Peregrine Energy Solutions, signed an agreement with funds managed by AB CarVal to raise more than $700 million of credit, equity and debt to fund Peregrine’s pipeline of more than seven gigawatts of projects, including those in 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,” Hagen Lee, CEO and founder of Peregrine, said.
“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,” Jody Gunderson, managing principal at AB CarVal, said. “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.”
