OPC Energy completes $648m acquisition of CPV

Giora Almogy

OPC is expanding into the US renewable energy market.

OPC Energy Ltd. (TASE: OPCE) has notified the Tel Aviv Stock Exchange (TASE) that it has completed the acquisition of US renewable energy company CPV (Competitive Power Ventures). OPC said that it has received all the required regulatory approvals for the deal. OPC, which is controlled by Idan Ofer through Kenon Holdings (NYSE: KEN; TASE: KEN), is acquiring a 70% stake, while the remaining 30% stake is being acquired by Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS), Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL) and Poalim Capital Markets.

OPC and its partners will pay $648 million for CPV including $22 million in cash already in the company, and other adjustments. OPC and its partners will pay an additional $95 million for a 17.5% stake in the Three Rivers project, which is currently under construction.

OPC Energy CEO Giora Almogy said, "This major deal expands OPC's activities in an attractive target market, while diversifying revenue sources, which will support the future growth of OPC. The US is set to undergo a development boom in renewable energy and we plan to be a part of this trend and to realize the potential it contains. CPV is a dynamic and growing company, which operates in several US states in large and significant electricity markets in the US and has proven development capabilities."

Published by Globes, Israel business news - en.globes.co.il - on January 24, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Giora Almogy
Giora Almogy
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