US coal miner Peabody on Tuesday announced the launch of R3 Renewables, a renewable energy development company that would pursue the development of more than 3.3 GW of solar photovoltaic and 1.6 GW of battery storage capacity over the next five years.
R3 Renewables is a joint venture with Riverstone Credit Partners and Summit Partners Credit Advisers.
Initially, R3 Renewables will 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. The portfolio size and strategic site locations, each of which is in close proximity to grid injection points, offer the potential for the development of the largest solar and battery storage projects in both Indiana and Illinois.
"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," said Peabody president Jim Grech.
"Both Riverstone and Summit Partners have deep experience across energy and growth sectors, and we believe R3 will benefit from their collective perspective on renewable energy solutions."
Industry veteran John Jones has been appointed as CEO of the company. He has nearly 30 years of expertise in the independent power industry, including senior roles at renewable industry leaders GE EFS, Lincoln Clean Energy and Invenergy.