Peabody Energy, a coal producer, has formed R3 Renewables to create about 3300MW of solar PV and 1600MW of battery storage capacity over the next five years.
Riverstone Credit Partners and Summit Partners Credit Advisors have partnered to form R3 Renewables.
According to Peabody, the alliance combines expertise in renewable energy project development, environmental management, substantial land holdings, permitting, and finance markets.
R3 Renewables will begin by developing six possible locations on big areas of land in Indiana and Illinois that were previously used for coal mining.
According to Peabody, the portfolio’s size and strategic site locations, each of which is adjacent to grid injection points, present the possibility for the development of the state’s largest solar and battery storage projects.
“We are pleased to announce this new joint venture as part of Peabody’s commitment to be the coal producer of choice, creating additional value from our existing assets, supporting our own and our customers’ ESG ambitions and providing added economic benefits for the communities in which we work and live.” said Jim Grech, president and chief executive of Peabody.
“Both Riverstone and Summit Partners have deep experience across energy and growth sectors, and we believe R3 will benefit from their collective perspective on renewable energy solutions.”
Daniel Flannery, managing director of Riverstone, added: “We are excited to partner with Peabody and Summit Partners as we launch R3 Renewables.”
“As one of the world’s largest private investment firms focused on energy, power, decarbonization and infrastructure, we believe we are well positioned to assist R3 Renewables to reclaim, reimagine and repower the region by pursuing these ambitious and transformative renewable energy projects.”
John Jones, an industry veteran, has been named as the new company’s CEO.
He has approximately 30 years of experience in the independent power sector, including top positions at GE EFS, Lincoln Clean Energy (now Orsted North America Onshore), and Invenergy.
