Peregrine Energy Solutions, an integrated multi-technology clean energy platform with a focus on utility-scale energy storage, closed on a credit facility from insurance and accounts managed by KKR, a global investment firm, that can provide financing for up to $250 million in assets. The financing will be used to finance equipment, interconnection and offtake credit security to support the growth of Peregrine’s development pipeline.
“We could not be more pleased to be working with KKR. We are confident in Peregrine’s ability to execute our strategic plan with the support of forward-thinking investors,” Hagen Lee, founder and CEO of Peregrine, said. “This facility is a milestone achievement for Peregrine and shows capital is available for developers that continue to innovate in a challenging market. Our ability to site and develop high value assets differentiates our team and creates an attractive investment opportunity.”
“We are pleased to support Peregrine with this financing through our asset-based finance business as the global need for clean energy and storage solutions continues to grow,” Erich Heintzen, director at KKR, said.
The financing was arranged by KKR Capital Markets and Sumitomo Mitsui Banking (SMBC). Peregrine was advised by Troutman Pepper Hamilton Sanders as legal counsel, and Piper Sandler as financial advisor. KKR and SMBC were advised by White & Case as legal counsel.
