Bailey & Glasser, LLP is representing and collaborating with clients Riverstone Credit Partners and Summit Partners Credit Advisors as they launch R3 Renewables, a joint venture with Peabody to develop new solar energy projects in Illinois and Indiana. The joint venture will pursue the development of more than 3.3 GW of solar photovoltaic and 1.6 GW of battery storage capacity over the next five years.
R3 Renewables will be engaged in the development of six potential sites on large tracts of land on, or near, previous coal mining operations in Indiana and Illinois. The portfolio size and strategic site locations, each of which is in close proximity to grid injection points, offers the potential for the development of the largest solar and battery storage projects in those states.
“I am proud of the work that Bailey Glasser did to help bring this innovative partnership to fruition,” said Jonathan Deem, a partner with Bailey Glasser who worked on this matter. “Peabody, Riverstone and Summit should be commended for taking bold action on renewables. We believe this new joint venture is poised to make history helping to form a more sustainable and reliable energy future.”
Bailey Glasser lawyers worked closely with a team of lawyers from Simpson Thacher & Bartlett LLP on the R3 Renewables transaction.