Kenon Holdings Ltd. reports corporate and operating developments as a holding company whose primary business is OPC Energy Ltd., an owner, operator and developer of power generation facilities in the Israeli and U.S. power markets through OPC and CPV Group.
Recurring updates cover annual and quarterly results, OPC revenue by geography, electricity tariffs, power purchase agreements, infrastructure-service costs, natural gas and diesel expenses, energy purchases and customer consumption. Kenon also reports capital actions such as dividends, share repurchases, OPC equity offerings and private placements, as well as legacy ZIM share and derivative transactions and material agreements involving OPC power assets and development projects.
On October 12, 2020, Kenon Holdings' subsidiary OPC Energy executed an agreement to acquire Competitive Power Ventures (CPV) for $630 million in cash. The deal, subject to regulatory approvals, includes additional payments of $54 million to $95 million related to CPV's equity in the Three Rivers project. OPC holds a 70% stake in a partnership for the acquisition, with total investment obligations amounting to $815 million. The acquisition aims to strengthen OPC's foothold in renewable and conventional energy in the U.S.
OPC Energy Ltd., a subsidiary of Kenon Holdings Ltd. (KEN), has signed a letter of intent to acquire CPV, an American energy company, for $700-800 million. This strategic move aims to enhance OPC’s presence in the U.S. energy market, focusing on renewable energy development. CPV operates significant power generation facilities across the U.S., with a total capacity of 14,800 MW including natural gas and renewable sources. The acquisition will diversify OPC's revenue streams and position it for growth in a changing energy landscape as coal plants retire and renewables gain traction.
On September 15, 2020, Kenon Holdings' subsidiary OPC Energy signed a non-binding term sheet to acquire Competitive Power Ventures (CPV) from Global Infrastructure Management. The potential deal is valued between $700 and $800 million. CPV, based in the U.S., has a portfolio of approximately 14,800MW capacity across renewable and conventional energy plants. Upon completion, OPC aims to enhance its U.S. operations focusing on renewable energy. The transaction requires regulatory approvals expected within 3 to 6 months post-agreement signing.
Kenon Holdings Ltd. (NYSE: KEN) reported a net profit of $278 million for Q2 2020, a significant recovery from a $7 million loss in Q2 2019. The company plans a cash dividend of approximately $120 million ($2.23 per share), pending shareholder approval. OPC Energy's revenue fell to $76 million, down from $85 million a year earlier, while its net loss grew to $5 million. Meanwhile, ZIM Integrated Shipping posted a net profit of $25 million, up from $5 million in Q2 2019, despite a 5% decrease in revenue. Kenon's cash balance stands at $251 million.