Concord New Energy Closes $400 Million Portfolio Financing to Advance U.S. Clean Energy Strategy

CNE’s inaugural U.S. utility-scale project financing, led by First Citizens Bank, Goldman Sachs Alternatives, and Associated Bank, strengthens the platform’s expansion

Singapore – October 12, 2026: Concord New Energy Group Limited (“CNE”, Singapore Exchange: SEG.SG; Hong Kong Stock Exchange: 0182.HK), a leading developer and operator of renewable power, energy storage and digital infrastructure projects globally, has announced the successful closing of $400 million in financings across its U.S. clean energy and digital infrastructure portfolio.  The transactions bring together debt, preferred equity, and letter of credit facilities from a group of leading financial institutions, providing capital for CNE’s broader U.S. growth strategy. 

First Citizens Bank, Goldman Sachs Alternatives, and Associated Bank led $310 million of debt and letter of credit financing for Project Chisme, a 215 MW solar and 147 MW / 358 MWh battery energy storage system (BESS) located in Texas.  Goldman Sachs Alternatives also provided $90 million of preferred equity financing for the project, CNE’s first utility-scale project in the U.S.

Headquartered in Singapore and listed on both the Singapore and Hong Kong Exchange, CNE brings more than 20 years of experience across the clean energy sector, with capabilities spanning solar, energy storage, wind and digital infrastructure.  The Group has expanded its presence across Europe, Asia and North America, with more than 5 GW of installed capacity globally.  CNE’s entry into the U.S. market marks the next phase of its long-term strategy to develop and operate sustainable energy and infrastructure projects across key global markets.

Together, the financings provide CNE with access to diverse sources of institutional capital across its clean energy and digital infrastructure portfolio.  The closings represent a significant achievement for CNE as it establishes its U.S. platform, demonstrating its ability to execute across multiple financing structures and attract leading financial counterparties amid a rapidly changing U.S. energy and infrastructure market.

“Closing $400 million in financings is an important milestone for CNE as we establish our presence in the United States,” said Mike Luo, Vice President of Concord New Energy.  “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.”

“First Citizens is proud to serve as a lead financing partner for Project Chisme and support Concord New Energy as it expands its footprint in the U.S. market,” said Mike Lorusso, Head of Energy Finance at First Citizens Bank. “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. This transaction reflects First Citizens Bank’s commitment to delivering tailored financing solutions that help developers bring critical energy infrastructure projects to market.”

“We are pleased to support Concord New Energy’s first U.S. utility-scale project through our Climate Credit strategy,” said Vikas Agrawal, Managing Director and Co-Head of Energy Transition Climate Credit at Goldman Sachs Alternatives. “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. 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. CNE’s track record as a global developer and operator makes them a strong strategic partner, and we look forward to continuing to deploy flexible capital seeking to deliver strong risk-adjusted returns and environmental benefits.”

CG/ CRC-IB served as exclusive financial advisor to CNE in connection with the financings.

Orrick, Herrington & Sutcliffe LLP and K&L Gates LLP served as legal counsel to CNE on the utility-scale project debt and preferred equity transactions. Milbank LLP and Husch Blackwell LLP served as legal counsel to Goldman Sachs Alternatives, and McGuireWoods LLP served as legal counsel to First Citizens Bank.

About Concord New Energy Concord New Energy Group Limited (SGX: SEG; HKEX: 0182) is a leading developer and operator of renewable power, energy storage, and digital infrastructure projects globally. Headquartered in Singapore, the Group owns more than 5 GW of operating assets and has always adhered to the mission of promoting the globalization of sustainable energy and infrastructure.