Peregrine Secures $168 Million for 150 MW BESS Project
Deal News | May 02, 2025 | Orrick
Peregrine Energy Solutions LLC has successfully secured $168 million in financing for the deployment of a 150 MW battery energy storage system. This financial backing includes a preferred equity commitment from Bildmore Clean Energy and a construction debt facility organized by First Citizens Bank and Nomura Securities International. The completion of this project is slated for the last quarter of 2025, which is expected to play a critical role in supporting Peregrine's broader utility-scale storage strategy. Orrick acted as the legal advisor for Peregrine in this transaction. Chris Strand, the Senior Vice President of Finance at Peregrine, expresses confidence in the strategic collaboration with their financial partners, indicating the potential of their assets and the team's capability in delivering substantial grid solutions.
Sectors
- Renewable Energy
- Financial Services
Geography
- United States – Peregrine Energy Solutions and the involved financial entities operate within the United States.
Industry
- Renewable Energy – The article discusses a significant investment in a battery energy storage system, a key component of the renewable energy sector.
- Financial Services – The financing involves substantial financial structuring and advisory roles, specific to the financial services industry.
Financials
- $168 million – Total financing secured for the 150 MW battery energy storage system project.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Peregrine Energy Solutions LLC | Target Company | Company | An integrated clean energy platform focused on utility-scale energy storage, established in 2022. |
| Bildmore Clean Energy | Equity Financier | Company | Provided a preferred equity commitment to the financing package. |
| First Citizens Bank | Debt Facility Coordinator & Collateral Agent | Company | Acted as a joint coordinating lead arranger for the debt facility and served as collateral agent. |
| Nomura Securities International | Debt Facility Coordinator & Administrative Agent | Company | Acted as a joint coordinating lead arranger and administrative agent for the debt facility. |
| Orrick | Legal Advisor | Company | Provided legal advisory services to Peregrine during the financing process. |
| Reid Strand | Senior Vice President of Finance at Peregrine | Person | Involved in the strategic collaboration for financing a utility-scale storage project. |