Peregrine Energy Solutions Announces the Closing of a $53 Million Preferred Equity Commitment with Bildmore Clean Energy and $115 Million Debt Facilities with First Citizens Bank and Nomura Securities International, Inc
Peregrine Energy Solutions LLC (“Peregrine”), an integrated multi-technology clean energy platform with a focus on utility-scale storage, announced it has closed a $53 million preferred equity commitment with Bildmore Clean Energy for a 150MW battery energy storage project that’s currently under construction. Concurrently, Peregrine also secured a $115 million bridge financing facility to fund the remaining construction of the project. First Citizens Bank acted as Joint Coordinating Lead Arranger and Collateral Agent for the facility, and Nomura Securities International, Inc. acted as Joint Coordinating Lead Arranger and Administrative Agent. The project is targeted for completion in the fourth quarter of 2025.
Peregrine, founded by Hagen Lee in April 2022, has originated and developed a pipeline of 22 GWh of storage across SPP, MISO, ERCOT, PJM and WECC. Assets developed and managed by Peregrine benefit from an experienced team of renewable energy veterans who collectively bring over 20 GW of renewable energy and storage facilities development experience. In the past two years, the company announced a $700 million capital raise from funds managed by AB CarVal, as well as securing an LC facility from KKR that can provide financing for up to $250 million in assets.
“Peregrine is delighted to partner with Bildmore, First Citizens and Nomura, structuring an innovative financing solution for our fully merchant storage project,” said Reid Strand, Peregrine’s SVP of Finance. “The support from our financial partners is indicative of Peregrine’s best in class assets, as well as our team’s ability to deliver impactful grid solutions.
David Haug, CEO of Bildmore, added “We are honored to have the opportunity to work with the superb group of industry veterans and financial sponsors Mr. Lee has assembled at Peregrine. Bildmore’s commitment showcases how we can support a battery project that wants to defer selling tax credits, an example of the innovative funding approaches we hope will help developers grow the storage market.”
Peregrine Energy Solutions | | www.peregrineenergysolutions.com.
Bildmore Clean Energy | www.bildmore.com
First Citizens Bank | firstcitizens.com
Nomura | www.nomura.com
