RWE and Peabody have announced a new partnership to advance renewable energy projects in the US by repurposing reclaimed land previously used for mining.
The partnership projects will have the capacity of more than 5.5GW of solar energy and battery storage across Indiana and Illinois.
They will have the potential to generate enough electricity to power the equivalent of more than 850,000 homes across the region.
The 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 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 and Riverstone Credit Partners, repurposes land previously used for Peabody coal mines to deliver clean, renewable energy. RWE is acquiring Summit and Riverstone’s equity interest in R3.
The founding partners of R3 Renewables initiated the development of 5.5 gigawatts (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.
RWE Clean Energy chief executive Andrew Flanagan 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.”
Peabody president and chief executive Jim Grech added: “Our new partnership with a globally recognised renewable energy leader represents significant added momentum in our initiatives to develop renewable projects on Peabody’s formerly mined lands.”