Colorado-based Peregrine Energy Solutions LLC 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 (GW) of high-quality projects, including standalone battery, solar and wind technologies.
The funding will allow Peregrine to bring its project portfolio, which spans five independent system operators (ISOs) and 10 states, to a commercial operation date (COD), the company said in a news release Wednesday. It will also allow the firm to capture market arbitrage opportunities and continue expanding into new areas for growth, 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”, Peregrine CEO and Founder Hagen Lee 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”, AB CarVal Managing Principal Jody Gunderson 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.”
Six Nations Agreement
Meanwhile, Peregrine entered a memorandum of understanding (MOU) with Six Nations of the Grand River Development Corporation (SNGRDC), the investment and development arm of Canada’s most populated First Nations community, according to an earlier news release.
With the MOU, Peregrine said it aims to expand its mission to create multiple gigawatts of special-class, high-yield, utility-scale energy assets for the Canadian market by leveraging the company’s proprietary commercial and development strategy. Peregrine will develop and manage the projects along with consultation, advice, and investment from the SNGRDC, according to the release.
“Battery investment in and around our community advances our Nation’s focus on supporting the clean energy transition and will also generate value for our future members”, SNGDRC President and CEO Matt Jamieson said.
“The Peregrine team is grateful to have the support and trust of the SNGRDC as we aggressively pursue greenfield battery energy storage systems and renewable energy investments in the Ontario market”, Peregrine Vice President of Origination Ryan Scalise said. “I am excited to work with the SNGRDC as our pipeline continues to grow with opportunities to develop and manage assets which bring stability to renewable energy markets, while potentially generating value for our stakeholders.”
Wind Acquisition in Iowa
In a separate news release, Peregrine announced it will operate, redevelop, and expand the assets of Old Gold Energy Center LLC, formerly known as Top of Iowa I, an 80-megawatt (MW) operating wind asset in northern Iowa. Peregrine acquired the asset through a partnership with a global alternative investment manager on behalf of the funds it manages.
Peregrine said it plans to continue to operate the asset, which has been commercially operational since 2001, while “concurrently engaging in a robust redevelopment plan with goals of optimizing the wind resource at the site and strategically adding battery energy storage technology to the site”. Redevelopment plans are expected to be complete toward the end of 2027, the company said.
“We believe that our redevelopment plan will enable this asset to achieve its full potential and contribute to the further decarbonization of the grid”, Peregrine Director of Asset Management Alice Bray said. “Our redevelopment plans are expected to result in the production of more energy using fewer turbines, while the incorporation of battery storage should increase local grid reliability and resiliency”, Peregrine Director of Development Matt Von Tungeln said.
“While our redevelopment plans are still in their initial stages and the final project size will depend on our continued analysis of this project, our initial projections are that this project could be developed to a wind farm of up to 230 MW [megawatts] with an 80 MW battery energy storage system. Our current redevelopment timeline forecasts the redevelopment to be completed within the next five years”, Von Tungeln added.
Peregrine 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, according to the release. The company, led by a team of renewable energy veterans who collectively bring over 20 GW of renewable energy and storage facilities development experience, seeks to source, develop, build, and manage standalone battery energy storage and renewable energy assets across North America.