RADIAL POWER ANNOUNCES 4.6 MWdc KELSO DRIVE SOLAR PROJECT TO EXPAND RENEWABLE ENERGY ACCESS AND SUSTAINABILITY SOLUTIONS IN BALTIMORE

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Nov 02, 2023, 14:57 ET

Project will offset more than 4,110 metric tons of CO2 annually—the equivalent of taking 915 gasoline cars off the road every year

BALTIMORE , Nov. 2, 2023 /PRNewswire/ -- Radial Power today announced the Kelso Drive solar project, a 4.6MWdc multimodal solar system installation for Marshfield Business Park in Baltimore. As part of the Maryland Community Solar Program, Radial Power's Kelso Drive solar project will play a crucial role in expanding access to clean energy for local residents and businesses. The project's comprehensive design includes the integration of rooftop solar panels and carport solar structures on industrial buildings within Marshfield Business Park, ensuring maximum energy generation and optimizing available space.

Developed as part of Radial Power's commitment to decreasing the carbon footprints of real estate portfolios, the Kelso Drive solar project demonstrates the potential of solar power generation in the region. Marshfield Business 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 Kelso Drive solar project will offset more than 4,110 metric tons of CO2 annually—the equivalent of taking 915 gasoline cars off the road every year.

"The Kelso Drive solar project is an important milestone in Radial Power's plan to advance sustainability solutions and clean energy initiatives across the United States," said John Bates, Chief Executive Officer of Radial Power. "We are committed to helping America's largest property owners decarbonize their assets, meet their ESG objectives, and deliver renewable power directly into local communities."

"We are excited for the integration of solar into our Marshfield Business Park property," said Andrea Pierce, a Managing Director of Starwood Capital. "Deployment of renewable energy is an important part of our ESG strategy at Starwood Capital, and this project aligns well with our commitment to environmental responsibility. The solar installations will not only add value to the property but also offer the local community lower energy costs and a sustainable work environment."

Baltimore is home to a dynamic and growing renewable energy market, and the Kelso Drive solar project is an example of the successful implementation of community solar. With benefits directly offered to local residents through electricity bill savings, Baltimore will see an immediate impact.

The Kelso Drive solar project's commencement is a testament to Radial Power's dedication to promoting renewable energy and making strides towards a more sustainable future. The project is an extension of the multi-year, multi-solution program Radial Power has tailored to the unique needs of Starwood Capital, providing long-term value and benefits towards Starwood Capital's climate and commercial objectives.

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 is jointly owned by investment affiliates of energyRe and Lotus Infrastructure Partners and 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.

SOURCE Radial Power