Peregrine Energy Solutions, a utility-scale storage solutions provider, has signed an agreement with AB CarVal to raise over $700 million in credit, equity, and debt to fund Peregrine’s 7 GW project pipeline. This pipeline includes standalone batteries and solar and wind technologies.
"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," said Hagen Lee, Founder and CEO of Peregrine.
The funding will help Peregrine bring its project portfolio to Commercial Operation Date (COD), providing grid stability, renewables integration, and structured energy solutions. The agreement will also allow the company to capture different market opportunities and expand into new areas to promote growth.
"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," said Jody Gunderson, Managing Principal, AB CarVal. "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."