Climate Denial Crock of the Week

Took some time this week to run down to rural Indiana in support of Solar energy, and had 2 great sessions with landowners, local officials, and developers in Sullivan, Indiana. Great questions an good people.
I view this as my most important work these days, and it’s bearing fruit.

One cool discovery I made was that one of the world’s largest coal developers, Peabody, has recognized the writing on the wall.

Cision PR Newswire:

 Peabody announced today that it has launched R3 Renewables LLC (“R3” or the “Company”), a renewable energy development company, in a joint venture with Riverstone Credit Partners (“Riverstone”) and Summit Partners Credit Advisors (“Summit Partners”). R3 Renewables will pursue the development of over 3.3 GW of solar PV and 1.6 GW of battery storage capacity over the next five years. The partnership brings together collective strengths in renewable energy project development, environmental management, extensive land holdings, permitting, and capital markets.  

Initially, R3 Renewables will be engaged in the development of six potential sites on large tracts of land on or near previous coal mining operations in Indiana and Illinois. The portfolio size and strategic site locations, each of which is in close proximity to grid injection points, offer the potential for the development of the largest solar and battery storage projects in both Indiana and Illinois. 

“We are pleased to announce this new joint venture as part of Peabody’s commitment to be the coal producer of choice, creating additional value from our existing assets, supporting our own and our customers’ ESG ambitions and providing added economic benefits for the communities in which we work and live,” said Jim Grech, President and CEO of Peabody. “Both Riverstone and Summit Partners have deep experience across energy and growth sectors, and we believe R3 will benefit from their collective perspective on renewable energy solutions.” 

Daniel Flannery, a Managing Director at Riverstone added, “We are excited to partner with Peabody and Summit Partners as we launch R3 Renewables. As one of the world’s largest private investment firms focused on energy, power, decarbonization and infrastructure, we believe we are well positioned to assist R3 Renewables to reclaim, reimagine and repower the region by pursuing these ambitious and transformative renewable energy projects.”  

Industry veteran John Jones has been appointed as Chief Executive Officer of the Company. John brings nearly 30 years of expertise in the independent power industry, including senior roles at renewable industry leaders GE EFS, Lincoln Clean Energy (now Ørsted North America Onshore) and Invenergy. 

About Peabody

Peabody (NYSE: BTU) is a leading coal producer, providing essential products for the production of affordable, reliable energy and steel. Our commitment to sustainability underpins everything we do and shapes our strategy for the future. For further information, visit PeabodyEnergy.com.

Below, I spoke recently to Peter Schubert at Indiana University about potential energy storage opportunities on abandoned coal mine sites.