Castlelake, L.P. ("Castlelake"), a global alternative investment manager specializing in asset-backed private credit with 17 years of experience investing in asset-rich opportunities, today announced a partnership with Peregrine Energy Management resulting in the creation of Peregrine Energy Solutions LLC, an integrated and multi-technology clean energy platform with a focus on utility scale energy storage that will benefit from the financial resources of Castlelake and its affiliated investment funds (collectively, the "Peregrine Platform").
The Peregrine Platform will seek to source, develop, build and manage standalone battery energy storage and renewable energy assets across North America in an effort to unlock value in such assets. Assets within the Peregrine Platform will be developed and operated by a dedicated Peregrine team of power and energy industry veterans with significant experience in battery storage, solar and wind assets.
"As the power industry undergoes transformational trends including what we think are favorable incentives for carbon free power, accelerating renewable portfolio standards and rising commodity prices, we believe there is significant opportunity for asset owners to support the development of low-cost clean energy assets," said Joe McConnell, Partner and Deputy Co-chief Investment Officer at Castlelake. "We believe this partnership will combine Castlelake's investment experience with Peregrine's development, construction and asset management background to generate value for clients."
The Peregrine Platform intends to focus on developing carbon-free power assets in areas of high-power price volatility and grid constraints. The management team leading this work collectively brings over 15 gigawatts of renewable energy and storage facilities development experience to bear on the Peregrine Platform. The Peregrine Platform has developed a 5GW pipeline with site control and premium earning potential based on its proprietary prospecting method.
"At Peregrine, we are focused on creating and optimizing a robust, diversified portfolio of renewable energy assets anchored by battery storage assets in order to generate long-term and outsized value for stakeholders, including the communities in which we operate," said Hagen Lee, Founder and Chief Executive Officer of Peregrine. "We are excited to scale our operations and take our business goals to the next level."
Castlelake has experience investing in and managing a diverse set of asset-rich opportunities across geographies within transitional real estate, infrastructure, renewables and power stability. Since inception, the firm has invested over $14 billion in real assets opportunities and over 37,000 assets across the U.S. and Europe. Castlelake has also invested in over 3.0 gigawatts of renewable energy capacity.