Yindjibarndi Energy Corporation (YEC) has reached financial close on the 150MW Jinbi solar PV power plant in Western Australia's Pilbara region and signed a 30-year power purchase agreement (PPA) with mining giant Rio Tinto.
Australia's utility-scale solar sector must halve generation costs to around AU$25-30/MWh (US$18-22/MWh) to unlock a pipeline of projects capable of delivering the 10GW of annual capacity additions needed for decarbonisation, according to the Australian Renewable Energy Agency (ARENA).