Coal producer launches 4.9 GW renewables plan

• Peabody will go after solar as well as battery storage growth via a JV with investors Riverstone as well as Summit

Coal manufacturer Peabody has introduced R3 Renewables to seek the development of over 3300MW of solar PV and also 1600MW of battery storage capacity over the following 5 years.

R3 Renewables is a JV with Riverstone Credit Partners and also Summit Partners Credit Advisors.

The partnership brings together collective staminas in renewable energy project growth, environmental management, comprehensive land holdings, allowing, and resources markets, Peabody said.

R3 Renewables initially will be taken part in the advancement of 6 possible sites on large tracts of arrive on or near previous coal mining procedures in Indiana and Illinois.

The portfolio size and also calculated site locations, each of which is in close distance to grid shot factors, supply the potential for the advancement of the largest solar and also battery storage projects in both Indiana as well as Illinois, Peabody added.

Peabody president as well as president Jim Grech said: "We delight in to reveal this brand-new joint venture as part of Peabody's dedication to be the coal producer of selection, developing additional value from our existing assets, sustaining our very own as well as our consumers' ESG passions as well as supplying included financial benefits for the neighborhoods in which we function and live.

" Both Riverstone and also Summit Partners have deep experience across power as well as growth fields, and also our company believe R3 will certainly benefit from their cumulative point of view on renewable resource solutions."

Riverstone taking care of director Daniel Flannery added: "We are excited to companion with Peabody and Summit Partners as we release R3 Renewables.

" As one of the world's largest private investment company concentrated on energy, power, decarbonization and framework, our company believe we are well placed to help R3 Renewables to redeem, reimagine and repower the area by seeking these ambitious and transformative renewable resource projects."

Sector veteran John Jones has actually been appointed as chief executive of the new company.

He brings nearly thirty years of know-how in the independent power sector, consisting of elderly roles at sustainable sector leaders GE EFS, Lincoln Clean Energy (now Orsted North America Onshore) and Invenergy.