Peregrine Energy Solutions and Global Investment Manager Partner to Acquire, Operate, Redevelop and Expand 80 MW Operating Wind Asset in Northern Iowa

Published: Mar. 16, 2023 at 3:30 PM CDT

BOULDER, Colo., March 16, 2023 /PRNewswire/ -- Peregrine Energy Solutions LLC ("Peregrine"), an integrated multi-technology clean energy platform with a focus on utility scale energy storage, today announced it will operate, redevelop and expand the assets of Old Gold Energy Center, LLC (formerly known as Top of Iowa I), an 80 MW operating wind asset in northern Iowa. The assets were acquired by Peregrine through a partnership with a global alternative investment manager on behalf of funds it manages.

Peregrine Energy Solutions
Peregrine Energy Solutions(PRNewswire)

Peregrine plans to continue to operate the asset, which has been commercially operational since 2001, while concurrently engaging in a robust redevelopment plan with goals of optimizing the wind resource at the site and strategically adding battery energy storage technology to the site. Peregrine believes the Old Gold project is strategically located at a site with one of the strongest and most reliable wind resources in North America, and has an attractive delivery basis. Redevelopment plans are expected to be complete toward the end of 2027. These plans are consistent with Peregrine's mission to strategically identify, manage, and unlock long-term value from a robust, diversified portfolio of renewable assets.

"We are excited to take control of this wind asset as we continue to build out Peregrine's portfolio of development and operational projects. We believe that our redevelopment plan will enable this asset to achieve its full potential and contribute to the further decarbonization of the grid," said Alice Bray, Director of Asset Management for Peregrine.

The addition of the Old Gold asset to Peregrine's portfolio is the most recent evidence of the company's accelerating growth. This year, Peregrine announced the formation of a joint venture with a funding commitment from a large multi-asset alternative investment firm based in Asia to allow Peregrine to develop greenfield battery energy storage systems in North America. Peregrine also previously announced the acquisition of two mid-stage energy storage assets in the Electric Reliability Council of Texas (ERCOT) market through a partnership with a global alternative investment manager on behalf of funds it manages.

"We are looking forward to working with Worth County Officials, stakeholders and local landowners to successfully redevelop and expand this asset," said Matt Von Tungeln, Director of Development for Peregrine. "Our redevelopment plans are expected to result in the production of more energy using fewer turbines, while the incorporation of battery storage should increase local grid reliability and resiliency."

"While our redevelopment plans are still in their initial stages and the final project size will depend on our continued analysis of this project, our initial projections are that this project could be developed to a wind farm of up to 230MW with an 80MW battery energy storage system. Our current redevelopment timeline forecasts the redevelopment to be completed within the next five years," he added.

The Peregrine team 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 benefit from an experienced team of renewable energy veterans who collectively bring over 20 gigawatts of renewable energy and storage facilities development experience.

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.

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