MAYER BROWN ADVISES RWE ON PARTNERSHIP WITH PEABODY FOR RENEWABLE ENERGY PROJECTS
Mayer Brown represented RWE, a leading renewable energy company, in its new partnership with Peabody (NYSE: BTU) to strategically advance renewable energy projects by repurposing reclaimed land previously used for mining. The transaction leverages RWE’s extensive expertise in developing and operating clean energy projects and Peabody’s significant land resources, particularly in the Midwest, along with its industry-leading reclamation capabilities.
R3 Renewables, founded by Peabody in collaboration with Summit Partners Credit Advisors and Riverstone Credit Partners, focuses on transforming former coal mining sites into hubs for clean, renewable energy. The transaction involves the acquisition by RWE of a majority interest in the R3 Renewables LLC ownership group, with Peabody retaining a 25% equity interest and Summit and Riverstone exiting R3. R3 had initiated the development of a 5.5 gigawatt pipeline of 10 potential projects on reclaimed mining sites in Indiana and Illinois. RWE has also acquired seven of these projects from R3, and in joint venture with Peabody will continue to develop the three remaining projects.
The Mayer Brown team comprised of partners John R. R. Tormey, Vinita Sithapathy, Debra B. Hoffman, Michelle M. Jewett, Karen Kim, Daniel T. Kiely, and Isaac L. Maron; senior counsel Kevin L. Shaw; counsel Kim A. Leffert; and associates Emanuil A. Stoichev, Brian E. Saleeby, Ashleigh D. Carr, Grant G. Uhler, and Emily M. Gleichert in the firm’s Washington DC, New York, Houston, and Chicago offices.
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