Peregrine Closes on Debt Financing from KKR
Peregrine Energy Solutions , a clean energy platform focusing on utility-scale energy storage, has secured a credit facility from KKR-managed insurance accounts that can provide financing for up to $250 million in assets. This strategic financing will support Peregrine's growing development pipeline, enabling the company to finance equipment, interconnection, and offtake credit security.
Founded in April 2022, Peregrine has developed a pipeline of 22 GWh of storage across five ISOs and 11 states, with approximately 37 projects. The company's team brings over 20 GW of renewable energy and storage facilities development experience. In August 2023, Peregrine announced an agreement with AB CarVal to raise over $700 million in credit, equity, and debt for its projects.
Peregrine Energy Solutions, una piattaforma di energia pulita focalizzata sullo stoccaggio energetico su larga scala, ha ottenuto una linea di credito da conti assicurativi gestiti da KKR che può fornire finanziamenti fino a 250 milioni di dollari in attività. Questo finanziamento strategico supporterà l'espansione del pipeline di sviluppo di Peregrine, consentendo all'azienda di finanziare attrezzature, interconnessioni e garanzie di acquisto di credito.
Fondata ad aprile 2022, Peregrine ha sviluppato un pipeline di 22 GWh di stoccaggio in cinque ISO e 11 stati, con circa 37 progetti. Il team dell'azienda vanta oltre 20 GW di esperienza nello sviluppo di impianti di energia rinnovabile e stoccaggio. Ad agosto 2023, Peregrine ha annunciato un accordo con AB CarVal per raccogliere oltre 700 milioni di dollari in credito, equity e debito per i suoi progetti.
Peregrine Energy Solutions, una plataforma de energía limpia centrada en el almacenamiento de energía a gran escala, ha asegurado una línea de crédito de cuentas de seguros gestionadas por KKR que puede proporcionar financiamiento de hasta 250 millones de dólares en activos. Este financiamiento estratégico apoyará el creciente pipeline de desarrollo de Peregrine, permitiendo a la empresa financiar equipos, interconexiones y garantías de crédito de venta.
Fundada en abril de 2022, Peregrine ha desarrollado un pipeline de 22 GWh de almacenamiento en cinco ISOs y 11 estados, con aproximadamente 37 proyectos. El equipo de la empresa aporta más de 20 GW de experiencia en el desarrollo de instalaciones de energía renovable y almacenamiento. En agosto de 2023, Peregrine anunció un acuerdo con AB CarVal para recaudar más de 700 millones de dólares en créditos, capital propio y deuda para sus proyectos.
페레그린 에너지 솔루션(Peregrine Energy Solutions)은 공공 규모의 에너지 저장에 초점을 맞춘 청정 에너지 플랫폼으로, KKR 관리 보험 계좌로부터의 신용 시설을 확보하여 2억 5천만 달러의 자산에 대한 자금을 제공할 수 있습니다. 이 전략적 자금 조달은 페레그린의 개발 파이프라인 확장을 지원하며, 회사가 장비, 상호 연결 및 판매 신용 보증을 금융 지원할 수 있게 합니다.
2022년 4월에 설립된 페레그린은 5개의 ISO와 11개 주에서 22GWh의 저장 용량을 보유한 파이프라인을 개발하였으며, 약 37개의 프로젝트가 있습니다. 회사의 팀은 20GW 이상의 재생에너지 및 저장 시설 개발 경험을 보유하고 있습니다. 2023년 8월, 페레그린은 AB CarVal과 협력하여 프로젝트를 위한 7억 달러 이상의 신용, 자본 및 부채를 조달할 것이라고 발표하였습니다.
Peregrine Energy Solutions, une plateforme d'énergie propre axée sur le stockage d'énergie à l'échelle des services publics, a sécurisé une facilité de crédit des comptes d'assurance gérés par KKR pouvant fournir un financement pouvant atteindre 250 millions de dollars d'actifs. Ce financement stratégique soutiendra le pipeline de développement croissant de Peregrine, permettant à l'entreprise de financer des équipements, des interconnexions et des garanties de crédit de vente.
Fondée en avril 2022, Peregrine a développé un pipeline de 22 GWh de stockage à travers cinq ISO et 11 États, avec environ 37 projets. L'équipe de l'entreprise apporte plus de 20 GW d'expérience dans le développement d'énergie renouvelable et d'installations de stockage. En août 2023, Peregrine a annoncé un accord avec AB CarVal pour lever plus de 700 millions de dollars en crédit, capital et dette pour ses projets.
Peregrine Energy Solutions, eine Plattform für saubere Energie mit Schwerpunkt auf der Energiespeicherung im großen Maßstab, hat sich eine Kreditlinie von von KKR verwalteten Versicherungskonten gesichert, die eine Finanzierung von bis zu 250 Millionen Dollar in Vermögenswerten bieten kann. Diese strategische Finanzierung wird die wachsende Entwicklungspipeline von Peregrine unterstützen und es dem Unternehmen ermöglichen, Ausrüstungen, Interkonnektionen und Abnahme-Kreditgarantien zu finanzieren.
Das im April 2022 gegründete Unternehmen Peregrine hat eine Pipeline mit 22 GWh Speicher in fünf ISOs und 11 Bundesstaaten entwickelt, mit etwa 37 Projekten. Das Team des Unternehmens bringt über 20 GW Erfahrung in der Entwicklung erneuerbarer Energien und Speichereinrichtungen mit. Im August 2023 gab Peregrine eine Vereinbarung mit AB CarVal bekannt, um über 700 Millionen Dollar in Kredit, Eigenkapital und Schulden für seine Projekte zu beschaffen.
- Secured credit facility for up to $250 million in assets from KKR
- Developed a pipeline of 22 GWh of storage across 5 ISOs and 11 states
- Team brings over 20 GW of renewable energy and storage development experience
- Previously raised over $700 million in credit, equity, and debt from AB CarVal
- None.
Insights
This
The deal demonstrates KKR's commitment to the renewable energy sector and its confidence in Peregrine's business model. For KKR investors, this represents a strategic move into the high-growth area of energy storage, which is important for the integration of intermittent renewable sources like wind and solar. The asset-based financing structure aligns well with KKR's expertise in alternative investments and could provide stable returns if Peregrine's projects perform as expected.
Notably, this financing comes on the heels of Peregrine's earlier
Peregrine's securing of this
The energy storage sector is experiencing rapid growth, driven by declining battery costs, increasing renewable energy penetration and grid stability concerns. Peregrine's extensive pipeline of 22 GWh suggests they are poised to become a significant player in this market. The company's ability to attract substantial funding in a challenging market environment speaks to the perceived quality of their projects and the expertise of their management team.
For the broader energy market, this deal signals continued investor confidence in the long-term viability of energy storage solutions. As the grid becomes increasingly reliant on intermittent renewable sources, the demand for large-scale storage is expected to grow exponentially. Peregrine's success in securing funding could encourage further investment in the sector, potentially accelerating the transition to a more flexible and resilient energy infrastructure.
Peregrine, founded 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 August 2023, the company announced the signing of an agreement with funds managed by AB CarVal to raise over
"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," said Hagen Lee, Founder & Chief Executive Officer of Peregrine. "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," said Erich Heintzen, Director at KKR.
The financing was arranged by KKR Capital Markets ("KKR") and Sumitomo Mitsui Banking Corporation ("SMBC"). Peregrine was advised by Troutman Pepper Hamilton Sanders LLP as legal counsel, and Piper Sandler & Co. as financial advisor. KKR and SMBC were advised by White & Case LLP as legal counsel.
About Peregrine
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 KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR's insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR's investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR's website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group's website at www.globalatlantic.com.
Media Contacts
Peregrine Energy Solutions
Blake Taylor
713-383-7076
btaylor@peregrineenergysolutions.com
AB CarVal
Ann Folkman Ann.Folkman@abcarval.com
KKR
Julia Kosygina 212-750-8300
media@kkr.com
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SOURCE Peregrine Energy Solutions LLC
FAQ
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