Coal producer Peabody seeks to develop 3.3 GW of solar via new JV

US coal producer Peabody (NYSE:BTU) has created a joint venture with a couple of investors in order to develop more than 3.3 GW of solar photovoltaic (PV) and 1.6 GW of battery storage capacity over the next five years.

The new renewables developer is called R3 Renewables LLC and is a joint venture with Riverstone Credit Partners and Summit Partners Credit Advisors, it was announced on Tuesday.

R3 will start with the development of six projects on large tracts of land on or near previous coal mining operations in Indiana and Illinois. According to Peabody, the sites offer the potential for the development of the largest solar and battery projects in both states.

The JV will be led by CEO John Jones, who has held senior roles at sector players such as GE EFS, Lincoln Clean Energy, now Ørsted North America Onshore, and Invenergy.

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