Peabody Launches R3 Renewables LLC

Mar 2, 2022 By MarketDepth

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A  joint venture with Riverstone Credit Partners and Summit Partners Credit Advisors, R3 Renewables LLC is a renewable energy development company created with the goal of pursuing the development of more than 3.3 GW of solar PV and 1.6 GW of battery storage capacity over the next five years

“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.”

Jim Grech, President and CEO of Peabody

The partnership brings together collective strengths in renewable energy project development, environmental management, extensive land holdings, permitting, and capital markets. R3 Renewables will initially be engaged in the development of six potential sites on large tracts of land on or near previous coal mining operations in Indiana and Illinois, where strategic site locations and portfolio size offer the potential for the development of the largest solar and battery storage projects within the two states.

“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.”

Daniel Flannery, a Managing Director at Riverstone