A number one U.S. coal producer is partnering with a serious developer of renewable power initiatives to place photo voltaic power and battery storage installations on reclaimed mine lands in Illinois and Indiana.
Peabody Power, headquartered in St. Louis, Missouri, and RWE on Nov. 21 introduced a collaboration that can “put money into the agricultural components of the U.S. heartland and remodel the websites into clear power hubs.” The businesses on Thursday mentioned Germany-headquartered RWE is buying a majority curiosity within the R3 Renewables LLC possession group alongside founding accomplice Peabody. R3 is a three way partnership (JV) launched by Peabody, Summit Companions Credit score Advisors (SPCA) and Riverstone Credit score Companions in 2022. The JV repurposes land beforehand used for coal mining to develop renewable power initiatives.
Hanson Wooden, senior vice chairman of growth at RWE, informed POWER, “Peabody and RWE are dedicated to collectively exploring the event of photo voltaic and storage throughout Peabody’s international fleet of reclaimed mine lands.”
RWE is buying SPCA and Riverstone’s fairness curiosity in R3 and Peabody will retain a 25% fairness curiosity. The teams mentioned the initiative expects to put in greater than 5.5 GW of photo voltaic power and battery storage capability throughout 10 potential initiatives. RWE mentioned it would purchase seven of the initiatives, and enter right into a JV with Peabody to proceed growth of the three remaining initiatives.
“This partnership is an thrilling alternative for RWE to put money into rural areas of Indiana and Illinois and produce robust financial growth,” mentioned Andrew Flanagan, CEO of RWE Clear Power. “RWE is thrilled to accomplice with Peabody by R3 Renewables to develop photo voltaic initiatives utilizing reclaimed land on a big scale. Photo voltaic and storage services are an effective way to deliver financial growth through development jobs, native and home funding, and direct group advantages and taxes in addition to a contribution to power safety. RWE is worked up to develop this partnership throughout the U.S. and globally to make sure native communities can profit from the financial technology of the power transition.”
The teams mentioned the initiative advances renewable power growth within the Midcontinent Impartial System Operator (MISO) area, and in addition promotes financial growth by creating native jobs and growing tax revenues for close by communities. Officers emphasised that the initiatives keep present agricultural lands.
Jim Grech, Peabody president and CEO, mentioned, “Our new partnership with a globally acknowledged renewable power chief represents important added momentum in our initiatives to develop renewable initiatives on Peabody’s previously mined lands. Peabody is dedicated to advancing environmental sustainability, creating further worth from our belongings, and offering added financial advantages for the communities by which we work and stay.”
R3 has a number of initiatives below growth in southern Indiana and southern Illinois, the place coal has been mined for the reason that mid-1800s. The Nature Conservancy, a worldwide nonprofit environmental orgainization, earlier this yr revealed “Mining the Solar,” a report that gives steering and coverage suggestions for renewable power initiatives on brownfield websites, together with former mines and industrial websites.
The report mentioned about 500 wind and photo voltaic initiatives, most of them small installations, are sited on brownfields throughout the U.S. The report provides evaluation of renewable power growth potential in Illinois and Indiana in addition to Ohio, Kentucky, Nevada, North Dakota, West Virginia, Wyoming, and Virginia.
Patrick Forkin, Peabody chief growth officer and chairman of R3, mentioned, “We’re grateful to Riverstone and Summit for his or her partnership in aiding us in launching this three way partnership. Championing the event of utility-scale photo voltaic and storage initiatives on reclaimed land beforehand utilized by our coal mining operations is according to our mission and useful for all our stakeholders.”
—Darrell Proctor is a senior editor for POWER (@POWERmagazine).
