Peregrine Energy Secures $53 Million Commitment for Storage Project

Peregrine Energy Solutions' New Funding Milestone

Peregrine Energy Solutions LLC, a notable player in the clean energy sector, has recently announced the successful closure of a substantial preferred equity commitment. This funding, amounting to a remarkable $53 million, has been secured in partnership with Bildmore Clean Energy, marking a significant advancement for the company. The capital will primarily support a cutting-edge 150MW battery energy storage project currently under construction. This project represents a key step toward enhancing energy sustainability and reliability.

Funding Details and Partnership Insights

In addition to the preferred equity commitment, Peregrine has also successfully procured a bridge financing facility totaling $115 million. This financing will be vital for the completion of the storage project. Notably, First Citizens Bank and Nomura Securities International, Inc. are playing instrumental roles as joint coordinating lead arrangers. Their expertise will support Peregrine as it continues to drive innovation within the energy storage sector. The project is slated for completion by the end of 2025, promising to strengthen local energy infrastructures.

Peregrine’s Growth and Vision

Founded in April 2022 by Hagen Lee, Peregrine has rapidly developed a robust pipeline of innovative energy solutions. The company's portfolio currently includes around 22 GWh of storage solutions across various energy markets. This ambitious vision is bolstered by a team of industry experts, bringing together over 20 GW of experience in renewable energy and storage development. Additionally, Peregrine has previously announced a $700 million capital raise from AB CarVal funds, further solidifying its financial standing and operational capabilities.

Statements from Key Leaders

Reid Strand, the Senior Vice President of Finance at Peregrine, expressed enthusiasm about the partnerships formed through the latest financing. He noted, “This innovative funding model demonstrates the best-in-class nature of Peregrine’s assets and signifies our team’s capability in delivering essential grid solutions.” His sentiment echoes a broader trend within the energy sector, highlighting the importance of collaborative ventures in driving progress.

Insights from the CEO of Bildmore

David Haug, CEO of Bildmore, shared his thoughts on the strategic partnership, stating, “We are thrilled to collaborate with the outstanding talent at Peregrine. This commitment reflects our desire to accelerate advancements in the energy storage market while helping developers utilize tax credits effectively.” His comments underscore the importance of innovative funding strategies that align with evolving market needs.

About Peregrine Energy Solutions

Peregrine Energy Solutions operates a multi-faceted clean energy platform focused on utility-scale storage options. Formed through a beneficial partnership with a global investment manager, the company stands tall in the competitive landscape of energy solutions with approximately $20 billion in assets. Headquartered in Boulder, Colorado, Peregrine Energy Solutions continues to lead efforts in promoting sustainable energy practices.

Understanding AB CarVal's Role

AB CarVal is recognized as an innovative alternative investment manager providing pivotal financial support to clean energy initiatives. With a history dating back to 1987, the firm has facilitated investments totaling $152 billion, with over $6 billion dedicated to clean energy since 2017. This partnership illustrates a growing trend where traditional investment approaches adapt to support renewable endeavors.

Strategic Financial Partnerships

Both First Citizens Bank and Nomura bring a wealth of knowledge and stability to their collaborations. First Citizens Bank effectively manages over $200 billion in assets and offers an array of banking solutions designed to empower both personal and business clients. In contrast, Nomura, with its rich history since 1925, provides critical financial services across global markets, connecting various sectors and fostering growth.

Frequently Asked Questions

What recent funding did Peregrine Energy Solutions secure?

Peregrine secured a $53 million preferred equity commitment along with a $115 million bridge financing facility to support its energy storage project.

Who are the partners involved in Peregrine's projects?

Peregrine's notable partners include Bildmore Clean Energy, First Citizens Bank, and Nomura Securities International, Inc.

When is the energy storage project expected to be completed?

The project is targeted for completion in the fourth quarter of 2025.

What is the primary focus of Peregrine Energy Solutions?

Peregrine focuses on utility-scale energy storage within the clean energy sector.

How has Peregrine expanded its pipeline since its inception?

Since its founding in 2022, Peregrine has developed a pipeline of 22 GWh of storage across numerous energy markets.

About The Author

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