Developer Profile: Peregrine Energy Solutions

Peregrine Energy Solutions is a U.S.-based clean energy platform specializing in utility-scale battery storage and renewable energy infrastructure. The company has rapidly grown since its founding, becoming a key player in advancing grid stability and energy transition across the country.

Established in 2022 through a partnership between Peregrine Energy Management and AB CarVal, a division of AllianceBernstein’s Private Alternatives business, with roughly $20B in assets under management (AUM).

Market Traction and Portfolio

As of 2025, Peregrine controls a portfolio spanning 53 active projects across 13 U.S. states and provinces, covering five independent system operators (ISOs): SPP, MISO, ERCOT, PJM, and WECC. Its aggregate capacity exceeds 7,700 MW and is focused primarily on front-of-the-meter (FTM) battery energy storage systems designed to enhance grid reliability and renewable adoption.

Two of its major near-term projects are located in ERCOT, expected to come online between late 2025 and early 2026. Peregrine also developed projects like the 150 MW Wizard Energy Storage Project in Texas and is advancing large-scale developments under construction nationwide.

Recent $130 Million Financing (October 2025)

On October 22, 2025, Peregrine announced that it secured $130 million in new capital from a consortium including the Ministry of Environment of South Korea, IMM Investment, Woori Private Equity Asset Management, and AB CarVal. The funding supports ongoing battery storage projects and U.S. market expansion, further strengthening West-to-East grid resilience and energy storage deployment. CEO Hagen Lee stated that the capital will enable rapid project advancement to meet escalating U.S. power demand.

Previous Financing Rounds

Peregrine has raised substantial funds prior to this round:

• $700 million (2023): in credit, equity, and debt financing from AB CarVal to fund a 7 GW pipeline of renewable assets spanning solar, wind, and storage.

• $250 million KKR Credit Facility (2024): designed to finance equipment, interconnection, and offtake credit security, supporting a pipeline of 37 projects (22 GWh) across 11 states.

• $168 million (2025): for a 150 MW BESS project, comprising $53 million preferred equity from Bildmore Clean Energy and $115 million bridge financing facilitated by First Citizens Bank and Nomura Securities.

Strategic Focus

Peregrine’s integrated clean energy model centers on firm, dispatchable storage resources to replace aging fossil-heavy assets. Its proprietary Multi-Factor Screening method optimizes site selection, ensuring high grid value and positive community impact. By focusing on markets with strong renewables targets and high financial volatility, the company pursues both environmental and economic resilience through long-term asset ownership and operation.