OPC Energy enters the field of electricity and renewable energy in the United States: Signed letter of intent to acquire U.S company CPV with investment of $ 700-800 million

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TEL AVIV, Israel, Sept. 16, 2020 /PRNewswire/ — OPC Energy Ltd. (TASE: OPCE) (“OPC”), Kenon Holdings Ltd.’s (NYSE: KEN) (TASE: KEN) (“Kenon”) subsidiary today reports a strategic step, which puts it in significant activity in the US energy market. The company has signed a letter of intent to acquire control of an American company CPV, with an estimated investment of $ 700-800 million, part of which is also intended for investment in future projects of CPV. The deal is still subject to a number of approvals, and to the completion of the negotiation process between the parties. 
Giora Almogi, CEO of OPC Energy said: “We have long recognized the potential inherent in the US electricity market, with an emphasis on expanding operations into the field of renewable energies. We see the US market as one of OPC’s strategic target markets. There is growing momentum for increased development of renewable energy and a focus on a lower carbon approach to electricity supply. In parallel, the trends continue with a modernization of the grid with coal and uneconomic nuclear assets being retired and the construction of efficient, highly flexible natural gas power plants  for economic and environmental reasons.
“We have been working for the …

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