- Partnership projects will have the capacity of more than 5.5
Gigawatt of solar energy and battery storage across Indiana and Illinois
- Creates significant local jobs and regional economic benefits
and potential energy production to power 850,000 homes
- RWE is acquiring majority interest in the R3 Renewables LLC
ownership group
AUSTIN,
Texas and ST. LOUIS,
Nov. 21,
2024 /PRNewswire/ -- RWE, a leading renewable energy
company, and Peabody (NYSE: BTU) today announced a new partnership
to strategically advance renewable energy projects by repurposing
reclaimed land previously used for mining. 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.
RWE is acquiring a majority interest in the R3 Renewables LLC
ownership group alongside founding partner Peabody. R3, a joint
venture launched by Peabody, Summit Partners Credit Advisors
("SPCA") and Riverstone Credit Partners
("Riverstone"), 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
percent equity interest.
The acquisition, which is focused on the development of
large-scale solar and energy storage projects on reclaimed mine
lands, demonstrates RWE's commitment to innovative and clean energy
solutions. 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 founding partners of R3 Renewables initiated the development
of 5.5 Gigawatt (GW) pipeline of 10 potential projects on reclaimed
mining sites in Indiana and
Illinois. RWE will acquire seven of the projects and enter
into a joint venture with Peabody to continue development of the
three remaining projects.
Andrew Flanagan, Chief
Executive Officer, RWE Clean Energy: "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 U.S. and globally to ensure local
communities can benefit from the economic generation of the energy
transition."
Jim Grech, Peabody President
and Chief Executive Officer: "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: "We are grateful to
Riverstone and SPCA 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."
Economic and Environmental Benefits
The renewable
projects planned for the reclaimed lands have the potential to
generate enough electricity to power the equivalent of more than
850,000 homes across the region. The initiative not only advances
renewable energy development in the Midcontinent Independent System
Operator (MISO) region, but also promotes economic development by
creating local jobs and increasing tax revenues for the communities
involved. The projects maintain existing agricultural lands,
ensuring that rural areas benefit from economic growth. The
partnership intends to fulfill growing electricity demand by
bringing renewable power to the grid, and jobs and revenues to
communities that have contributed to U.S. energy in other forms for
generations.
RWE plays a crucial role in this partnership by bringing its
extensive experience in developing, constructing, and operating
some of the most efficient renewable energy projects in
the United States and beyond.
Through the partnership, RWE will expand its footprint in the MISO
region.
About RWE in the U.S.
RWE is a top tier renewable
energy company in the United
States. With more than 15 years in the U.S. renewables
business, the company has an outstanding track record in
developing, constructing, and operating renewable energy
facilities. The approximately 2,000-person RWE team in the U.S. is
fully committed to forging ahead with the clean energy transition
in North America. Together with
our partners, we develop innovative solutions and drive
technological progress for our customers to help re-shape the
energy supply for future generations. RWE Clean Energy, a
subsidiary of RWE AG, is the third largest owner and operator of
onshore wind, solar and battery storage in the U.S. RWE
Offshore Wind Holdings, a subsidiary of RWE Offshore Wind, is the
only U.S. developer with offshore wind lease areas on the East,
West and Gulf Coasts. RWE is investing billions of euros in
expanding its generation portfolio, including to significantly
increase its operating asset base in the U.S.
About Peabody
Peabody (NYSE: BTU) is a leading coal
producer, providing essential products for the production of
affordable, reliable energy and steel. Our commitment to
sustainability underpins everything we do and shapes our strategy
for the future. For further information, visit
PeabodyEnergy.com.
About R3 Renewables
R3 Renewables is a joint venture
launched with Peabody in 2022. State-of-the-art solar and battery
storage technology allows R3 to repurpose land previously used for
coal mines to deliver clean renewable energy. R3 is committed to
helping local communities by creating jobs, adding to the tax base
and revitalizing the land for a bright energy future.
Contact:
RWE
John Lamontagne
857-210-2013
John.Lamontagne@rwe.com
Peabody
Vic Svec
314-342-7900
ir@peabodyenergy.com
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SOURCE Peabody