McGuireWoods served as legal counsel to Peregrine Energy Solutions LLC in securing financing to support a $317 million battery energy storage project that is under construction, another milestone in Peregrine’s mission to advance clean energy infrastructure and grid reliability across the United States.
The funding comprises a preferred equity commitment with Bildmore Clean Energy and construction-to-term loans, preferred equity bridge loans, and tax credit transfer bridge loans, along with financing for a project letter of credit facility from a club of lenders including First Citizens Bank, Société Générale, Siemens Financial Services and East West Bank.
Peregrine, an integrated, multitechnology clean energy platform focused on utility-scale energy storage, continues to expand its portfolio of high-quality renewable projects. The $317 million in funding will enable Peregrine to bring its advanced battery energy storage facility into operation, further supporting grid stability, renewables integration and the transition to a more resilient energy future.
McGuireWoods partners Heather Welch Arbogast, Durham McCormick and Sharaf Islam led the team advising Peregrine with assistance from associates Aaron Mitchell, Shelby Sumlin, Jared Merens and John Ellison. The multidisciplinary team also included partners Eddy Daniels, Brennen Keene, Jude Leblanc, David Franchina, Adam Sowatzka, Julia English and Sabrina Conyers, counsel Heather Nixon Stevenson, and associates Emily Fletcher, Johnny Mac Yates, Caitlin Haus, Jacob Lubinski and Michelle Lim Harris. McGuireWoods previously assisted Peregrine in a financing agreement to fund its pipeline of over 7 gigawatts of high-quality projects, including standalone battery, solar and wind technologies.
“McGuireWoods is proud to assist Peregrine in this transformative project,” Arbogast said. “Our deep bench in the energy space complements Peregrine’s strong project pipeline and management team, providing comprehensive capabilities to support the company’s consistent growth and success. We greatly value opportunities to partner with clients like Peregrine to bring new and innovative projects onto the grid.”
McGuireWoods’ Renewable Energy Practice Group represents developers, independent power producers, sponsors, utilities, and infrastructure funds across sectors such as biomass and alternative fuels, geothermal, hydropower, nuclear, 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.
The firm consistently earns top rankings for its energy industry capabilities in Chambers USA and the Legal 500 United States.