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.