Peregrine Energy Solutions secures US$700 million to build solar and storage pipeline

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Ground-mounted solar panel installation at the University of Colorado Boulder. Image: PRNewsFoto/Panasonic Corporation of North America

Colorado-headquartered clean energy platform Peregrine Energy Solutions has secured US$700 million in credit, equity and debt financing to bring its project pipeline online.

The company, formed in 2022 in partnership between Peregrine Energy Management and asset management firm Castlelake, prioritises utility-scale battery energy storage systems (BESS) in the US, but also has solar and wind projects in its asset pipeline.

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Peregrine said that its pipeline spans ten states and five independent system operators, and the capacity of this pipeline exceeds 7GW of standalone solar, energy storage and wind projects.

Alternative investment and asset manager AB CarVal, which owns the ‘largest’ low-income community solar project in California, Fresno’s DAC solar farm, provided funding for Peregrine’s upcoming projects.

Peregrine said that the investment will allow it to “advance [its] value creation pathways”, and that it intends to manage the projects from sourcing through to operational management.

Our colleagues at Energy-Storage.news have covered Peregrine Energy Solutions’ BESS operations in the past. In February, the company announced investment from South Korean alternative asset management company IMM Investment Global for a BESS portfolio, after acquiring two projects from Black Mountain Energy with a combined capacity of 490MW.

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