PEABODY TO FOCUS ON DEVELOPING UTILITY-SCALE SOLAR PV AND BATTERY STORAGE PROJECTS LOCATED ON PREVIOUSLY MINED COAL PROPERTIES
Peabody announced today that it has launched R3 Renewables LLC ("R3" or the "Company"), a renewable energy development company, in a joint venture with Riverstone Credit Partners ("Riverstone") and Summit Partners Credit Advisors ("Summit Partners"). R3 Renewables will pursue the development of over 3.3 GW of solar PV and 1.6 GW of battery storage capacity over the next five years. The partnership brings together collective strengths in renewable energy project development, environmental management, extensive land holdings, permitting, and capital markets.
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 Jim Grech, President and CEO of Peabody. "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."
Daniel Flannery, a Managing Director at Riverstone added, "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."
Industry veteran John Jones has been appointed as Chief Executive Officer of the Company. John brings nearly 30 years of expertise in the independent power industry, including senior roles at renewable industry leaders GE EFS, Lincoln Clean Energy (now Ørsted North America Onshore) and Invenergy. For further information visit: R3renewables.com
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 Riverstone Holdings
Riverstone is a global, leading investment platform focused on executing and credit investments across the energy, power, decarbonization and infrastructure ecosystem. Riverstone has raised $43 billion of capital since inception in 2000 across four investment platforms including Decarbonization ("Decarb'), Global Energy & Power ("GEP"), Riverstone Credit Partners and Latin America. Riverstone's Decarb franchise has cumulatively invested $8 billion of capital targeting energy transition technology, renewable energy, and decarbonization solutions including investments in Pattern Energy and Enviva.
About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more the $42 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 550 companies in technology, healthcare and other growth industries. Summit maintains offices in North America and Europe and invests in companies around the world. For more information, please visit www.summitpartners.com.
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