Coal mining company Peabody announced the launch of R3 Renewables, LLC -- a new effort to develop utility-scale solar and battery storage projects.
R3 Renewables aims to stand up more than 3.3 GW of solar PV and 1.6 GW of storage capacity over the next five years. R3 is eyeing six potential sites on large tracts of land on or near previous coal mines in Indiana and Illinois.
The company added the sites “offer the potential for the development of the largest solar and battery storage projects” in both states.
R3 Renewables is a joint venture which also includes Riverstone Credit Partners and Summit Partners Credit Advisors. John Jones, a 30-year veteran who has previously held senior roles at Ørsted and Invenergy, was named CEO.
Peabody isn’t the first coal mining company to expand into solar. In June 2021 Hallador Energy Co. said it planned to develop up to 1,000 MW of renewable power near the Merom Coal Generation Station in Sullivan, Indiana. Hoosier Energy expects to retire the plant in May 2023.
Under the plan, Hallador would initially develop about 200 MW from solar and battery storage through power purchase agreements (PPAs) with Hoosier Energy in 2025.
