Peregrine Energy Solutions, an integrated multi-technology clean energy platform with a focus on utility-scale energy storage, will operate, redevelop and expand the assets of Old Gold Energy Center (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 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 230 MW with an 80-MW battery energy storage system. Our current redevelopment timeline forecasts the redevelopment to be completed within the next five years,” he added.
News item from Peregrine
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