RWE and Peabody (BTU) announced a new partnership to strategically advance renewable energy projects by repurposing reclaimed land previously used for mining. 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 coal mining to deliver renewable energy. RWE is acquiring SPCA and Riverstone's equity interest in R3 and Peabody will retain a 25 percent equity interest.
The founding partners of R3 Renewables initiated the development of 5.5 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.
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