Company, which went through bankruptcy proceedings in 2016-17 and is struggling with declining share of coal in US power generation, launches R3 Renewables LLC with Riverstone Credit Partners and Summit Partners Credit Advisors to develop solar power and 1.6 GW of battery storage. capacity.
The joint venture will develop six possible sites located on the mining company’s former coal operations in Indiana and Illinois, both near power grid connection points.
Jim Grech, chairman of Peabody, said the partnership allows the company to create “additional value from our existing assets” and support “our own ESG ambitions and those of our customers.”
Peabody filed for bankruptcy protection in April 2016 after a sharp drop in coal prices prevented it from repaying its roughly $10.1 billion debt. It emerged from bankruptcy in 2017.
In 2020, Peabody and Arch Coal pulled out of a proposed joint venture in Wyoming after the U.S. Federal Trade Commission filed a lawsuit to block it.
Riverstone chief executive Daniel Flannery said R3, which will be led by renewable energy veteran John Jones, will “recover, reinvent and re-power the region” with future renewable energy projects.