First Citizens Bancshares Supports Peregrine Energy in Securing Funding for Battery Storage Project

Peregrine Energy Solutions Secures Funding for Battery Storage Project

Peregrine Energy Solutions, a Boulder-based company, announces a significant development with the closure of a preferred equity commitment with Bildmore Clean Energy for a battery energy storage project currently under construction. This financing round plays a crucial role in Peregrine's strategy to expand its portfolio, which consists of an impressive pipeline of 15 gigawatt-hours (GWh) of battery storage across various U.S. energy markets, including SPP, MISO, ERCOT, PJM, and WECC. The backing from prominent financial institutions underscores the growing importance of energy storage in the transition to renewable energy.

The latest funding round highlights Peregrine's efforts in securing diverse financing sources to support its ambitious projects. Alongside Bildmore, a consortium of lenders, including First Citizens Bank, Societe Generale, Siemens Financial Services, and East West Bank, contributes to this endeavor. The involvement of First Citizens Bank is particularly noteworthy, as it reflects the institution's commitment to fostering innovative financing solutions that can effectively address the evolving needs of the energy sector. As energy storage technology matures, partnerships with financial institutions become increasingly vital in facilitating large-scale projects.

Reid Strand, senior vice president of finance at Peregrine, expresses gratitude for the unwavering support from both investors and lenders, which enables the company to accelerate its development efforts. Previous funding rounds, including a $53 million preferred equity commitment from Bildmore and a $115 million bridge financing facility secured in March 2025, demonstrate Peregrine's proactive approach to capitalizing on market opportunities. The recent transaction not only marks a significant milestone in Peregrine's growth journey but also reinforces the strategic focus on utility-scale battery storage solutions, which are essential for enhancing grid reliability and supporting the integration of renewable energy sources.

In addition to the recent financing success, Peregrine's trajectory reflects a broader industry trend toward increased investment in energy storage technologies. As the demand for sustainable energy solutions rises, companies like Peregrine play a pivotal role in developing infrastructure that supports this shift. The alignment of financial backing with innovative energy projects highlights a collaborative approach to tackling the challenges of energy transition.

The convergence of financial institutions and energy innovators signals a promising future for the renewable energy sector. As Peregrine Energy Solutions continues to expand its footprint in battery storage, the commitment from partners such as First Citizens Bank and Bildmore Clean Energy showcases the growing recognition of energy storage's importance in achieving a sustainable energy future.