Peregrine Energy Solutions (an integrated multi-technology clean energy platform with a focus on utility-scale energy storage) and global investment firm KKR announced that Peregrine has closed on a credit facility from insurance accounts managed by KKR that can provide financing for up to $250 million in assets.
The funding is a strategic milestone for the company and will be used to finance equipment, interconnection, and offtake credit security to support the growth of Peregrine’s growing development pipeline. With this new funding, Peregrine will be well-positioned to continue developing its renewable energy portfolio throughout the United States. It spans five independent system operators (ISOs) and 11 states with approximately 37 projects.
Launched in April 2022, Peregrine originated and developed a pipeline of 22 GWh of storage across SPP, MISO, ERCOT, PJM and WECC. The 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 $700 million of credit, equity and debt to support Peregrine’s high-quality projects.
KKR Capital Markets and Sumitomo Mitsui Banking Corporation (SMBC) arranged the funding. Troutman Pepper Hamilton Sanders LLP advised Peregrine as legal counsel and Piper Sandler as financial advisor. White & Case advised KKR and SMBC as legal counsel.
KEY QUOTES:
“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. 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.”
-Hagen Lee, Founder & Chief Executive Officer of Peregrine
“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.”
-Erich Heintzen, Director at KKR
