RIYADH: The largest private sector coal company in the world, Peabody Energy, is seeking to expand into clean energy after 139 years of coal mining.
The US-based firm will launch a joint venture with asset management firm Riverstone Credit Partners and private equity company Summit Partners Credit Advisors to establish utility-scale solar projects around coal mines that have come to a halt, Bloomberg reported, citing a statement.
Also referred to as R3 Renewables, the joint venture focuses on six sites in Indiana and Illinois in the US.
Over the next five years, R3 Renewables is expected to generate 3.3 gigawatts of solar projects and 1.6 GW of battery storage.
“The venture will create additional value from our existing assets,” Bloomberg reported, citing CEO Jim Grech.
The move will help the corporation generate new revenue sources. Nevertheless, it does not mark a strategic shift as coal will remain the firm’s primary focus.
The size of the investment in the move is yet to be disclosed.
US’s Peabody Energy seeks clean energy after 139 years of coal mining
Source: Viral Real Articles
0 Mga Komento