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 has secured significant financing for its utility-scale energy storage project, including a $53 million preferred equity commitment from Bildmore Clean Energy and $115 million in debt facilities from First Citizens Bank (FCNCA) and Nomura Securities International. The financing supports a 150MW battery energy storage project currently under construction, with completion targeted for Q4 2025.
Founded in April 2022, Peregrine has developed a 22 GWh storage pipeline across multiple regional markets. The company previously raised $700 million from AB CarVal and secured an LC facility from KKR for up to $250 million in assets. The latest financing structure is designed for a fully merchant storage project, demonstrating innovative funding approaches for developers in the storage market.
Peregrine Energy Solutions ha ottenuto un finanziamento significativo per il suo progetto di stoccaggio energetico su scala utility, inclusi un impegno di capitale preferenziale di 53 milioni di dollari da Bildmore Clean Energy e 115 milioni di dollari in strutture di debito da First Citizens Bank (FCNCA) e Nomura Securities International. Il finanziamento supporta un progetto di stoccaggio energetico con batteria da 150MW attualmente in costruzione, con completamento previsto per il quarto trimestre del 2025.
Fondata nell'aprile 2022, Peregrine ha sviluppato un pipeline di stoccaggio di 22 GWh in diversi mercati regionali. L'azienda ha precedentemente raccolto 700 milioni di dollari da AB CarVal e ha ottenuto una struttura LC da KKR fino a 250 milioni di dollari in asset. L'ultima struttura di finanziamento è progettata per un progetto di stoccaggio completamente commerciale, dimostrando approcci di finanziamento innovativi per gli sviluppatori nel mercato dello stoccaggio.
Peregrine Energy Solutions ha conseguido un financiamiento significativo para su proyecto de almacenamiento de energía a escala de utilidad, incluyendo un compromiso de capital preferente de 53 millones de dólares de Bildmore Clean Energy y 115 millones de dólares en instalaciones de deuda de First Citizens Bank (FCNCA) y Nomura Securities International. El financiamiento apoya un proyecto de almacenamiento de energía con baterías de 150MW actualmente en construcción, con una finalización prevista para el cuarto trimestre de 2025.
Fundada en abril de 2022, Peregrine ha desarrollado una tubería de almacenamiento de 22 GWh en múltiples mercados regionales. La empresa había recaudado anteriormente 700 millones de dólares de AB CarVal y aseguró una instalación LC de KKR por hasta 250 millones de dólares en activos. La última estructura de financiamiento está diseñada para un proyecto de almacenamiento totalmente comercial, demostrando enfoques de financiamiento innovadores para los desarrolladores en el mercado de almacenamiento.
페레그린 에너지 솔루션즈는 유틸리티 규모의 에너지 저장 프로젝트를 위해 상당한 자금을 확보했습니다. 여기에는 Bildmore Clean Energy로부터의 5,300만 달러의 우선주 투자 약정과 First Citizens Bank (FCNCA) 및 Nomura Securities International로부터의 1억 1,500만 달러의 부채 시설이 포함됩니다. 이 자금은 현재 건설 중인 150MW 배터리 에너지 저장 프로젝트를 지원하며, 2025년 4분기 완료를 목표로 하고 있습니다.
2022년 4월에 설립된 페레그린은 여러 지역 시장에서 22GWh의 저장 파이프라인을 개발했습니다. 이 회사는 이전에 AB CarVal로부터 7억 달러를 모집했으며, KKR로부터 최대 2억 5천만 달러의 자산에 대한 LC 시설을 확보했습니다. 최신 자금 구조는 완전 상업적 저장 프로젝트를 위해 설계되었으며, 저장 시장의 개발자를 위한 혁신적인 자금 조달 접근 방식을 보여줍니다.
Peregrine Energy Solutions a obtenu un financement significatif pour son projet de stockage d'énergie à l'échelle des services publics, comprenant un engagement en capital préférentiel de 53 millions de dollars de Bildmore Clean Energy et 115 millions de dollars en facilités de dette de First Citizens Bank (FCNCA) et de Nomura Securities International. Ce financement soutient un projet de stockage d'énergie par batterie de 150MW actuellement en construction, avec une finalisation prévue pour le quatrième trimestre de 2025.
Fondée en avril 2022, Peregrine a développé un pipeline de stockage de 22 GWh dans plusieurs marchés régionaux. L'entreprise avait précédemment levé 700 millions de dollars auprès d'AB CarVal et sécurisé une facilité LC de KKR pour un montant allant jusqu'à 250 millions de dollars en actifs. La dernière structure de financement est conçue pour un projet de stockage entièrement commercial, démontrant des approches de financement innovantes pour les développeurs sur le marché du stockage.
Peregrine Energy Solutions hat eine bedeutende Finanzierung für sein Energie-Speicherprojekt im Utility-Maßstab gesichert, darunter ein Beitrag von 53 Millionen Dollar an Vorzugsaktien von Bildmore Clean Energy sowie 115 Millionen Dollar an Schuldenfinanzierungen von First Citizens Bank (FCNCA) und Nomura Securities International. Die Finanzierung unterstützt ein 150MW-Batteriespeicherprojekt, das sich derzeit im Bau befindet, mit einer Fertigstellung, die für das vierte Quartal 2025 geplant ist.
Gegründet im April 2022, hat Peregrine eine 22 GWh Speicherpipeline in mehreren regionalen Märkten entwickelt. Das Unternehmen hat zuvor 700 Millionen Dollar von AB CarVal gesammelt und eine LC-Einrichtung von KKR für bis zu 250 Millionen Dollar an Vermögenswerten gesichert. Die neueste Finanzierungsstruktur ist für ein vollständig kommerzielles Speicherprojekt konzipiert und demonstriert innovative Finanzierungsansätze für Entwickler im Speicherbereich.
- Secured $168 million in total new financing ($53M equity, $115M debt)
- Large 22 GWh storage project pipeline across multiple markets
- Previous successful funding rounds totaling $950 million
- 150MW battery storage project under active construction
- Project relies on merchant model, potentially increasing revenue uncertainty
- Significant debt financing may increase financial risk
Insights
First Citizens Bank's participation as Joint Coordinating Lead Arranger and Collateral Agent for this
For context, this
The "merchant" nature of this project (meaning it will sell into competitive wholesale markets rather than through fixed contracts) suggests First Citizens maintains comfort with more complex risk profiles in the energy sector. Being involved early with growth-stage developers like Peregrine could lead to additional financing opportunities as their 22 GWh pipeline materializes.
While this single transaction won't materially impact First Citizens' earnings, it reflects the bank's diversification strategy beyond traditional commercial lending into specialized project finance that requires sophisticated underwriting capabilities.
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
"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 Senior Vice President 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."
About Peregrine Energy Solutions
Peregrine Energy Solutions 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
About AB CarVal
AB CarVal is an established global alternative investment manager and part of AllianceBernstein's Private Alternatives business. Since 1987, AB CarVal's team has navigated through ever-changing credit market cycles, opportunistically investing
About Bildmore Clean Energy
Bildmore offers minority equity investments to
About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in
About Nomura
Nomura is global financial services group with an integral network spanning approximately 30 countries and regions. By connecting markets East & West, Nomura services the needs of individuals, institutions, corporates and governments through its three business divisions: Wealth Management, Investment Management, and Wholesale (Global Markets and investment Banking). Founded in 1925, the firm is built on a tradition of disciplined entrepreneurship, serving clients with creative solutions and considered thought leadership. For further information about Nomura, visit www.nomura.com
Media contact: Blake Taylor, btaylor@peregrineenergysolutions.com
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SOURCE Peregrine Energy Solutions LLC
FAQ
What is the total value of Peregrine Energy Solutions' new financing package with First Citizens Bank (FCNCA) and partners?
When will Peregrine Energy Solutions' 150MW battery storage project be completed?
How large is Peregrine Energy Solutions' current storage project pipeline?
What previous major funding has Peregrine Energy Solutions secured before the First Citizens Bank (FCNCA) deal?
