Peabody and RWE, a renewable energy company, announced a new partnership to strategically advance renewable energy projects by repurposing reclaimed land previously used for mining. This global partnership brings together RWE’s expertise in developing and operating clean energy projects and Peabody’s land resources, particularly in the Midwest, as well as its reclamation capabilities. 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 clean, renewable energy. RWE is acquiring SPCA and Riverstone’s equity interest in R3 and Peabody will retain a 25% 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.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on BTU:
- Peabody Energy management to meet with B. Riley
- Peabody Energy put volume heavy and directionally bearish
- Radius Recycling names Marc Hathhorn as COO
- Peabody Energy call volume above normal and directionally bullish
- Peabody Energy Reports Solid Q3 2024 Performance
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
