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Property giants Starwood Capital Group and Related Cos. have joined forces to create a new endeavor to sell clean energy products to other large real estate owners.
Through the companies' energy subsidiaries — Starwood Energy and EnergyRe — the two firms launched a new venture dubbed Radial Power to sell solar panel installations, electric vehicle charging stations and battery storage to property owners, the companies announced Wednesday.
"In a world increasingly focused on sustainability, Radial Power will offer tailored solutions to help meet the ESG objectives of numerous customers," Himanshu Saxena, the CEO of Starwood Energy, said in a statement.
Related and Starwood combined own more than $175B worth of real estate in the U.S. across more than 2,000 properties, including 102,000 affordable housing units, they said in a release. They intend to be Radial's "foundational customers."
The venture is going big, targeting owners with portfolios of 1,000 or more assets, it said in the release. Its business model is owning the panels, charging stations and battery storage units, installing them and maintaining them for a fee.
The market for EV charging is set to get a huge federal injection of funding, and the biggest gap in the nation's charging network is residential properties, Bisnow previously reported. The Inflation Reduction Act, signed into law by President Joe Biden this summer, devotes billions of dollars in EV funding, including tax breaks for business owners installing chargers.
"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," Radial Power CEO John Bates said in a statement. "Radial Power seeks to access this enormous market opportunity and to deliver significant economic and environmental value to stakeholders across the board."
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