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World-Leading Coal Producer Diversifies into Clean Energy
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In an attempt to generate new revenue sources, US coal giant Peabody Energy has announced it will be expanding into renewable energy. The move has been viewed with a touch of scepticism by some, following a 139-year long history dedicated to fossil fuels. However, the company has declared their firm commitment to developing over 3.3GW of solar energy and 1.6GW of battery storage over the next five years.

In partnership with Riverstone Credit Partners and Summit Partners Credit Advisors, this joint venture has been dubbed R3 Renewables LLC, and will focus on the development of six potential sites located on or near Peabody’s former coal mining operations in Indiana and Illinois. Both locations are in close proximity to electrical grid connection points making them ideal for the generation of solar energy.

Landmark strategic shift?

The new business venture comes on the heels of many years of financial struggle for the company. Plummeting sales, a bankruptcy filing in 2016, and political pressures concerning climate change have all contributed to the decision to finally take the first steps toward a cleaner energy solution.

Bloomberg Intelligence mining analyst, Andrew Cosgrove, has questioned the integrity behind the shift after Peabody Energy did not disclose how much investment was being funnelled into the project, saying “It would take a long time to turn that ship” in reference to the company’s long history with coal.

Regardless of any cynicism from critics, Peabody Energy has stated its cleaner intentions as part of their 2020 environmental, social and governance (ESG) program, promising “the development and deployment of high-efficiency, low-emissions and carbon capture, use and storage technologies, as well as other technologies, to achieve goals of substantial reductions in greenhouse gas and other emissions.”

Global push toward greener energy

With more and more investment firms turning away from the coal industry every year, along with increasingly tighter laws around pollution-causing emissions, the push is on for carbon-heavy coal plants to address urgent climate change concerns and make wholesale changes to the way they operate.

Peabody Energy is not alone in its commitment to renewable energy. Another notable foray into solar includes the collaboration of Hallador Energy and Hoosier Energy which, in June 2021, revealed their plans to develop up to 1,000MW of renewable power near a soon-to-be-retired power plant in Indiana.

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Source URL: https://ahlecsolar.com.au/2022/04/22/world-leading-coal-producer-diversifies-into-clean-energy/