Two major investor groups have joined to invest in green energy and help companies put it into their plans.
- Miami-based investor group Starwood Capital Group and New York City-based Related Companies are venturing into clean energy, launching a new joint venture called Radial Power.
- “Radial Power will seek to deliver best-in-class portfolio-wide distributed clean energy solutions to large real estate asset owners while unlocking revenues from under-utilized real estate, delivering cost savings, and helping to facilitate North America’s energy transition,” says the press release.
- “Radial Power is a joint venture comprising investment affiliates of energyRe and Starwood Energy, respectively, the large-scale energy affiliates of the Related Companies … two of the most innovative real estate investment companies in the United States.”
- The company will sell clean energy assets like batteries, solar panels, and charging stations to property owners and developers.
- Related and Starwood collectively own more than 102,000 homes and units, and plan to market products to properties and the general public as well.
Why it’s news
As we previously reported, the signing of the Inflation Reduction Act created a major incentive for green energy companies to start making major progress toward President Joe Biden’s goal of net zero carbon emissions by 2050.
Green energy investments have skyrocketed in the past month, as more individual homes have embraced installing solar panels while major companies expand their offerings and explore net zero solutions.
“Nearly every sector of the global economy is striving to cut planet-warming emissions from their operations, and the recently passed Inflation Reduction Act should accelerate that push,” says Bloomberg.
“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,” energyRe chief executive Miguel Prado said.
“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,” says the press release.
“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. 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,” says energyRe founding partner Jeff Blau.