RWE will take over seven of solar and energy storage projects. Credit: RWE.

German energy group RWE has agreed to acquire a majority stake in R3 Renewables, a joint venture (JV) of US coal miner Peabody Energy.

RWE will acquire the interest in the JV from Peabody Energy’s partners Summit Partners Credit Advisors (SPCA) and Riverstone Credit Partners, for an undisclosed sum.

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The JV aims to repurpose land from former Peabody coal mines to develop clean, renewable energy projects.

Peabody is one of the founding partners of R3 Renewables and will hold a 25% stake in the venture.

R3 aims to convert former coal mining sites into clean, renewable energy projects.

Peabody president and CEO Jim Grech stated: “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.”

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The JV founding partners commenced the development of 5.5GW pipeline of ten potential projects on reclaimed mining sites in Indiana and Illinois.

RWE will take over seven of the projects and sign a joint venture with Peabody to continue with the development of the remaining three. 

These projects have the potential to deliver green energy for more than 850,000 homes across the Midcontinent Independent System Operator (MISO) region.

RWE clean energy CEO Andrew Flanagan stated: “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. Solar and storage facilities are a great way to bring economic development via construction jobs, local and domestic investment, and direct community benefits and taxes as well as a contribution to energy security.

“RWE is excited to expand this partnership across the US and globally to ensure local communities can benefit from the economic generation of the energy transition.”