Kenon Subsidiary OPC Energy Secures $300 Million Loan for Texas Basin Ranch Project

Reuters10-23

Kenon Subsidiary OPC Energy Secures $300 Million Loan for Texas Basin Ranch Project

Kenon Holdings Ltd. announced that its subsidiary OPC Energy Ltd., through its 70%-owned subsidiary CPV Group LP, has entered into a $300 million financing agreement with Bank Leumi le-Israel Ltd. The loan will help fund CPV's equity in the Basin Ranch natural gas project in Texas, which CPV co-owns with GE Vernova. The agreement includes financial covenants requiring CPV to maintain shareholder equity above $750 million and an adjusted net debt to EBITDA ratio under 7.0, as well as restrictions on dividends, additional debt, and asset sales. The loan consists of $150 million transferred to escrow and a $150 million letter of credit facility, both contingent on the closing of an expected $1.1 billion subsidized loan from the Texas Energy Fund. If the Texas Energy Fund loan is not finalized by the specified date, the financing agreement will terminate and funds will be returned.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Kenon Holdings Ltd. published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001178913-25-003544), on October 23, 2025, and is solely responsible for the information contained therein.

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The loan will help fund CPV's equity in the Basin Ranch natural gas project in Texas, which CPV co-owns with GE Vernova. The agreement includes financial covenants requiring CPV to maintain shareholder equity above $750 million and an adjusted net debt to EBITDA ratio under 7.0, as well as restrictions on dividends, additional debt, and asset sales. The loan consists of $150 million transferred to escrow and a $150 million letter of credit facility, both contingent on the closing of an expected $1.1 billion subsidized loan from the Texas Energy Fund. If the Texas Energy Fund loan is not finalized by the specified date, the financing agreement will terminate and funds will be returned.\n      \n\nDisclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. 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