YEC agreement supports decarbonisation of Rio Tinto’s Pilbara iron ore operations
(Posted on 11/05/26)
Yindjibarndi Energy Corporation (YEC), one of Australia’s largest Indigenous-led renewable energy initiatives, will begin construction of the Jinbi Solar Project in the Pilbara after reaching Financial Close and signing a 30-year Power Purchase Agreement with Rio Tinto, marking a major step in delivering renewable energy on Yindjibarndi Ngurra (Country).
Financial Close confirms that key funding, contractual arrangements, government approvals and consents required to proceed to construction have been satisfied. Jinbi is YEC’s first project to progress through to Financial Close, three years after YEC was established as a partnership between Yindjibarndi Aboriginal Corporation and ACEN Corporation.
A central component of the commercial framework is a long term Power Purchase Agreement (PPA) with Rio Tinto for Stage 1 of the project. Under the agreement, YEC will supply 100 per cent of the electricity generated by Jinbi to Rio Tinto, supporting decarbonisation of Rio Tinto’s Iron Ore Pilbara operations once the project is operational.
Stage 1 of the Jinbi Solar Project will comprise a 75 MWac solar facility, with an option to expand to 150 MWac, including the potential addition of Battery Energy Storage Systems (BESS), subject to regulatory approvals and future development decisions.
Following Financial Close, YEC has issued Notices to Proceed to its Engineering, Procurement and Construction (EPC) contractor, DT Infrastructure, and its construction accommodation provider, Rapid Camps. Construction will now commence in accordance with the approved schedule, with full commercial operations, which will mark the start of the 30-year PPA supply period, expected in mid 2028.
Early site works are already underway, with Yurra, a Yindjibarndi Nation enterprise and YEC’s preferred civil works partner, carrying out site preparation and mobilisation activities to ready the site for construction.
The milestone reflects the completion of a disciplined and deliberate commercial development process, and the establishment of robust governance, contractual and financing arrangements consistent with both Yindjibarndi and ACEN values and priorities. It demonstrates YEC’s capacity to deliver complex infrastructure projects while maintaining a strong cultural foundation and clear accountability to both shareholders.
YEC Chief Executive Officer, Craig Ricato, said reaching Financial Close was an important moment for the organisation.
“Reaching Financial Close on our first project in the Pilbara within three years of the partnership’s operation is a significant milestone for YEC and our shareholders, the Yindjibarndi Traditional Owners and ACEN,” Mr Ricato said.
“It confirms that a Yindjibarndi-led project, grounded in Country and culture, can meet the rigorous commercial requirements of the energy market while staying true to our values and governance responsibilities.”
Mr Ricato emphasised that Financial Close is one step in a broader and carefully sequenced development pathway. “This milestone enables us to immediately progress with the construction phase of the project,” he said.
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