Starwood, Related’s EnergyRe Launch Green Real Estate Venture
Private investment firm Starwood Capital Group and an affiliate of developer Related Companies have teamed up to start a venture that will sell clean energy products to big real estate owners. Radial Power will install solar panels, battery storage and electric vehicle charging stations to help large property owners hit their climate and clean energy goals, according to a news release. Starwood’s investment in Radial was made through its energy business, Starwood Energy Group. Related is investing through its affiliate, energyRe, an independent company formed by Related principals. Related owns more than 55,000 homes and Starwood has over 47,000 units. Radial would market its products to these properties as well as in the general market.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. “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.