Kenon's OPC Secures $1.7B Loan & EPC for Hadera Power Plant Expansion

Key Highlights

• OPC Energy secured a construction finance agreement of approximately $1.7 billion from Bank Leumi le-Israel B.M.
• The loan's interest rate is prime plus a spread ranging from 0% to 0.7%, with an initial term of six years.
• OPC entered into an EPC agreement for the Hadera Expansion Project, an 850 MW natural gas-fired power plant.
• The total estimated construction cost for the project is approximately $1.7 billion to $1.8 billion.
• The EPC and Key Equipment Supply agreements constitute about 60% of the total estimated construction cost.
• Project completion for the Hadera Expansion Project is scheduled for 2030.
• The finance agreement includes additional facilities: a $41 million VAT facility and a $60 million hedging facility.
• The loan is expected to comprise approximately 80% of the total construction costs.