Radial Power is a joint venture comprised of
investment affiliates of energyRe and Starwood Energy, the
large-scale energy affiliates of the Related Companies and of
Starwood Capital Group respectively
HOUSTON and NEW
YORK, Sept. 21, 2022 /PRNewswire/ -- Starwood
Energy Group Global, LLC ("Starwood Energy"), and energyRe LLC
("energyRe"), today announced the launch of Radial Power, LLC
("Radial Power"). Radial Power will seek to deliver best-in-class
portfolio-wide distributed clean energy solutions to large real
estate and C&I asset owners, while unlocking revenues from
underutilized real estate, delivering cost savings, and helping to
facilitate North America's energy
transition.
Radial Power is a joint venture comprising investment affiliates
of energyRe and Starwood Energy, respectively, the large-scale
energy affiliates of the Related Companies ("Related" and Starwood
Capital Group ("Starwood Capital") —two of the most innovative real
estate investment companies in the United
States. Investment affiliates of energyRe and Starwood
Energy will be the direct investors in Radial Power. Starwood
Capital and the Related Companies, which combined have
approximately 2,000 assets across all real estate asset classes in
more than 45 states valued in excess of $175
billion, anticipate becoming Radial Power's foundational
customers for Radial Power's asset and regional specific
solutions.
Related and Starwood Capital rank among the largest owners,
developers and preservationists of affordable and workforce housing
in the country. Related Companies own more than 55,000 affordable
residences in cities across America, and Starwood Capital's
portfolio surpasses 47,000 units. Radial Power will seek to bring
clean energy solutions and programming to residences within these
extensive affordable housing portfolios and to enhance community
health, resiliency and sustainability.
"We are delighted to announce the launch of Radial Power, in
partnership with the management team and energyRe," said
Barry Sternlicht, Chairman of
both Starwood Energy and of Starwood Capital Group. "Radial
Power's mission complements Starwood Capital's energy transition
efforts, affirms our commitment to best-in-class environmental,
social and governance performance across our funds and assets, and
supports Starwood Capital's pledge to continue to deliver value for
our investors for decades to come."
"As the United States sets an ambitious pace for the nation's
energy goals, Radial Power's mission to advance innovative,
state-of-the-art clean energy solutions is more urgent than ever,"
said Jeff Blau, Chairman and
Founding Partner of energyRe and CEO of the Related Companies.
"We are proud to partner with Starwood Energy to build a platform
like Radial Power that will deliver on our shared long-term
dedication to sustainability and a reliable energy transition
across our assets."
"We are delighted to launch Radial Power and to offer a unique
platform to the marketplace," said Himanshu Saxena, CEO of Starwood Energy.
"Radial Power's world-class team will work with Starwood Capital,
Related Companies and other real estate owners to offer
decarbonization solutions, including solar, EV charging,
distributed storage and combined heat and power solutions. In a
world increasingly focused on sustainability, Radial Power will
offer tailored solutions to help meet the ESG objectives of
numerous customers."
"energyRe is committed to a renewable, reliable, and responsible
energy transition—and that is exactly what Radial Power will bring
to market," said Miguel Prado,
CEO of energyRe. "As portfolio owners seek to reduce their
environmental footprints, Radial Power's comprehensive clean energy
solutions and programming will be critical to meeting those timely
ESG and sustainability objectives. The Inflation Reduction Act is a
paradigm shift in our country's approach to the energy
transition—and energyRe is ready to build on that momentum and
bring our decades of expertise and industry leadership to the fight
for a more resilient future."
Radial Power will assist owners of large real estate portfolios
in developing programs across multiple state and utility regulatory
jurisdictions to achieve their ESG, climate, and renewable energy
objectives. Radial Power seeks to provide its partners and
customers with both asset and portfolio-level, turn-key integrated
C&I solutions, including developing, owning, and operating
photovoltaic solar, battery energy storage solutions ("BESS"), and
electric vehicle ("EV") charging solutions across utility service
territories in the continental United
States. Radial Power's goals include leveraging its codified
set of proprietary tools and processes to design and deliver a
fully financed deployment plan for portfolios with 1,000+ assets of
various classes within 45 days from initial contact.
Radial Power's ongoing ownership of its solar, BESS, and EV
charging assets will support the company's delivery of superior
customer service, including hassle-free construction, operations
and maintenance, and regular portfolio reviews to unlock additional
value-added solutions as technology costs decline, and regulatory
incentives make new distributed energy solutions ever more viable
over time.
"The increasing cost competitiveness of clean energy
technologies, maturing regulatory frameworks, and local, state, and
federal incentives serve as tailwinds for adoptions of clean energy
solutions," said John Bates, CEO
of Radial Power. "Radial Power seeks to access this enormous
market opportunity and to deliver significant economic and
environmental value to stakeholders across the board."
Radial Power is led by an experienced management team with 60
years of cumulative and relevant industry experience for developing
and building sustainable and profitable solar, BESS, EV, and clean
energy financing assets and businesses.
About Radial Power
Radial Power is a privately-owned, developer-owner-operator of
distributed clean energy assets across large real estate
portfolios, based in Houston
Texas. Radial Power is a jointly owned by investment
affiliates of energyRe and of Starwood Energy. For more
information, visit www.radialpower.com
About energyRe
energyRe, LLC is a leading independent clean energy company with
offices in New York and
Houston, focused on solving
complex challenges and providing clean energy solutions. The
executive management team has developed and built more than 8,800
MW of wind, solar and storage facilities in the United States, Canada, and Mexico. energyRe's founding
investors include principals of Related Companies, one of the
nation's most prominent privately-owned real estate firms and one
of the country's largest creators and preservationists of
affordable housing. energyRe is guided by the values of
community engagement, government partnership, and a demonstrated
commitment to sustainability. For more information about energyRe,
visit www.energyre.com
About Related Companies
Related Companies is a global real estate and lifestyle company
defined by innovation and one of the most prominent privately-owned
real estate firms in the United
States. Formed 50 years ago, Related is one of the largest
private owners and preservationists of affordable housing in the
U.S. and a fully integrated, highly diversified industry leader
with experience in virtually every aspect of development,
acquisition, management, finance, marketing, and sales.
Headquartered in New York City,
Related has offices and major developments in Boston, Chicago, Los
Angeles, San Francisco,
West Palm Beach, Miami, Washington,
D.C., Abu Dhabi and
London, and boasts a team of
approximately 4,000 professionals. With over $60 billion in assets owned or under development,
including the 28-acre Hudson Yards neighborhood on Manhattan's West Side, The Square in
Downtown West Palm Beach, The
Grand LA and Related Santa Clara in California and The 78 in Chicago, Related was named to Fast Company
Magazine's list of the 50 Most Innovative Companies in the World.
For more information about Related, please visit
www.related.com.
About Starwood Energy Group
Starwood Energy is a private equity investment firm based in
Greenwich, Conn., that specializes
in energy infrastructure investments. Through its existing general
opportunity funds and affiliated investment vehicles, Starwood
Energy has raised in excess of $3
billion of equity capital and has executed transactions
totaling more than $8 billion in
enterprise value. For more information, please visit
www.starwoodenergygroup.com
About Starwood Capital Group
Starwood Capital Group is a private investment firm with a core
focus on global real estate, energy infrastructure and oil &
gas. The Firm and its affiliates maintain 16 offices in seven
countries around the world, and currently have approximately 4,500
employees. Since its inception in 1991, Starwood Capital Group has
raised over $70 billion of capital,
and currently has over $120 billion
of assets under management. Through a series of comingled
opportunity funds and Starwood Real Estate Income Trust, Inc.
(SREIT), a non-listed REIT, the Firm has invested in virtually
every category of real estate on a global basis, opportunistically
shifting asset classes, geographies and positions in the capital
stack as it perceives risk/reward dynamics to be evolving. Starwood
Capital also manages Starwood Property Trust (NYSE: STWD), the
largest commercial mortgage real estate investment trust in
the United States, which has
successfully deployed over $91
billion of capital since inception and manages a portfolio
of $27 billion across debt and equity
investments. Over the past 30 years, Starwood Capital Group and its
affiliates have successfully executed an investment strategy that
involves building enterprises in both the private and public
markets. Additional information can be found at
starwoodcapital.com.
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SOURCE energyRe