Concord New Energy closes financing on first U.S. utility-scale project
Singaporean renewable energy developer Concord New Energy Group (CNE) is making a move into the U.S. solar market, closing on a portfolio financing package to advance its strategy in North America.
Announced Oct. 12, the $400 million financing package will advance both Concord’s U.S.-based renewable energy efforts, as well as its digital infrastructure portfolio. Led by First Citizens Bank, Goldman Sachs Alternatives, and Associated Bank, the transaction brings together debt, preferred equity, and letter of credit facilities.
“Closing $400 million in financings is an important milestone for CNE as we establish our presence in the United States,” says Concord VP Mike Luo. “As we witness rapid growth in power demand globally, driven by new industrial load, manufacturing and AI enterprises, we remain committed to developing and deploying the power infrastructure needed to meet that demand in a sustainable way.”
Perhaps the crown jewel of the financing run is CNE’s new Project Chisme, a 215 MW solar and 147 MW / 358 MWh battery project located in Texas. The project recently received $310 million in debt and letter of credit financing, and will be CNE’s first utility-scale effort in the U.S.
Strengthening expansion
The capital provides a clear avenue for CNE’s broader growth strategy in the U.S., anchored by the construction and energization of Project Chisme. As of 2026, the company already has more than 20 years of experience in the renewable energy sector, spanning more than 5 GW of solar, storage, wind, and digital infrastructure on three continents.
“As demand for reliable, scalable power infrastructure continues to grow, projects that combine solar generation with battery energy storage are playing an increasingly important role in meeting evolving energy needs,” says Mike Lorusso, head of energy finance for First Citizens Bank. “This transaction reflects First Citizens Bank’s commitment to delivering tailored financing solutions that help developers bring critical energy infrastructure projects to market.”
The $400 million financing package will provide CNE with “access to diverse sources of institutional capital across its clean energy and digital infrastructure portfolio.” The company says the package is a significant achievement for its American energy platform, as it looks to capitalize on a burgeoning U.S. energy market.
Vikas Agrawal, managing director and co-head of energy transition climate credit at Goldman Sachs Alternatives, cited CNE’s track record as especially enticing for a strategic partner. He says his firm anticipates further work with renewable energy partners on deploying flexible capital.
“Acting as both the sole lender during the operating period and the preferred equity investor, we were able to underwrite the project holistically — aligning debt and preferred capital around a single view of the solar and storage cash flows,” Agrawal says. “That creativity gave CNE the certainty and speed it needed to keep construction on schedule and establish its U.S. platform, and reflects the kind of tailored solutions our Climate Credit strategy aims to deliver.”
