Simpson Thacher advised Summit Partners Credit Advisors and Riverstone Credit Partners in the sale of their equity interests in R3 Renewables LLC to (“R3”) to RWE. Financial terms of the transaction were not disclosed.
R3 is a joint venture launched in 2022 by Summit, Riverstone and Peabody that repurposes land previously used for coal mining to deliver clean, renewable energy through large-scale solar and energy storage projects. Since its founding, R3 has initiated the development of a 5.5 Gigawatt (GW) pipeline of 10 potential projects on reclaimed mining sites in Indiana and Illinoi. RWE acquired seven of the projects, and entered into a joint venture with Peabody to continue the development of the three remaining projects.
The Simpson Thacher team included Shamus Crosby, Ana Sanchez, and E.R. Rolwes (M&A), Adam Arikat, Lina Pan and Eva Gao (Tax), Jason Hwang (Banking and Credit), and Kelly Karapetyan (Antitrust).