08:44 AM EST, 11/21/2024 (MT Newswires) -- Peabody Energy ( BTU ) and renewable energy firm RWE said Thursday that they are partnering to develop solar and energy storage projects on land previously used for mining.

The companies said RWE is acquiring a majority stake in the R3 Renewables ownership group, a joint venture launched by Peabody, Summit Partners Credit Advisors and Riverstone Credit Partners.

They said RWE will acquire the equity interest of SPCA and Riverstone in R3, while Peabody will retain a 25% stake.

The partnership's projects will have a combined capacity of more than 5.5 gigawatts of solar energy and battery storage across Illinois and Indiana, the companies said.