Concord New Energy lands $90M equity for first US solar-plus-storage project

What's the deal? Concord New Energy GroupDealroom has a profile for this one. Try Dealroom → closed a $400 million financing package for its US clean energy portfolio, including $90 million in preferred equity from Goldman Sachs Alternatives. The remaining $310 million in debt and letter-of-credit facilities came from First Citizens BankDealroom has a profile for this one. Try Dealroom →, Goldman Sachs Alternatives, and Associated BankDealroom has a profile for this one. Try Dealroom →.

What's the endgame? The money backs Chisme, Concord's first US utility-scale solar-plus-storage project, in Brown County, Texas. The site pairs 147 MWac of solar with 147 MW / 35 MWh of battery storage, and commercial operation is expected in April 2027.

Why now? Construction began around the third quarter of 2025, and the round funds the build-out. The project's power purchase agreement price is locked for 15 years, giving lenders a clearer revenue basis.

Singapore-headquartered Concord trades on both the Singapore ExchangeDealroom has a profile for this one. Try Dealroom → and the Hong Kong Stock Exchange. It has accumulated more than 1 GW of resource reserves in the ERCOT market and signed three long-term power sales agreements with Tesla covering roughly 469 MW of solar projects.

The signal: The package marks Concord's first US utility-scale project financing — a concrete step in its American expansion rather than a pipeline announcement. Paired with the Tesla offtake contracts, it signals the company is moving from planning to building in one of the US's busiest renewable markets.

Read more: news.metal.com