Radial Power Announces 22.3 MW Community Solar Acquisition from Galehead Development

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Aug 07, 2024, 09:00 ET

NEW YORK, Aug. 7, 2024 /PRNewswire/ -- Radial Power today announced the acquisition of four community solar projects totaling 22.3 megawatts (MW) from Galehead Development ("Galehead"). The projects are located in the state of New York and are qualified for the Value of Distributed Energy Resources ("VDER") program. Following the closing of each transaction, Radial Power will oversee the final development and construction of the projects.

The VDER program is a key component of New York's transition to a more sustainable and resilient energy system. The transaction underscores both Radial Power's and Galehead's commitments to advancing renewable energy and supporting the state's clean energy goals. Galehead developed these projects while working closely with local community members and National Grid to achieve approvals and establish long-term cost-saving benefits to local customers, communities, and utilities.

Galehead owns and will continue to manage the land assets for 14 MWs of the portfolio under its Century LandCo. Galehead and Radial Powers framework agreement includes an incremental 18.3 MW of VDER community solar capacity anticipated to close before year end.

"This transaction highlights our shared dedication to providing thoughtful siting, real estate financing and development solutions to meet ambitious renewable energy targets. We are thrilled to collaborate with Radial Power on the successful commercialization of this portfolio" said Galehead CEO Matt Marino.

"Radial Power is proud to advance New York's energy transition with this portfolio of reliable, emissions-free solar power projects," said Radial Power CEO John Bates. "This exciting collaboration with Galehead represents our commitment to delivering clean energy solutions to our customers that support renewable energy targets and help decarbonize our built environment."

About Galehead Development, LLC
Galehead is the leading upstream development platform for planning, managing and delivering renewable generation resources and low carbon infrastructure. Galehead is powered by its proprietary LandCommand^® software with a proven track record for reducing project development risk, costs and timelines. Since 2016 Galehead has successfully developed and monetized 7 GW of solar PV, wind and co-located storage projects and is actively developing new greenfield projects and LandCommand^® applications with its network of downstream partners across the U.S. The company has 63 full-time employees and is headquartered in Boston, MA. More information on Galehead is available at www.galeheaddev.com.

About Radial Power
Radial Power is a privately-owned, developer-owner-operator of distributed clean energy assets across large real estate portfolios. Founded in 2022, Radial Power assists owners of large real estate portfolios develop programs across multiple U.S. 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 commercial & industrial solutions, including developing, owning, and operating photovoltaic solar, BESS, and EV charging solutions. Radial Power has offices in Houston and New York. For more information, visit www.radialpower.com

SOURCE Radial Power