Peabody, Riverstone and Summit Partners completed a joint venture to form R3 Renewables.

Coal producer Peabody, and private equity firms Riverstone and Summit Partners, completed a joint venture to form R3 Renewables, a renewable energy development company. Financial terms were not disclosed. "We are pleased to announce this new joint venture as part of Peabody's commitment to be the coal producer of choice, creating additional value from our existing assets, supporting our own and our customers' ESG ambitions and providing added economic benefits for the communities in which we work and live. Both Riverstone and Summit Partners have deep experience across energy and growth sectors, and we believe R3 will benefit from their collective perspective on renewable energy solutions," Jim Grech, Peabody President and CEO.