Peregrine Energy, an integrated clean energy platform focused on utility-scale energy storage solutions, secured a credit facility from insurance accounts managed by KKR that can provide financing for up to $250 million.
Sumitomo Mitsui Banking Corporation (SMBC) also participated in the funding. Troutman Pepper Hamilton Sanders advised Peregrine Energy as legal counsel, and Piper Sandler & Co. acted as financial advisor. KKR and SMBC were advised by White & Case as legal counsel.
The funding will be used to finance equipment, interconnection, and offtake credit security to support Peregrine Energy’s energy sector development and continue developing its portfolio across the U.S. The company operates within five independent system operators (ISOs) and 11 states, with approximately 37 projects in its pipeline.
“We could not be more pleased to be working with KKR. We are confident in Peregrine’s ability to execute our strategic plan with the support of forward-thinking investors,” said Hagen Lee, Founder & Chief Executive Officer of Peregrine. “This facility is a milestone achievement for Peregrine and shows capital is available for developers that continue to innovate in a challenging market. Our ability to site and develop high-value assets differentiates our team and creates an attractive investment opportunity.”
Founded in 2022, the company says it has developed 22 GWh of storage across SPP, MISO, ERCOT, PJM, and WECC. In August 2023, the company announced signing an agreement with funds managed by AB CarVal to raise over $700 million of credit, equity, and debt to support Peregrine’s projects.
According to Mercom’s 1H and Q2 2024 funding and M&A report for Energy Storage and Smart Grid, announced debt and public market financing for Energy Storage companies in 1H 2024 came to $13 billion in 16 deals, a 294% increase year-over-year compared to $3.3 billion in 16 deals in 1H 2023.
In April, Harmony Energy, a utility-scale energy storage project developer, secured a £10 million (~$12.5 million) credit facility from Triodos Bank U.K. to support the development of new projects and expansion across Europe. The new facility is the bank’s first U.K. loan to the standalone energy storage sector.
