Concord New Energy Signs Three Long-Term PPAs with Tesla for U.S. Solar Projects

Concord New Energy Group Limited (“Concord New Energy”, dual-listed on Singapore Exchange: SEG.SG; Hong Kong Stock Exchange: 0182.HK), headquartered in Singapore, has recently announced the successful signing of three long-term Power Purchase Agreements (“PPAs”) with Tesla for 3 solar projects located in the U.S.

Project Details

The three solar projects covered by the long-term PPAs have a combined capacity of approximately 469 megawatts (AC), and after commissioning the 3 projects combined will supply approximately 1.2 million megawatt-hours of electricity to Tesla annually. The first project is expected to start supplying power in the first half of 2027.

Strategic Significance & Management Commentary

Mr. Liu Shunxing, Chairman of Concord New Energy, commented that Concord aims to seize the opportunity of renewable energy demand driven by the expansion of industrial and artificial intelligence infrastructure in the U.S. power market. Amid the rapid power demand growth across America and the massive electricity needs of enterprises, we have proactively grown our U.S. business and built extensive project portfolios to reliably meet this surging demand. Our strategic planning and development will help address the U.S. power demand, cater to the massive electricity needs of corporations, industry, and AI enterprises, which will foster new value and growth points for the Group’s global clean energy business.”

U.S. Market Layout

In recent years, driven by the economic boom from electrification and Hi-Tech industries, power demand across America has continued to surge, a trend further accelerated by the massive electricity consumption of growing digital infrastructure. This presents broad prospects for clean energy development, and Concord New Energy has proactively developed its U.S. business and project pipeline ahead of time to cater to the surging electricity needs of industry, corporations, and AI tech enterprises. In addition to the above-mentioned three projects, the Group has more than 4 gigawatts of generation resources in various development stages in the U.S., forming substantial resource reserves to reliably supply clean electricity and strongly align with the growing trend of U.S. power demand.

About Concord New Energy
Headquartered in Singapore, Concord New Energy Group Limited is mainly engaged in the investment and operation of wind power, solar, energy storage and AI power infrastructure projects, as well as the provision of technical services and comprehensive solutions. The Group has always adhered to the mission of promoting the globalization of sustainable energy and is committed to helping enterprises and society move towards a carbon-free future through clean energy solutions.