Peregrine Energy Solutions Secures Funding to support a $317 Million Battery Energy Storage Project Currently Under Construction
Peregrine Energy Solutions (FCNCA) closed a preferred equity commitment with Bildmore Clean Energy and secured a club lending facility to support a $317 million battery energy storage project currently under construction.
The company said First Citizens Bank and Societe Generale acted as coordinating lead arrangers, Siemens Financial Services as joint lead arranger, and East West Bank as an additional lender. Peregrine reported a 15 GWh development pipeline across SPP, MISO, ERCOT, PJM and WECC and has two BESS projects under construction in Texas.
Recent prior financings include a $53 million preferred equity and $115 million bridge in March 2025 and $130 million in new capital in October 2025.
Peregrine Energy Solutions (FCNCA) ha chiuso un impegno di equity privilegiata con Bildmore Clean Energy e ha assicurato una linea di credito di club per supportare un progetto di stoccaggio di energia a batteria da $317 milioni attualmente in costruzione.
La società ha dichiarato che First Citizens Bank e Société Générale hanno agito come coordinatori principali di accordi, Société Générale come co-arrangeur principale, e East West Bank come ulteriore prestatore. Peregrine ha riportato un portafoglio di sviluppo di 15 GWh attraverso SPP, MISO, ERCOT, PJM e WECC e ha due progetti BESS in costruzione in Texas.
Finanziamenti recenti precedenti includono un equity preferenziale di 53 milioni di dollari e un ponte di 115 milioni di dollari a marzo 2025 e 130 milioni di dollari in nuovo capitale in ottobre 2025.
Peregrine Energy Solutions (FCNCA) cerró un compromiso de equity preferente con Bildmore Clean Energy y aseguró una facilidad de préstamos en club para respaldar un proyecto de almacenamiento de energía con baterías de $317 millones que actualmente está en construcción.
La compañía dijo que First Citizens Bank y Societe Générale actuaron como coordinadores principales, Siemens Financial Services como co-arangeador principal y East West Bank como prestamista adicional. Peregrine reportó un portafolio de desarrollo de 15 GWh en SPP, MISO, ERCOT, PJM y WECC y tiene dos proyectos BESS en construcción en Texas.
Financiamientos recientes incluyen un equity preferente de $53 millones y un puente de $115 millones en marzo de 2025 y $130 millones en nuevo capital en octubre de 2025.
Peregrine Energy Solutions (FCNCA)는 Bildmore Clean Energy와의 우선주 약정을 체결하고 $317백만 달러의 배터리 에너지 저장 시스템(BESS) 프로젝트를 현재 건설 중인 클럽 대출 시설로 확보했습니다.
회사에 따르면 First Citizens Bank와 Societe Generale가 협력 주관 기관으로, Siemens Financial Services가 공동 주관 대주로, East West Bank가 추가 대주로 활동했습니다. Peregrine은 SPP, MISO, ERCOT, PJM 및 WECC 전역에 15 GWh 개발 파이프라인을 보고했고 텍사스에서 건설 중인 두 개의 BESS 프로젝트가 있습니다.
최근의 이전 금융으로는 2025년 3월 $53백만 달러의 우선주와 $115백만 달러의 다리 대출, 2025년 10월에 $130백만 달러의 신규 자본이 포함됩니다.
Peregrine Energy Solutions (FCNCA) a conclu un engagement d'equity préférée avec Bildmore Clean Energy et a assuré une facilité de prêt en club pour soutenir un projet de stockage d'énergie par batterie d'une valeur de $317 millions actuellement en construction.
La société a déclaré que First Citizens Bank et Societe Generale ont agi en tant qu'arrangeurs coordonnés principaux, Siemens Financial Services comme co-arrangeur principal, et East West Bank comme prêteur additionnel. Peregrine a rapporté un portefeuille de développement de 15 GWh à travers SPP, MISO, ERCOT, PJM et WECC et compte deux projets BESS en construction au Texas.
Les financements récents précédents comprennent 53 millions de dollars d'equity préféré et 115 millions de dollars de bridge en mars 2025 et 130 millions de dollars de nouveau capital en octobre 2025.
Peregrine Energy Solutions (FCNCA) schloss eine Vorzugsaktienverpflichtung mit Bildmore Clean Energy ab und sicherte sich eine Club-Finanzierung, um ein $317 Millionen Batterie-Energiespeicherprojekt zu unterstützen, das sich derzeit im Bau befindet.
Das Unternehmen sagte, First Citizens Bank und Societe Generale fungierten als koordinierende Lead-Arranger, Siemens Financial Services als gemeinsamer Lead-Arranger und East West Bank als zusätzlicher Kreditgeber. Peregrine meldete eine 15 GWh Entwicklungspipeline in SPP, MISO, ERCOT, PJM und WECC und hat zwei BESS-Projekte im Bau in Texas.
Zu den jüngsten früheren Finanzierungen gehören ein 53 Millionen Dollar Vorzugsaktien und ein 115 Millionen Dollar Brückendarlehen im März 2025 sowie 130 Millionen Dollar neues Kapital im Oktober 2025.
Peregrine Energy Solutions (FCNCA) أبرمت التزام حقوق تفضيلية مع Bildmore Clean Energy وضمنت تسهيلات إقراض جماعية لدعم مشروع بطارية لتخزين الطاقة بقيمة $317 مليون دولار حاليًا قيد الإنشاء.
وقالت الشركة إن بنك العائلة الأولى وSociete Generale تصرفا كمنسقين رئيسيين، وSiemens Financial Services كمنسق رئيسي مشترك، وبنك East West كمقرض إضافي. قالت Peregrine إن لديها خط أنابيب تطوير 15 جيغاؤساعة عبر SPP وMISO وERCOT وPJM وWECC ولديها مشروعان BESS قيد البناء في تكساس.
تشمل التمويلات السابقة الأخيرة $53 مليون أسهم تفضيلية و$115 مليون جسر تمويلي في مارس 2025 و$130 مليون من رأس المال الجديد في أكتوبر 2025.
- Closed financing for a $317 million battery storage project
- Pipeline of 15 GWh across SPP, MISO, ERCOT, PJM and WECC
- Two battery storage projects under construction in Texas
- Raised $130 million in October 2025 from investor consortium
- Completed prior March 2025 financings: $53M preferred equity and $115M bridge
- None.
Insights
Secured preferred equity and club debt fund a
Peregrine closed a preferred equity commitment with Bildmore Clean Energy and a club lending facility led by First Citizens Bank and Societe Generale, with participation from Siemens Financial Services and East West Bank, to support a
The concrete dependency is clear: this is a construction‑stage project supported by preferred equity and a multi‑lender facility, so execution and lender/investor follow‑through matter; the announcement itself confirms completed closings rather than conditional intent. Watch near‑term construction milestones and any disclosed commercial‑operation dates or draw schedules for this facility; the financing history through
Peregrine, founded by Hagen Lee in April 2022, finalized a financing agreement with funds managed by AB CarVal in August 2023. The Company has originated and developed a pipeline of 15 GWh of storage across SPP, MISO, ERCOT, PJM and WECC, of which two battery energy storage projects are currently under construction in
-
March 2025:
$53 million $115 million -
October 2025:
$130 million South Korea , IMM Investment, Woori Private Equity Asset Management and funds managed by AB CarVal.
"We're thrilled to announce the closing of our second project financing this year," said Reid Strand, senior vice president of finance with Peregrine. "As we continue to accelerate development across our portfolio, we're thankful for continued support from leading investors and lenders."
David Haug, founder and CEO of Bildmore, added: "Bildmore is once again pleased to partner with the Peregrine team to provide preferred equity and underpin bridge financing on another high quality ERCOT BESS project. We appreciate the creativity and innovation of Hagen Lee's development and finance teams, and look forward to supporting them whenever we can."
"We are pleased to provide Peregrine with this innovative capital structure to facilitate the continued expansion of battery storage energy capacity," said Mike Lorusso, managing director and group head for First Citizens Bank's Energy Finance Group. "This represents our second financing with Peregrine and we look forward to continuing to support them as they grow their portfolio."
"This transaction marks an important milestone in Peregrine's development and we are happy to be able to lead financings that support their continued growth," said Kevin Cartoski, a vice president in the Energy+ Group for Societe Generale.
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
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
About Bildmore Clean Energy
Bildmore provides construction-stage preferred equity commitments primarily to utility-scale battery storage and solar projects. The Bildmore team is backed by EnCap's Energy Transition Fund II, a unit of EnCap Investments, which since 1988 has been a leading provider of growth capital to the independent sector of the
About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in
About Societe Generale
Societe Generale is a top-tier European Bank with around 119,000 employees serving more than 26 million clients in 62 countries across the world. We have been supporting the development of our economies for 160 years, providing our corporate, institutional, and individual clients with a wide array of value-added advisory and financial solutions. Our long-lasting and trusted relationships with the clients, our cutting-edge expertise, our unique innovation, our ESG capabilities and leading franchises are part of our DNA and serve our most essential objective - to deliver sustainable value creation for all our stakeholders.
Legal Advisors
McGuireWoods LLP acted as a legal advisor to Peregrine. Kirkland & Ellis LLP acted as a legal advisor to Bildmore. Winston & Strawn LLP acted as a legal advisor to the lenders.
Media contact: Anna Lovely (anna@whitegatecommunications.com)
*AUM is comprised of fee-earning AUM and fee-eligible AUM. Fee-earning AUM includes those assets currently qualified to generate management fees. Fee-eligible AUM includes capital that is committed to an AB CarVal Fund but is currently uncalled or recallable. The number represented here excludes assets under AB CarVal's management that are not generating management fees due to the maturity of the Fund but includes amounts that do not generate management fees solely due to AB CarVal's decision not to charge management fees.
View original content to download multimedia:https://www.prnewswire.com/news-releases/peregrine-energy-solutions-secures-funding-to-support-a-317-million-battery-energy-storage-project-currently-under-construction-302615092.html
SOURCE Peregrine Energy Solutions LLC; AB CarVal
FAQ
What financing did Peregrine (FCNCA) secure on November 14, 2025?
Which lenders participated in Peregrine's FCNCA financing for the $317M project?
How large is Peregrine's battery storage pipeline disclosed in the announcement?
How many Peregrine (FCNCA) projects are currently under construction and where?
What prior financings did Peregrine complete in 2025 before the November 14 announcement?
