development that aligns with traditional law, cultural responsibilities, and community priorities. He explained that Jinbi is not simply an infrastructure development, but a demonstration of Indigenous leadership in shaping the future of renewable energy development on traditional lands.
He added that reaching Financial Close proves Indigenous-led developments can achieve strong commercial outcomes when supported by robust governance frameworks and strategic partnerships with aligned organisations.
Rio Tinto Iron Ore Chief Executive Matthew Holcz also acknowledged the significance of the milestone and praised the leadership shown by the Yindjibarndi people throughout the project’s development process.
Mr Holcz stated that Rio Tinto is proud to participate in a project led by the Yindjibarndi people and developed in partnership with Traditional Custodians. He noted that renewable energy projects such as Jinbi create lasting value not only by helping reduce emissions associated with mining operations, but also by supporting economic development opportunities within local communities.
The agreement also highlights Rio Tinto’s increasing focus on renewable energy procurement as the mining giant works toward reducing operational greenhouse gas emissions across its Australian iron ore business.
Patrice Clausse, Group Chief Investment Officer at ACEN, said the project showcases the strength of the partnership between ACEN and Yindjibarndi stakeholders. He noted that Jinbi demonstrates how long-term vision, Traditional Owner leadership, and disciplined project development can work together to deliver infrastructure projects that satisfy both commercial and cultural expectations.
According to Mr Clausse, ACEN views the Jinbi Solar Project as an important benchmark for responsible renewable energy development in Australia. He said the partnership model demonstrates how energy companies and Indigenous communities can collaborate in a way that supports sustainable investment while respecting cultural heritage and community governance.
The Jinbi Solar Project emerges at a time when Australia’s renewable energy industry is increasingly recognising the importance of Indigenous participation and leadership in large-scale energy developments. The Pilbara region, known globally for its vast iron ore resources and mining activity, is also becoming a major hub for renewable energy investment due to its strong solar resources and growing industrial energy demand.
As construction activities move forward, the Jinbi Solar Project is expected to generate employment opportunities, support regional economic activity, and contribute to Australia’s broader transition toward cleaner energy systems. For YEC and the Yindjibarndi people, the project also represents a significant step toward long-term economic self-determination through ownership and participation in major infrastructure development.
With Financial Close achieved and construction preparations underway, the Jinbi Solar Project now enters a new phase that could position it as one of Australia’s leading examples of Indigenous-led renewable energy development.
Source Link: https://www.businesswire.com/
