The Paloma Ridge solar project will offset
more than 3,400 metric tons of CO2 annually—the equivalent of
taking 775 gasoline cars off the road every year
AUSTIN,
Texas, Sept. 11, 2023 /PRNewswire/ -- Radial
Power, an emerging leader in distributed clean energy solutions,
today announced the successful installation and commissioning of
the Paloma Ridge solar project in Austin,
Texas. This innovative project, comprising both rooftop
solar and carport solar, marks a significant step towards
sustainable energy solutions for the region. Paloma Ridge is
the largest solar project connected to Austin Energy, participating
in Austin Energy's "Value of Solar" and performance-based incentive
programs.
Developed as part of Radial Power's commitment to decreasing the
carbon footprints of large-scale real estate portfolios, the 3.35
MWdc Paloma Ridge solar project demonstrates the potential of solar
power generation in the region. The office park, owned by an
affiliate of Starwood Capital Group, is now equipped with
cutting-edge solar technology that supports environmental
conservation and enhances the property's value and functionality.
The Paloma Ridge solar project will offset more than 3,400 metric
tons of CO2 annually—the equivalent of taking 775 gasoline cars off
the road every year.
"We are proud to have successfully completed the Paloma
Ridge solar project, which stands as a testament to our commitment
to driving positive change through renewable energy," said
John Bates, CEO of Radial
Power. "This remarkable solar initiative not only contributes
to Austin Energy's efforts to harness clean energy but also aligns
with our vision of a sustainable future. We commend Starwood
Capital Group for their support and vision in making this project a
reality. This is only the beginning for Radial Power and we will
shortly be onsite at 15 properties installing similar projects for
four different portfolio clients in markets across the United States."
"We are thrilled with the substantial property enhancements that
the solar project brings to Paloma Ridge," said Mauricio Serna, Starwood Capital Group's Head of
ESG. "Embracing renewable energy aligns with our sustainability
goals and provides the property with a lower cost of power and
shaded parking, offering a more comfortable tenant environment
during Texas' summers."
Radial Power's successful completion of the Paloma Ridge solar
project is a powerful proof point for sustainable development and
renewable energy integration. Radial Power has tailored an
extension of the multi-year, multi-solution program to the unique
needs of Starwood Capital, going beyond short-term solutions, and
thus providing long-term value and benefits towards SCG's climate
and commercial goals.
About Radial Power:
Radial Power is a privately-owned, developer-owner-operator of
distributed clean energy assets across large real estate
portfolios. Radial Power is jointly owned by investment affiliates
of energyRe and Lotus Infrastructure Partners. Founded in 2022,
Radial Power is led by an experienced management team with decades
of cumulative industry experience in growing and building
sustainable, profitable solar, BESS, EV and clean energy
financing businesses. Radial Power assists 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 provides 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
EV charging solutions across utility service territories in the
continental United States. Radial
Power leverages 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. 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.
Radial Power has offices in Houston and New
York. For more information, visit
www.radialpower.com
About Starwood Capital Group
Starwood Capital Group is a private investment firm with a core
focus on global real estate. The Firm and its affiliates maintain
16 offices in seven countries around the world, and currently have
5,000+ employees. Since its inception in 1991, Starwood Capital
Group has raised over $75 billion of
capital, and currently has ~$115
billion of assets under management. Through a series of
investment 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 $94
billion of capital since inception and manages a portfolio
of over $28 billion across debt and
equity investments. Over the past 31 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 Radial Power