#United States #Boulder #First Citizens Bank #Peregrine Energy #Bildmore Clean Energy

Peregrine Energy Solutions and Its Recent Financing Success

Peregrine Energy Solutions LLC, a burgeoning player in the clean energy sector, recently made headlines by finalizing a $53 million preferred equity commitment with Bildmore Clean Energy. This funding will support a substantial 150MW battery energy storage project currently in progress. In tandem with this equity funding, Peregrine has also secured an impressive $115 million bridge financing facility aimed at propelling the project to completion by the end of the fourth quarter of 2025.

Partnership and Financial Structure

The bridge financing was orchestrated with notable contributions from First Citizens Bank, which served as the Joint Coordinating Lead Arranger and Collateral Agent. Additionally, Nomura Securities International, Inc. played a crucial role as a Joint Coordinating Lead Arranger and Administrative Agent. Such a strategic partnership not only enhances the credibility of Peregrine's undertakings but also highlights the potential of the clean energy market in the face of growing global demand for sustainable solutions.

Reid Strand, Senior Vice President of Finance at Peregrine, expressed excitement about the innovative financing structure enabling the realization of their fully merchant storage project. According to Strand, this partnership is a testament to the superior quality of Peregrine's assets and its team’s aptitude for delivering transformative electric grid solutions.

In addition, David Haug, the CEO of Bildmore, emphasized the honor of collaborating with Peregrine’s distinguished team. He pointed out that Bildmore's $53 million investment underscores their commitment to furthering projects capable of utilizing tax credits strategically, suggesting a new era of funding models that could significantly benefit battery storage initiatives.

Peregrine's Vision and Growth Trajectory

Founded by Hagen Lee in April 2022, Peregrine Energy Solutions has already developed an impressive portfolio amounting to 22 GWh of energy storage across various markets, including SPP, MISO, ERCOT, PJM, and WECC. Such rapid progress is indicative of the team's depth of experience, pulling from over 20 GW of cumulative renewable energy and storage facility development experience.

Just within the last two years, Peregrine has successfully raised $700 million in capital from funds managed by AB CarVal and secured a letter of credit facility from KKR, which can finance upwards of $250 million in assets. This continuing influx of capital illustrates the growing investor interest in clean energy solutions and the operational capacity of Peregrine to seize these opportunities for innovation.

Impact on the Renewable Energy Landscape

As the world continues to grapple with climate change and energy needs evolve, companies like Peregrine are taking a proactive stance in shaping the clean energy landscape. With a distinct focus on utility-scale storage solutions, Peregrine not only aims to contribute to reducing greenhouse gas emissions but also to enhance energy reliability and efficiency.

The support garnered from esteemed financial partners denotes a crucial step forward for Peregrine as it looks to develop and expand its clean energy initiatives. As the company endeavors to contribute meaningfully to the energy transition, its strategic movements in financing stand as a model for other enterprises targeting renewable energy advancements.

In conclusion, Peregrine Energy Solutions’ recent financial achievements signify more than just monetary gains; they illuminate a pathway forward for clean energy developers navigating today's financial landscape. By fostering strong partnerships and pursuing innovative financing methods, Peregrine is poised to leave a mark on the renewable energy sector for years to come.

About Peregrine Energy Solutions

Peregrine Energy Solutions is an integrated multi-technology clean energy platform that focuses on utility-scale energy storage, established in 2022 in collaboration with a global alternative investment manager overseeing about $20 billion in assets. Based in Boulder, Colorado, the company is dedicated to advancing clean energy solutions and enhancing energy resiliency across its operating landscapes. Further information can be found at Peregrine Energy Solutions.