Strategic Acquisition in ERCOT
Mid-stage Energy Storage Developments Expected to Support Stable Electric Power in Texas
BOULDER, Colo., Jan. 24, 2023 /PRNewswire/ -- Peregrine Energy Solutions LLC, a recently established integrated and multi-technology clean energy platform with a focus on utility scale energy storage, today announced it will develop two mid-stage energy storage assets in the Electric Reliability Council of Texas (ERCOT) market. The assets were acquired from Black Mountain Energy Storage by a global alternative investment manager on behalf of its funds.
The two assets, Best Southwest BESS in Dallas County and Mallard BESS in Collin County, total 490MW of renewable energy capacity and are strategically sited near the Dallas-Fort Worth energy load pocket and within developing congestion pockets. Peregrine is targeting an early 2025 commercial operation date for both assets.
"These assets are a meaningful start for Peregrine's mission to strategically identify, manage and unlock long-term value from a robust, diversified portfolio of renewable assets," said Clay Canning, Director of Development for Peregrine Energy Solutions. "Through these assets, we believe we will be able to offer structured contracts within the ERCOT market at a time when demand for stable renewable energy continues to grow."
"We are pleased to have partnered with Peregrine Energy Solutions to develop these assets," said Witt Duncan, Director of Corporate Development for Black Mountain Energy Storage. "We believe they are strategically located, high quality assets with meaningful potential and look forward to their future success."
Peregrine Energy Solutions LLC seeks 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 developed and managed by Peregrine Energy Solutions are expected to benefit from an experienced team of renewable energy veterans who collectively bring over 15 gigawatts of renewable energy and storage facilities development experience to the projects they undertake.
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.
About Black Mountain Energy Storage
Black Mountain Energy Storage is a team of energy experts who develop and operate battery energy storage facilities. Founded in 2021, BMES was established to bring reliable, emissions-free energy storage capacity to the electric grid to enhance system reliability and enable greater reliance on renewable generation. It focuses on investing in communities and markets where energy storage will provide long-term value to stakeholders.
