2 minute read | May.01.2025
Peregrine Energy Solutions LLC (“Peregrine”) has secured $168 million in financing for a 150 MW battery energy storage system (BESS) currently under construction. The package includes a preferred equity commitment from Bildmore Clean Energy and a construction debt facility. First Citizens Bank and Nomura Securities International acted as joint coordinating lead arrangers of the debt facility, with First Citizens also serving as collateral agent and Nomura as administrative agent. The project is expected to be completed in Q4 2025.
Orrick represented Peregrine.
Peregrine is an integrated, multi-technology clean energy platform focused on utility-scale energy storage. Founded in 2022, the company has originated and developed a 22 GWh pipeline of storage projects across SPP, MISO, ERCOT, PJM and WECC.
The financing will provide Peregrine with the capital needed to complete construction of its 150 MW battery energy storage project, while supporting its broader utility-scale storage strategy.
“Peregrine is delighted to partner with Bildmore, First Citizens and Nomura, structuring an innovative financing solution for our fully merchant storage project,” said Reid Strand, Senior Vice President of Finance of Peregrine. “The support from our financial partners is indicative of Peregrine's best in class assets, as well as our team's ability to deliver impactful grid solutions.”
Orrick’s Louise Gibbons and Jared Joyce-Schleimer led the team that advised Peregrine. The team also included John Eliason, Darrell Thomas, Devin Canavan, Molly Jergenson, Ladan Mohaddes, Ian Faucher and Joey Kim.