McGuireWoods advised Peregrine Energy Solutions LLC, in closing a financing agreement with AB CarVal to raise over $700 million of credit, equity and debt to fund Peregrine’s pipeline of over 7 gigawatts of high-quality projects, including standalone battery, solar and wind technologies.
Peregrine is an integrated and multitechnology clean energy platform with a focus on utility-scale energy storage. The funding allows Peregrine to bring its project portfolio — which spans five independent system operators and 10 states — into operation, providing grid stability, renewables integration and structured energy solutions. It also will allow Peregrine to capture market arbitrage opportunities and continue expanding into new areas.
Partners Heather Welch Arbogast and Durham McCormick led the McGuireWoods deal team, which included partners Adam Greene and Clare Lewis and associates William Bradbury, Paul Harris, Caitlin Maloney Haus, Marc Nickel, Andrew Seward and John Yates.
“McGuireWoods was proud to assist Peregrine in this important transaction and to be part of another exciting step in the growth of the company,” Arbogast said. “We remain grateful for the longstanding partnership with the talented team at Peregrine.”
McGuireWoods, a leading law firm in the renewables industry, represents developers, utilities, independent power producers and infrastructure funds across sectors such as biomass and alternative fuels, geothermal, hydropower, battery storage, solar and wind. The firm handles renewable energy projects across the country, counseling clients on development, finance, ownership, operation and maintenance issues, among others. McGuireWoods earned nationwide rankings in several energy-related categories in the 2023 editions of Chambers USA and The Legal 500 United States.