Peabody Energy and renewable energy group RWE have teamed up to advance renewable energy projects, namely solar and energy storage, at reclaimed mining land in Indiana and Illinois.
The partnership’s projects will have the capacity of more than 5.5 gigawatts and will have the potential energy production to power 850,000 homes.
“This innovative global partnership brings together RWE’s expertise in developing and operating clean energy projects and Peabody’s significant land resources, particularly in the Midwest, as well as its industry leading reclamation capabilities,” the two said in a joint statement.
RWE is acquiring a majority interest in the R3 Renewables ownership group alongside founding partner Peabody. R3, a joint venture launched by Peabody, Summit Partners Credit Advisors (SPCA) and Riverstone Credit Partners, repurposes land previously used for coal mining to deliver clean, renewable energy. RWE is acquiring SPCA and Riverstone’s equity interest in R3 and Peabody will retain a 25% equity interest.
“As a founding partner of R3 Renewables, Peabody is leveraging its substantial land resources to foster sustainable energy development, highlighting its dedication to environmental stewardship and community revitalization,” the global miner said.
The project pipeline, at current, has 10 potential projects. RWE will acquire seven of them and enter into a joint venture with Peabody to continue development of the three remaining projects.
“Our new partnership with a globally recognized renewable energy leader represents significant added momentum in our initiatives to develop renewable projects on Peabody’s formerly mined lands. Peabody is committed to advancing environmental sustainability,” said Jim Grech, Peabody president and chief executive officer.
Patrick Forkin, Peabody Chief Development Officer and R3 Chairman, added: “Championing the development of utility-scale solar and storage projects on reclaimed land previously used by our coal mining operations is consistent with our mission and beneficial for all our stakeholders.”
Source: Peabody Energy