Peregrine Energy, AB CarVal Ink $700 Million Financing Deal


Colorado-based Peregrine Energy Solutions LLC, an integrated multi-technology clean energy platform with a focus on utility-scale energy storage, has signed an agreement with funds managed by global alternative investment manager AB CarVal to raise over $700 million of credit, equity and debt to finance Peregrine’s pipeline of over 7 GW of projects, including standalone battery, solar and wind technologies.

This funding will allow Peregrine to bring its project portfolio, which spans five independent system operators (ISOs) and 10 states, to commercial operation date (COD), ultimately providing grid stability, renewables integration and structured energy solutions. It will also allow the firm to capture market arbitrage opportunities and continue expanding into new areas for growth.

“AB CarVal will provide significant new liquidity for Peregrine to advance our value creation pathways,” says Hagen Lee, CEO and founder of Peregrine. “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.”

The Peregrine team seeks to source, develop, build and manage standalone battery energy storage and renewable energy assets across North America. The assets developed and managed by Peregrine benefit from a team of renewable energy veterans who collectively bring over 20 GW of renewable energy and storage facilities development experience.

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