Concord New Energy Closes Financing for U.S. Expansion With First Utility-Scale Project

Concord New Energy Group Limited (CNE) announced the successful closing of $400 million in financings for a 215 MW solar and 147 MW / 358 MWh battery energy storage system in Texas.

Orrick advised CNE on the debt facility and the preferred equity transaction.

THE COMPANY

CNE is a leading global developer and operator of renewable power, energy storage and digital infrastructure projects. With over 5 GW of renewable energy projects worldwide, CNE has established a strong presence in more than 20 countries across North America, Europe and Asia Pacific.

THE IMPACT

The closings are a significant achievement for CNE across multiple financing structures amid a rapidly changing U.S. energy and infrastructure market.

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

THE TEAM

The Orrick team on the transaction was led by Matthew Nesburn, Mark Christy and Tyler Conte, and includes Ari Bessendorf, Joe Lawlor, Nikiforos Mathews, Rebekah Morgan Gryder, Mary Kate Murray, Elizabeth Campbell, Katya Simon, Sam Little, Benjamin Schnier and Shivonn Tu.

LEARN MORE

• CNE News Release
• Read More Orrick Client Results