Initially, 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. According to the company, the portfolio size and strategic site locations, each of which is in close proximity to grid injection points, offer the potential for the development of the largest solar and battery storage projects in both Indiana and Illinois.

Riverstone is a global investment platform focused on executing and credit investments across the energy, power, decarbonization and infrastructure ecosystem. Riverstone has raised $43 billion of capital since inception in 2000. Summit Partners is a global alternative investment firm that is currently managing more than $42 billion across growth sectors of the economy and has invested in more than 550 companies in technology, healthcare and other growth industries.