OPC Energy refinancing of two US gas plants totals $825 million and funds a $130 million dividend, with $92 million going to OPC, Calcalist and Kenon report.
OPC Energy, the Israeli power producer that Calcalist describes as controlled by Idan Ofer, announced an $825 million refinancing agreement for two natural gas plants in New Jersey and Maryland on October 28, 2026. The package replaces existing project debt and funds a dividend of about $130 million to its US subsidiary CPV, of which OPC's share is $92 million, according to Calcalist. The deal still depends on closing conditions, per Kenon's SEC filing.
Last updated: October 29, 2026
What are the terms of OPC's $825 million financing?
The $825 million agreement has three parts: a $625 million seven-year term loan, a $125 million letter of credit facility and a $75 million revolving credit facility, according to Kenon's SEC filing. The term loan matures seven years after closing and carries interest at a SOFR-based rate plus 2.5%.
| Component | Size | Key terms |
|---|---|---|
| Term loan B | $625 million | Matures seven years after closing, SOFR-based rate plus 2.5% |
| Letter of credit facility | $125 million | Bears interest and commitment fees |
| Revolving credit facility | $75 million | Usable for cash or letters of credit |
| Total | $825 million | Non-recourse to CPV, subject to closing conditions |
The lenders hold a first-ranking pledge on both plants and their assets, plus a pledge over the equity of the borrowing company. The filing also lists a negative pledge and limits on new debt, asset sales and distributions. Calcalist reports that OPC declined to name the lending syndicate. Together, the letter of credit facility and the revolver add $200 million of capacity that is not a funded loan, so the term loan is the main funded debt.
Which power plants does the refinancing cover?
The refinancing covers the Shore plant in New Jersey and the Maryland plant, both natural gas combined-cycle plants that CPV holds at 100%, per the Kenon filing. Calcalist says both have operated for about a decade.
| Plant | Location | Capacity | Technology |
|---|---|---|---|
| Shore | New Jersey | 725 MW | Natural gas, combined cycle |
| Maryland | Maryland | 745 MW | Natural gas, combined cycle |
| Combined | Two US states | 1,470 MW | Olam's sum of the two plants |
Who receives the $130 million dividend?
CPV pays the dividend of about $130 million at closing, and OPC receives $92 million of it, according to a Calcalist report (Hebrew) by Daniel Shamil. That is about 71% of the total, which matches the 71% stake in CPV that Kenon says OPC holds. The Calcalist report and the filing do not say who receives the remaining roughly $38 million, which is Olam's subtraction, or name the other holders of CPV.
Calcalist adds that OPC and three Israeli institutional investors, Migdal, Clal and Poalim Capital Markets, bought CPV for $648 million. The report does not state who holds CPV today beyond OPC's stake. For background on the controlling shareholder, see Olam's Idan Ofer profile.
Why does the refinancing move the Maryland maturity to 2033?
The new loan replaces two existing plant loans, and Calcalist reports that the Maryland loan, which was due in November 2027, now runs to 2033. By Olam's count, that is about six years of extra runway on one plant's debt, and it removes a 2027 refinancing deadline.
The dividend is also large against the funded debt. Because $200 million of the $825 million is letter of credit and revolving capacity, the funded term loan is $625 million, and the $130 million dividend equals about 21% of it, based on Olam's arithmetic. The filing lists limits on distributions, so future payouts will be subject to the loan terms.
What should readers watch next?
Three details will show how the OPC Energy refinancing plays out. The first is whether the agreement closes, since the filing says it is subject to conditions precedent. The second is whether the $92 million reaches OPC as Calcalist reports, which OPC's next quarterly report should show. The third is who the lenders are, because OPC declined to name them to Calcalist.
The deal also shows how OPC finances its US business. Calcalist notes that OPC holds three other operating US power plants and has four more conventional energy projects under construction or development, so this refinancing is one of several financing decisions on its US portfolio.
Frequently Asked Questions
What did OPC Energy announce on October 28, 2026?
OPC Energy announced an $825 million financing agreement for its Shore and Maryland power plants in the United States, per Kenon's SEC filing.
What is CPV?
CPV Group LP is OPC's US subsidiary, 71% owned by OPC, and it holds the Shore and Maryland plants, according to the Kenon filing.
How much of the dividend does OPC receive?
OPC receives $92 million of a roughly $130 million dividend from CPV, according to Calcalist.
Is the financing final?
The financing is not yet final, because the agreement is subject to conditions precedent to closing, per Kenon's SEC filing, and CPV pays the dividend at closing.
How we report: Olam stories draw on public filings, company disclosures and named sources, checked by our editors. Read our methodology · Corrections
