RWE, a leading renewable energy company, has partnered with Peabody, a mining giant, to repurpose reclaimed mine lands into renewable energy projects.
RWE has acquired a majority stake in R3 Renewables, taking over stakes from Summit Partners Credit Advisors and Riverstone Credit Partners.
Peabody retains a 25 percent equity interest in R3.
The partnership targets large-scale solar and energy storage projects across reclaimed mining sites in Indiana and Illinois, with RWE taking on seven projects and co-developing three with Peabody.
The joint venture plans to deliver up to 5.5 GW of renewable energy across 10 projects, potentially powering over 850,000 homes.
RWE CEO Andrew Flanagan highlighted the partnership’s potential to foster economic development and energy security through solar projects.
Peabody CEO Jim Grech emphasized Peabody’s commitment to sustainability and community revitalization.
R3 Chairman Patrick Forkin praised the collaboration for aligning with Peabody’s mission of creating value from reclaimed lands.
This partnership underscores a significant shift towards sustainable energy, repurposing previously mined lands for renewable projects, and strengthening local communities.