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OPC Energy buys 4 US wind electricity power plants

Idan Ofer credit: Sivan Farag
Idan Ofer credit: Sivan Farag
4 Jan, 2023 17:46
שלח תגובה במיילGlobes correspondent

OPC unit CPV is paying $172 million for the power plants in Maine, which have an aggregate capacity of 81.5 MW.

Kenon Holdings (NYSE: KEN, TASE: KEN), controlled by Idan Ofer, announced today that its unit OPC Energy's (TASE:OPCE) subsidiary CPV Group has entered into an agreement to acquire four operating wind-powered electricity power plants in Maine, US, with an aggregate capacity of 81.5 MW.

The four plants operate in the ISO-NE market in the US, and started commercial operations between 2008 and 2017. These plants are expected to sell their entire electricity output and green energy certificates (RECs), under existing power purchase agreements over the next 13 to 19 years. The power plants' revenue in 2020, 2021, and the first 9 months of 2022 were $22 million, $23 million and $17 million, respectively.

CPV is paying $172 million for the acquisition, subject to adjustments and the terms and conditions set forth in the agreement. CPV will finance 50% of the acquisition through external financing. OPC intends to finance its portion of the remaining amount of the purchase price through its own resources, by raising equity or through external financing.

The acquisition is subject to conditions, including the receipt of regulatory approvals, which are expected to be obtained within the next 2 to 5 months.

Published by Globes, Israel business news - en.globes.co.il - on January 4, 2023.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.

Idan Ofer credit: Sivan Farag
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