Concord New Energy enters into 3 power purchase agreements with Tesla

[SINGAPORE] Concord New Energy Group said on Friday (Jul 31) that it has inked three power purchase agreements (PPAs) with Tesla for solar projects in the US.

They are on a long-term basis, and for three solar projects with a total capacity of about 469 megawatts (alternating current).

The aim of the PPAs is to “capture the opportunities arising from the growing demand for renewable and clean energy in the US power market”, driven by the recent expansion of electrification, industrial growth, data centres and artificial intelligence infrastructure, said the company in a statement.

When in full operation, the three projects will supply Tesla with about 1,200 gigawatt-hours (GWh) of electricity in the US each year.

A statement on Friday said the first project is expected to commence power supply in the first half of 2027.

The group currently has more than 4 GW of generation resources in various development stages in the US, forming substantial resource reserves to supply electricity and align with the growing demand for power in the US.

The Singapore-headquartered firm, founded in 2006, is mainly engaged in the investment and operation of wind power, solar energy and energy-storage projects and AI-powered electricity infrastructure; it also provides technical services and integrated solutions.

The counter ended 3.6 per cent or S$0.002 higher at S$0.058 on Friday before the news.