Renewables company RWE is acquiring a majority interest in R3 Renewables LLC to focus on the development of large-scale solar and energy storage projects on reclaimed lands. (Source: Shutterstock)
Renewables company RWE is acquiring a majority interest in R3 Renewables LLC, a business repurposing land previously used for mining to advance clean energy projects, according to a Nov. 21 press release.
The deal will focus on the development of large-scale solar and energy storage projects on reclaimed lands.
R3 is in the process of developing a 5.5-gigawatt pipeline of 10 potential renewable projects on reclaimed mining sites in Indiana and Illinois.
RWE said it will acquire seven of the projects and enter into a joint venture with Peabody to continue development of the three remaining projects.
The projects could potentially generate enough electricity to power the equivalent of more than 850,000 homes across the midcontinent, Peabody said.
The company is acquiring R3 Founders Summit Partners Credit Advisors and Riverstone Credit Partners’ interest. R3’s Founding Partner Peabody will retain a 25% equity interest, the company said in the release.
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