M&A: Peregrine Energy Solutions looking to raise preferred equity to support ongoing storage pipeline
Peregrine Energy Solutions is looking to raise preferred equity as it seeks to continue to support its pipeline of standalone storage projects.
The Boulder, Colorado-based developer announced in October 2024 that it closed a credit facility with KKR for up to USD 250m in financing. At the time, sources anticipated that Peregrine would look for additional equity capital beyond the USD 700m of credit, equity and debt provided by AB CarVal in August 2023.
Peregrine recently secured debt and preferred financing in the spring to support a 150 MW battery energy storage project under construction. However, sources said Peregrine was looking for additional capital for its pipeline.
Peregrine declined to comment on the situation. AB CarVal deferred to Peregrine to comment on the situation.
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