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(RTTNews) - Rio Tinto Plc (RTNTF, RIO, RIO.L, RTPPF, RIO1.DE, RIO.AX), an Anglo-American mining and metals company, said that Yindjibarndi Energy Corp. (YEC) has reached Financial Close for the Jinbi Solar Project in the Pilbara region of Australia and has signed a 30-year Power Purchase Agreement with Rio Tinto. This paves the way for construction to begin once all key funding, agreements, and approvals are secured.
The project is YEC's first to reach this stage since its establishment as a partnership between Yindjibarndi Aboriginal Corp. and ACEN Corp. three years ago. Under the agreement, YEC will supply all electricity generated from Stage 1 to support Rio Tinto's Pilbara iron ore operations and decarbonisation goals.
According to Rio Tinto, Stage 1 includes a 75 MWac solar facility, with potential expansion to 150 MWac and the future addition of Battery Energy Storage Systems or BESS. Early works are already underway, led by Yurra, with full commercial operations expected to commence in mid-2028, the company said in an official statement.
On the OTC Markets, RTNTF.PK ended Friday's trading at $120.00.
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