The US Navy & Department of Defense recently announced storage investments totalling $100m as utilities begin relying on the military to bail them out in times of crisis
Peregrine Energy signs $700m AB CarVal investment agreement
Peregrine Energy Solutions has signed an agreement with funds managed by AB CarVal to raise over $700 million of credit, equity and debt to fund Peregrine's pipeline of more than 7GW of standalone battery, solar and wind projects.
The funding will allow Peregrine to bring its project portfolio, which spans five independent system operators (ISOs) and ten states, to Commercial Operation Date (COD), a statement said. It will also allow the firm to “capture market arbitrage opportunities and continue expanding into new areas for growth”, the statement added.
Peregrine sources, develops, builds, and manages standalone battery energy storage and renewable energy assets across North America.
Hagen Lee, chief executive officer and founder of Peregrine, said: "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.”
Jody Gunderson, managing principal at AB CarVal, said: "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. 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."