Peregrine Energy Solutions LLC says it has acquired and intends to 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 plans to continue to operate the asset, which has been commercially operational since 2001, while concurrently engaging in a redevelopment plan with goals of optimizing the wind resource at the site and strategically adding battery energy storage technology to the site
The company says 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.
“We are excited to take control of this wind asset as we continue to build out Peregrine’s portfolio of development and operational projects,” says Alice Bray, director of asset management for Peregrine. “We believe that our redevelopment plan will enable this asset to achieve its full potential and contribute to the further decarbonization of the grid.”
“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,” adds Matt Von Tungeln, director of development for Peregrine.