Peregrine Energy Secures New Equity and Debt Financing for Battery Storage Expansion

Peregrine Energy Solutions (Peregrine), a clean energy platform focused on utility-scale battery storage, announced it has secured a preferred equity commitment from Bildmore Clean Energy for a battery storage project now under construction. At the same time, Peregrine closed a financing facility with a lending group that includes First Citizens Bank and Societe Generale as coordinating lead arrangers, Siemens Financial Services as joint lead arranger, and East West Bank as an additional lender.

Founded by Hagen Lee in April 2022, Peregrine entered into a financing partnership with funds managed by AB CarVal in 2023. Since then, the company has built a 15 GWh storage development pipeline across SPP, MISO, ERCOT, PJM and WECC, with two projects currently under construction in Texas. This announcement follows a series of financings completed in 2025, including a $53 million preferred equity commitment and $115 million bridge facility in March, and $130 million in new capital from a consortium of global investors in October.

“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.