Yindjibarndi Energy Corporation has reached financial close on its Jinbi Solar Project in Australia's Pilbara region and signed a 30-year power purchase agreement with Rio Tinto.

The Stage 1 project will comprise a 75 MWac solar facility with an option to expand to 150 MWac, including potential battery energy storage systems. YEC will supply all electricity generated by the facility to Rio Tinto to support decarbonization of the mining company's Iron Ore Pilbara operations.

Construction will begin immediately following notices issued to Engineering, Procurement and Construction contractor DT Infrastructure and accommodation provider Rapid Camps. Commercial operations are expected to commence in mid-2028, marking the start of the 30-year supply period.

YEC was established three years ago as a partnership between Yindjibarndi Aboriginal Corporation and ACEN Corporation. The Jinbi project represents YEC's first development to progress through to financial close.

Early site preparation work is already underway, with Yurra, a Yindjibarndi Nation enterprise, conducting mobilization activities. The financial close confirms that funding, contractual arrangements, government approvals and consents required for construction have been satisfied.

"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," said YEC Chief Executive Officer Craig Ricato.

The project is located on Yindjibarndi traditional lands in the Pilbara region of Western Australia. Information is based on a company press release.