Mining giant Peabody enters solar, eyes 4.9GW of solar and storage in next five years

Facebook
Twitter
LinkedIn
Reddit
Email
Coal is playing less of a role in US electricity production each year, with its share dropping 10% over the past six years. Image: Artyom Korshunov

Global mining giant Peabody Energy has entered the solar industry by launching R3 Renewables, a renewable energy company aiming to deploy over 3.3GW of solar PV and 1.6GW of battery storage capacity over the next five years.

Peabody, which filed for bankruptcy for its US operations in 2016 after being unable to service more than US$10 billion in debt, has created R3 Renewables as a joint venture (JV) with Riverstone Credit Partners and Summit Partners Credit Advisors.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

The news comes at a period when coal’s share of the US power mix continues to decline, with renewable generation expected to surpass it this year. Since 2016, coal-derived electricity generation in the US has dropped from 30.4% of electricity generation to around 22% today, according to data from the US Energy Information Administration (EIA).  

At first, R3 Renewables will look to develop six solar sites on land near or on its previous coal mining operations in Indiana and Illinois, which are located close to grid connections.  

“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,” said Peabody.  

John Jones has been appointed as CEO of R3 Renewables and brings nearly 30 years of experience in the independent power industry, including senior roles at renewable industry leaders GE EFS, Lincoln Clean Energy (now Ørsted North America Onshore) and Invenergy.

Peabody CEO and president Jim Grech said the Saint-Louis, Missouri headquartered company wanted to be “the coal producer of choice”.   

7 October 2025
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 7-8 October 2025 is our third PV CellTech conference dedicated to the U.S. manufacturing sector. The events in 2023 and 2024 were a sell out success and 2025 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
21 October 2025
New York, USA
Returning for its 12th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.
16 June 2026
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 16-17 June 2026, will be our fifth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2027 and beyond.

Read Next

September 9, 2025
Nautilus and Summit Ridge Energy secured major financing deals to expand community solar projects across multiple US states.
September 9, 2025
The US is forecast to reach between US$55-60 billion in clean energy tax credit monetisation in 2025, according to a report from clean energy financing technology platform Crux.
September 9, 2025
The US Solar Energy Industries Association (SEIA) has released a policy blueprint which it claims would “strengthen the reliability of America’s electric grid with solar and storage technologies.”
September 9, 2025
US solar tracker manufacturer Nextracker has acquired Origami Solar, a steel frame technology-focused company, for approximately US$53 million. 
September 9, 2025
Leading solar industry professionals discussed the importance of US solar PV manufacturing at the RE+ trade show in Las Vegas, US.
September 9, 2025
Australia's National Electricity Market (NEM) broke records yesterday when renewables supplied 76.4% of total electricity demand, with solar power contributing nearly 60% of the record-breaking clean energy mix.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines