Peregrine Energy Solutions Recognizes Multiple Advisors in the Finalization of a $700 million Financing Transaction with AB CarVal

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Sep 07, 2023, 17:15 ET

Advisors played significant role in the transaction which will fund 7 GW of renewable and energy storage projects in North America

BOULDER, Colo., Sept. 7, 2023 /PRNewswire/ -- Peregrine Energy Solutions LLC ("Peregrine") recognizes these advisors who played key roles in finalizing a previously announced financing transaction with funds managed by AB CarVal: IMM Investment Global, Latham & Watkins, McGuireWoods LLP, and Piper Sandler & Co.

Peregrine is an integrated multi-technology clean energy platform with a focus on utility-scale energy storage. The agreement with funds managed by AB CarVal provides over $700 million of financing to fund Peregrine's pipeline of over seven gigawatts of high-quality projects, including standalone battery, solar and wind technologies.

IMM Investment Global: "Partnering with the Peregrine team has been a remarkable experience that greatly supported our clean energy transition efforts. We believe that AB CarVal's strategic capital and Peregrine's industry-leading expertise will create meaningful value-add to the North American renewables and energy storage scene. We look forward to continuously supporting future growth initiatives of the Peregrine platform," said YoungJoon Lee, managing partner and chief executive officer.

Latham & Watkins: "The Latham & Watkins team is pleased to have represented AB CarVal in its equity investment and debt financing with Peregrine. We are honored to have had the opportunity to work on this complex and transformative transaction," said Justin Stolte, global chair of Latham & Watikins's Energy and Infrastructure Industry practice.

McGuireWoods LLP: "The McGuireWoods team was proud to assist Peregrine in this important transaction and to be part of another exciting step in the growth of the company. We remain grateful for the long-standing partnership we've had with the talented team at Peregrine," said Heather Arbogast, partner, M&A and Energy.

Piper Sandler & Co: "Piper Sandler & Co. was honored to partner with Peregrine to help them reach the next phase of their business. Since Peregrine's formation, they have built one of the most well-rounded teams in North America, with exceptional leadership and a significant and growing pipeline of renewable assets," said Rob Sternthal, managing director.

This funding will allow Peregrine to bring its project portfolio, which spans five independent system operators (ISOs) and 10 states, to Commercial Operation Date (COD), ultimately providing grid stability, renewables integration and structured energy solutions. It will also allow the firm to capture market arbitrage opportunities and continue expanding into new areas for growth.

About Peregrine Energy Solutions LLC
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 $144 billion in 5,680 transactions across 82 countries. Today, AB CarVal has approximately $17 billion* in assets under management in corporate securities, loan portfolios, structured credit and hard assets. Since 2017, AB CarVal has deployed over $4 billion in clean energy investments. Additional information about AB CarVal may be found at www.abcarval.com

*As of June 30, 2023. AUM is comprised 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.

Media Contact: Anna Lovely, anna@whitegatecommunications.com

SOURCE AB CarVal