Peregrine Energy Solutions Raises $700 Million for Energy Transition Technologies
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Peregrine Energy Solutions has signed an agreement with funds managed by AB CarVal to raise over $700 million of credit, equity, and debt to fund Peregrine’s pipeline of over seven gigawatts of high-quality projects, including standalone battery, solar and wind technologies.
This funding will allow Peregrine to bring its project portfolio, which spans five independent system operators (ISOs) and 10 states, to commercial operation date (COD), ultimately providing grid stability, renewables integration and structured energy solutions. It will also allow the firm to capture market arbitrage opportunities and continue expanding into new areas for growth.
“AB CarVal will provide significant new liquidity for Peregrine to advance our value creation pathways. This capital has the potential to accelerate our pipeline of high quality renewable and storage projects, taking them to COD and on to successful operation and optimization,” said Hagen Lee, chief executive officer and founder of Peregrine.
“The Peregrine team has extensive industry relationships and knowledge, and we are confident that through our partnership, we will build a dynamic portfolio of storage and renewable assets,” said Jody Gunderson, managing principal, AB CarVal.
“In this energy transition, we anticipate strong and growing demand for renewables and storage across North America, and we believe Peregrine is well-positioned to deliver best-in-class technologies and assets in high-demand markets,” added Gunderson.
The Peregrine team seeks to source, develop, build, and manage standalone battery energy storage and renewable energy assets across North America in an effort to unlock value in such assets. Assets developed and managed by Peregrine benefit from an experienced team of renewable energy veterans who collectively bring over 20 GW of renewable energy and storage facilities development experience.
Peregrine Energy Solutions is an integrated and multi-technology clean energy platform with a focus on utility scale energy storage that was established in 2022 through a partnership between Peregrine Energy Management and a global alternative investment manager with approximately $20 billion of assets. Peregrine Energy Solutions is a limited liability company formed in Delaware and headquartered in Boulder, Colorado.
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