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German energy company RWE has acquired a majority stake in R3 Renewables, a joint venture launched by US coal mining firm Peabody and two financial partners.
The partnership aims to develop 5.5 GW of solar and energy storage projects across 10 sites on Peabody’s decommissioned mining land in Indiana and Illinois.
RWE will take over seven of the projects while partnering with Peabody on the remaining three. Andrew Flanagan, CEO of RWE Clean Energy, described the collaboration as “an exciting opportunity for RWE to invest in rural regions of Indiana and Illinois and bring strong economic development.”
The projects are located in states served by the Midcontinent Independent System Operator (MISO) transmission system, which has seen increased renewable energy development due to coal plant retirements.
According to S&P Global, MISO is projected to retire 7 GW of coal capacity by 2027, creating opportunities for renewable energy expansion.
Indiana has experienced growth in solar energy due to available grid infrastructure left by retired coal plants. RWE, already active in the state, began construction on its 150 MW Casey Fork solar project in Jefferson County earlier this year.
However, solar progress in other MISO states has been mixed. In Kentucky, utilities approved plans last year to replace 1 GW of coal capacity with solar and energy storage.
Yet, they recently announced a pause on new solar developments until 2035 while expanding gas-fired capacity, despite rising electricity demand.
This partnership underscores a broader trend of repurposing former coal sites for renewable energy projects, leveraging existing infrastructure to accelerate the clean energy transition. |
