Melbourne, May 12, 2026, 08:06 AEST
ANZ Group Holdings Limited said it was one of the financiers backing the Jinbi Solar Project after the First Nations-led renewable energy development reached financial close, clearing the way for construction in Western Australia’s Pilbara. The update landed as ANZ shares fell on Monday, with the stock trading ex-dividend for its latest interim payout.
Financial close matters because it means key funding, contracts, approvals and consents are final and unconditional. For ANZ, the deal gives the lender a visible role in a large Indigenous-led infrastructure project at a time when Australia’s major banks are under pressure from rate uncertainty, market volatility and slower household lending.
Yindjibarndi Energy Corporation will supply all electricity from Stage 1 of Jinbi to Rio Tinto under a 30-year power purchase agreement, a long-term contract to buy power. Stage 1 will comprise a 75 MWac solar facility — a grid-output measure for solar plants — with an option to expand to 150 MWac and add battery energy storage, subject to approvals; full commercial operations are expected in mid-2028.
ANZ Head of First Nations Strategy Shelley Cable called financial close “a significant and exciting milestone” and said projects such as Jinbi set “a strong benchmark” for First Nations participation in major infrastructure. ANZ said the project is one of Australia’s largest First Nations-led renewable energy initiatives to reach that stage. ANZ
YEC Chief Executive Craig Ricato said the milestone lets the company “immediately progress” with construction. Michael Woodley, chief executive of Yindjibarndi Nation, said Jinbi was “more than a renewable energy project,” while Rio Tinto Iron Ore Chief Executive Matthew Holcz said the project would support Rio’s operations and long-term economic opportunities on Country. Yindjibarndi Energy
The market was less forgiving. ANZ fell 2.4% to A$35.90 on Monday, while Westpac lost 0.9%, National Australia Bank slipped 0.4% and Commonwealth Bank of Australia dropped 1.1%. The S&P/ASX 200 ended 0.49% lower at 8,701.8 as banks and CSL weighed on the index, Morningstar’s AAP market report showed.
The stock also went ex-dividend, meaning buyers after May 11 do not receive the declared payout. ANZ has proposed an 83 Australian cent interim dividend, partly franked at 75%, meaning it carries Australian tax credits on that portion; the record date is May 12 and payment is due July 1.
The payout follows ANZ’s May 1 half-year results, when the bank reported statutory profit of A$3.65 billion and cash profit of A$3.78 billion. Cash profit is a non-IFRS measure that excludes non-core items; ANZ said it was up 14% from the previous half when excluding significant items, while Chief Executive Nuno Matos said the bank was reducing duplication and improving returns.
But the solar financing does not remove the wider risk for ANZ: higher oil prices and geopolitical strain could keep inflation and interest rates elevated, testing borrowers. ANZ said it had taken a A$126 million collective provision charge, including A$175 million for potential Middle East conflict impacts, with collective provisions meaning reserves set aside for possible credit losses.
Investors now have a short calendar of bank-specific dates. ANZ’s dividend reinvestment and foreign-currency elections close on May 13, with the next scheduled third-quarter trading update and APS 330 capital disclosure due on August 13.
