Coal company Peabody and renewable energy developer RWE have announced a new partnership to repurpose reclaimed land previously used for coal mines into solar facilities.
Peabody will supply its significant land resources and land reclamation services, while RWE will develop up to 5.5 GW of solar assets, or roughly the equivalent power demand of 850,000 homes. The plan calls for 10 potential projects across Illinois and Indiana.
The two are forming a joint venture called R3. Peabody will retain 25% stake in the company. RWE is purchasing the remaining stake from the founding groups Summit Partners Credit Advisors and Riverstone Credit Partners.
“Our new partnership with a globally recognized renewable energy leader represents significant added momentum in our initiatives to develop renewable projects on Peabody’s formerly mined lands,” said Jim Grech, president and chief executive officer, Peabody. “Peabody is committed to advancing environmental sustainability, creating additional value from our assets, and providing added economic benefits for the communities in which we work and live.”
RWE said the projects will advance development of renewables in the Midcontinent Independent System Operator (MISO) region, while promoting jobs and producing tax revenues for local communities. The company said that the projects maintain existing agricultural lands, avoiding development in these areas.
“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,” said Andrew Flanagan, chief executive officer, RWE Clean Energy.
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