Peregrine Energy Solutions Announces the Closing of a $53 Million Preferred Equity Commitment with Bildmore Clean Energy and $115 Million Debt Facilities with First Citizens Bank and Nomura Securities International, Inc.
BOULDER, Colo., March 17, 2025 /PRNewswire/ -- Peregrine Energy Solutions LLC ("Peregrine"), an integrated multi-technology clean energy platform with a focus on utility-scale storage, announced today it has closed a $53 million preferred equity commitment with Bildmore Clean Energy for a 150MW battery energy storage project that's currently under construction. Concurrently, Peregrine also secured a $115 million bridge financing facility to fund the remaining construction of the project. First Citizens Bank acted as Joint Coordinating Lead Arranger and Collateral Agent for the facility, and Nomura Securities International, Inc. acted as Joint Coordinating Lead Arranger and Administrative Agent. The project is targeted for completion in the fourth quarter of 2025.
Peregrine, founded by Hagen Lee 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 the past two years, the company announced a $700 million capital raise from funds managed by AB CarVal, as well as securing an LC facility from KKR that can provide financing for up to $250 million in assets.
"Peregrine is delighted to partner with Bildmore, First Citizens and Nomura, structuring an innovative financing solution for our fully merchant storage project," said Reid Strand, Peregrine's Senior Vice President of Finance. "The support from our financial partners is indicative of Peregrine's best in class assets, as well as our team's ability to deliver impactful grid solutions."
David Haug, CEO of Bildmore, added "We are honored to have the opportunity to work with the superb group of industry veterans and financial sponsors Mr. Lee has assembled at Peregrine. Bildmore's commitment showcases how we can support a battery project that wants to defer selling tax credits, an example of the innovative funding approaches we hope will help developers grow the storage market."
About Peregrine Energy Solutions
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 $20 billion of assets. Peregrine Energy Solutions is a limited liability company formed in Delaware and headquartered in Boulder, Colorado. Additional information is available at www.peregrineenergysolutions.com.
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 $152 billion in 5,810 transactions across 82 countries. Today, AB CarVal has approximately $20 billion in assets under management in corporate securities, loan portfolios, structured credit and hard assets. Since 2017, AB CarVal has deployed over $6 billion in clean energy investments.
About Bildmore Clean Energy
Bildmore offers minority equity investments to U.S. solar and storage projects that help them optimize the transferable tax credits available under the IRA, as an alternative to traditional tax equity. Bildmore is backed by EnCap's Energy Transition Fund II. Since 1988, EnCap Investments has been a leading provider of growth capital to the independent sector of the U.S. energy industry. The firm has raised 25 institutional funds totaling approximately $47 billion and currently manages capital on behalf of more than 350 U.S. and international investors. For more information, please visit www.bildmore.com or www.encapinvestments.com.
About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of branches and offices nationwide; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ:FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets and a member of the Fortune 500™. Discover more at firstcitizens.com.
About Nomura
Nomura is global financial services group with an integral network spanning approximately 30 countries and regions. By connecting markets East & West, Nomura services the needs of individuals, institutions, corporates and governments through its three business divisions: Wealth Management, Investment Management, and Wholesale (Global Markets and investment Banking). Founded in 1925, the firm is built on a tradition of disciplined entrepreneurship, serving clients with creative solutions and considered thought leadership. For further information about Nomura, visit www.nomura.com
Media contact: Blake Taylor, [email protected]
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