R3 Renewables Launches as Peabody, Riverstone, Summit Solar Investment Joint Venture

Peabody has launched R3 Renewables LLC, a renewable vitality growth firm, in a three way partnership with Riverstone Credit score Companions and Summit Companions Credit score Advisors. R3 Renewables will pursue the event of over 3.3 GW of photo voltaic PV and 1.6 GW of battery storage capability over the subsequent 5 years.

Initially, R3 Renewables might be engaged within the growth of six potential websites on giant tracts of land on or close to earlier coal mining operations in Indiana and Illinois. The portfolio measurement and strategic website areas, every of which is in shut proximity to grid injection factors, supply the potential for the event of the biggest photo voltaic and battery storage initiatives in each Indiana and Illinois.

John Jones has been appointed as CEO. John brings practically 30 years of experience within the impartial energy trade, together with senior roles at renewable trade leaders GE EFS, Lincoln Clear Power (now Ørsted North America Onshore) and Invenergy.

“We’re happy to announce this new three way partnership as a part of Peabody’s dedication to be the coal producer of selection, creating extra worth from our present property, supporting our personal and our clients’ ESG ambitions and offering added financial advantages for the communities during which we work and stay,” says Jim Grech, president and CEO of Peabody. “Each Riverstone and Summit Companions have deep expertise throughout vitality and progress sectors, and we consider R3 will profit from their collective perspective on renewable vitality options.”

“We’re excited to companion with Peabody and Summit Companions as we launch R3 Renewables,” states Daniel Flannery, a managing director at Riverstone. “As one of many world’s largest personal funding companies targeted on vitality, energy, decarbonization and infrastructure, we consider we’re properly positioned to help R3 Renewables to reclaim, reimagine and repower the area by pursuing these formidable and transformative renewable vitality initiatives.”

Picture: Photograph by Jadon Kelly on Unsplash