Peregrine Energy Solutions has signed an agreement with funds managed by AB CarVal to raise over US$700m of credit, equity and debt to fund the US storage player’s pipeline of over 7GW of 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, Peregrine said.
Hagen Lee, chief executive officer and founder of Peregrine, said: “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.”
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 20GW of renewable energy and storage facilities development experience.