Peregrine Energy Solutions Secures Funding to support a $317 Million Battery Energy Storage Project Currently Under Construction

BOULDER, Colo., Nov. 13, 2025 /PRNewswire/ -- Peregrine Energy Solutions (Peregrine), an integrated multi-technology clean energy platform with a focus on utility-scale battery storage, announced today it has closed a preferred equity commitment with Bildmore Clean Energy for a battery energy storage project that is currently under construction. Concurrently, Peregrine also secured financing from a club of lenders: First Citizens Bank and Societe Generale acted as coordinating lead arrangers, Siemens Financial Services as a joint lead arranger, and East West Bank as an additional lender in the facility.

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 Texas. Peregrine previously announced multiple rounds of corporate and project financings this year, including:

• March 2025: $53 million preferred equity commitment from Bildmore Clean Energy and $115 million bridge financing facility from First Citizens Bank and Nomura Securities International, Inc. for a battery energy storage project; and
• October 2025: $130 million in new capital from a consortium of investors, including the Ministry of Environment of 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 $20 billion of assets. Peregrine Energy Solutions is a limited liability company formed in Delaware and headquartered in Boulder, Colorado. Additional information is available at www.peregrineenergysolutions.com.

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 $155 billion in 5,850 transactions across 82 countries. Today, AB CarVal has approximately $20 billion in assets under management* in corporate securities, loan portfolios, structured credit and hard assets. Since 2017, AB CarVal has deployed over $6 billion in energy transition investments. For more information, visit www.abcarval.com.

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 U.S. energy industry. The firm has raised 25 institutional funds totaling approximately $47 billion and currently manages capital on behalf of more than 350 U.S. and international investors. For more information, please visit www.bildmore.com and www.encapinvestments.com.

About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of branches and offices nationwide; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets and a member of the Fortune 500™. Discover more at www.firstcitizens.com.

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 ([email protected])

*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.

SOURCE Peregrine Energy Solutions LLC; AB CarVal