RWE to acquire a majority stake in R3 Renewables from Summit and Riverstone.

RWE, a renewable energy company, agreed to acquire a majority stake in R3 Renewables from Summit and Riverstone, two investment companies. Financial terms were not disclosed. “This partnership is an exciting opportunity for RWE to invest in rural regions of Indiana and Illinois and bring strong economic development. RWE is thrilled to partner with Peabody through R3 Renewables to develop solar projects using reclaimed land on a significant scale. Solar and storage facilities are a great way to bring economic development via construction jobs, local and domestic investment, and direct community benefits and taxes as well as a contribution to energy security. RWE is excited to expand this partnership across the US and globally to ensure local communities can benefit from the economic generation of the energy transition,” Andrew Flanagan, RWE CEO Clean Energy.