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RWE has partnered with Peabody to advance renewable energy projects by repurposing reclaimed mining lands. This collaboration combines RWE’s expertise in clean energy development with Peabody’s substantial land assets and industry-leading reclamation capabilities, focusing on regions such as the Midwest.
As part of this strategic partnership, RWE is acquiring a majority stake in the R3 Renewables LLC ownership group, joining founding partner Peabody, which retains a 25% equity interest. R3, originally launched by Peabody, Summit Partners Credit Advisors, and Riverstone Credit Partners, focuses on converting former mining sites into large-scale solar and energy storage projects. RWE will acquire Summit and Riverstone’s equity shares, furthering its commitment to sustainable energy innovation.
The R3 Renewables team has initiated a pipeline of 10 potential projects totaling 5.5 gigawatts (GW) across reclaimed mining sites in Indiana and Illinois. Under the new arrangement, RWE will take over seven projects while partnering with Peabody to jointly develop the remaining three. This initiative underscores both companies’ dedication to environmental stewardship, sustainable development, and revitalizing former mining communities through clean energy solutions.
Andrew Flanagan, Chief Executive Officer, RWE Clean Energy, said, “This partnership is an exciting opportunity for RWE to invest in rural regions of Indiana and Illinois and bring strong economic development. RWE is thrilled to partner with Peabody through R3 Renewables to develop solar projects using reclaimed land on a significant scale. Solar and storage facilities are a great way to bring economic development via construction jobs, local and domestic investment, and direct community benefits and taxes as well as a contribution to energy security. RWE is excited to expand this partnership across the US and globally to ensure local communities can benefit from the economic generation of the energy transition.”
Jim Grech, Peabody President and Chief Executive Officer, added, “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, creating additional value from our assets, and providing added economic benefits for the communities in which we work and live.”
Patrick Forkin, Peabody Chief Development Officer and R3 Chairman, shared, “We are grateful to Riverstone and Summit for their partnership in assisting us in launching this joint venture. 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.” |
