Company Announcements

TEL AVIV, Israel , March 12, 2026 /PRNewswire/ -- OPC Energy Ltd. (TASE: OPCE), a leading Independent Power Producer (IPP) operating in Israel and the United States that provides reliable and efficient electricity through a diversified mix of natural gas and renewable energy, today announced financial results for the fourth quarter and full year ended December 31, 2025.

Full Year 2025 Highlights

• EBITDA in 2025 increased by 32% to ILS 1.59 billion (~$460 million), while Adjusted Net Profit rose by 225% to ILS 373 million (~$108 million)
• U.S. EBITDA surged 70% in 2025, exceeding ILS 1 billion (~$291 million) for the first time, driven by strong electricity demand in the United States
• OPC Energy is best positioned to capitalize on increasingly favorable market and regulatory tailwinds and to accelerate growth across the United States and Israel

"We are concluding 2025 with exceptionally strong financial performance, driven by extremely high U.S. electricity demand, structural electrification across transportation, industrials, and real estate, and notably accelerating data center demand for AI applications. We expect significant continued growth in electricity demand, particularly in our key markets PJM and ERCOT," said Giora Almogy, CEO of OPC Energy.

"During the year, we strategically strengthened our U.S. platform by building new power plants and increasing ownership in our natural gas assets. We reached full ownership of three new power plants with a total capacity of 2.8 GW. We acquired the partner share (11%) of the 725 MW Shore power plant in PJM. In addition, we signed an agreement to acquire the remaining interest (25%) in the 745 MW Maryland power plant in PJM and recently acquired our partner's share (30%) in the 1.4 GW flagship Basin Ranch project, operating in the ERCOT electricity market in Texas.

The financial close for Basin Ranch was completed with construction costs of about $1.8-2.0 billion. Basin Ranch is the largest project to receive financing from the TEF fund of the state of Texas, totaling approximately $1.1 billion. This financing supports the construction of new power plants to meet growing electricity demand by offering loans at a fixed interest rate of 3% for a term of approximately 20 years. In addition, we signed another financing agreement with Bank Leumi to increase the total amount of the loan to approximately $430 million. This agreement serves as a strong platform to expand our future collaboration with Bank Leumi when it comes to the financing of our U.S. operations.

"We continue to advance our substantial U.S. project pipeline, with a focus on both natural gas and renewable energy development. The results of the latest PJM capacity auction highlighted a significant shortfall in generation capacity required to maintain grid reliability. In response, PJM plans to conduct a Reliability Backstop Auction for new generation offering capacity visibility of up to 15 years, expected by September 2026. Our proven track record in developing and constructing power plants, combined with sustained investment in gas asset development and long-standing partnerships with leading equipment manufacturers and EPC contractors, provides us with a distinct competitive advantage and positions us to capitalize on meaningful new investment opportunities, led by PJM's flagship Shay project in West Virginia, which is being expanded to 2.1 GW."

"In Israel, we continue to develop the projects in Ramat Beka (550 MW, 3,850 MWh storage) and Hadera 2 (850 MW CCGT), targeting investment decisions and commencement of construction by the end of 2026."

"In 2025 we raised equity of approximately ILS 2.1 billion (~$611 million) from leading Israeli institutional investors to ensure sustainable growth and strengthen our financial position. We thank our investors for their continued trust and remain committed to creating long-term value."

Giora Almogy concluded, "Our diversified asset base, expanding project pipeline, and disciplined capital allocation position OPC Energy to capitalize on significant growth opportunities across our core markets."

 

Financial Highlights

*For definitions of the financial parameters, please refer to the Company's Board of Directors' Report for 2025.

 

Fourth Quarter 2025

• EBITDA after Proportionate Consolidation for the quarter increased by 47% to ILS 336 million (~$103 million), compared to ILS 228 million (~$62 million) in the same quarter last year.
• In the U.S., EBITDA after Proportionate Consolidation rose by 86% to ILS 255 million (~$78 million), supported by improved energy margins, higher availability revenues, and increased ownership in the Shore and Maryland power plants.
• In Israel, EBITDA totaled ILS 89 million (~$27 million), compared to ILS 98 million (~$27 million) in the same quarter last year, reflecting the impact of planned and ongoing maintenance at Rotem and Zomet, partially offset by compensation received for lost profits at the Gat and Hadera facilities from the previous year.
• Funds from Operations (FFO) surged by 204% to ILS 468 million (~$144 million), including ILS 100 million (~$31 million) in Israel and ILS 373 million (~$115 million) in the U.S.
• Net profit totaled ILS 124 million (~$38 million), with ILS 92 million (~$28 million) attributable to shareholders, compared to ILS 123 million (~$33 million), with ILS 28 million (~$8 million) attributable to shareholders, in the same quarter last year.
• Adjusted net profit improved to ILS 62 million (~$19 million), compared to an adjusted net loss of ILS 47 million (~$13 million) in the same quarter last year.

 

Full Year 2025 Financial Highlights

• EBITDA after Proportionate Consolidation grew by 32% to ILS 1.59 billion (~$460 million), compared to ILS 1.21 billion (~$327 million) in the prior year.
• In the U.S., EBITDA after Proportionate Consolidation increased by 70% to ILS 1.0 billion (~$291 million), reflecting higher energy margins and availability prices in the PJM market, as well as an increase in the holding rates in the Shore and Maryland power plants.
• In Israel, EBITDA totaled ILS 611 million (~$177 million), compared to ILS 639 million (~$173 million) in 2024, mainly reflecting planned maintenance and upgrade work at the Rotem power plant and temporary availability constraints at the Zomet power plant.
• Net profit rose significantly to ILS 457 million (~$132 million), with ILS 346 million (~$100 million) attributable to shareholders, compared to a net profit of ILS 197 million (~$53 million), with ILS 111 million (~$30 million) attributable to shareholders, in 2024.
• Adjusted net profit climbed by 225% to ILS 373 million (~$108 million), compared to ILS 115 million (~$31 million) in the prior year, primarily reflecting the substantial increase in proportionately consolidated EBITDA, partially offset by higher depreciation, financing, and tax expenses associated with increased ownership stakes and expanded U.S. operations.

 

Capital Raises in 2025:

• June: ILS 850 million (~USD 242 million) raised to fund CPV's equity in Basin Ranch.
• August and November: ILS 1,240 million (~USD 369 million) raised for business growth and development.

 

Recent Business Highlights

• Maryland Power Plant Transaction (Mar 2026): CPV signed an agreement to acquire the remaining 25% interest in the 745 MW Maryland power plant (PJM) in exchange for a 10% stake in the 1,258 MW Three Rivers power plant (PJM) and a non-material cash payment with the transaction expected to close in the coming months. In addition, a non-binding memorandum of understanding has been signed to examine a potential transaction to increase CPV stakes in additional operating power plants, in exchange for certain rights in the CPV Group, as will be discussed between the parties.

• Hadera 2 Project (Aug 2025 - Mar 2026 ):
  • The company entered into agreements with GE for the supply and maintenance of the main equipment for the Hadera 2 project (850 MW CCGT), including gas and steam turbines and related equipment. The Equipment Supply Agreement includes provisions regarding delivery schedule, performance, warranties, and liability caps. The consideration will be paid based on milestones and is expected to account for approximately 20% of the project's estimated cost.
  • The Israeli government approved the Hadera 2 project, with an estimated construction cost ILS 4.8-5.2 billion (~USD 1.54-1.67 billion), aligned with the Electricity Authority's conventional generation regulation and availability tariffs.

• Shore Power Plant Full Ownership (Jan 2026): CPV completed the acquisition of the contract signed in October 2025 of the remaining 11% interest in the 725 MW Shore power plant (PJM), achieving full ownership and consolidation in financial statements.

• Ramat Beka Project (Jan 2026): The plan for the Ramat Beka project (a 550 MW solar facility combined with 3,850 MWh of energy storage) was approved by Israel's National Infrastructure Committee and is pending final approval. The Company is advancing negotiations to enter into project agreements including EPC, equipment supply, and financing arrangements.

• Electricity Tariff Update (Dec 2025): Israel's Electricity Authority set 2026 tariffs at ~28.90 agorot per kWh (Shekel/USD exchange rate of 3.3), establishing that the tariff will be set on a three-year basis (2026-2028), during which it will be linked to relevant indices and prices.

• Basin Ranch Project, Texas (Oct 2025 – Feb 2026):
  • CPV completed financial close and commenced construction on a 1.35 GW natural gas plant with carbon capture potential; total investment ~$1.8-2.0 billion.
  • Secured a $1.1 billion loan from Texas Energy Fund and $300 million loan from Bank Leumi to finance part of CPV's equity contribution.
  • Acquired the remaining 30% partner stake in February 2026 for $371 million; project now consolidated.
  • Expected first-year operation EBITDA ~$275 million with projected post senior debt cash flow ~$250 million.

• PJM Capacity Auctions: For the delivery periods June 1, 2026–May 31, 2027, and June 1, 2027–May 31, 2028, capacity prices were set at $329 MW per day and $333 MW per day, respectively, both reflecting the ceiling for the price range.

 

Conference Call Details:

On March 12, 2026, at 2:30 p.m. Israel time and 08:30 a.m. EST, Giora Almogy, Chief Executive Officer, and Ana Bernstein Shvartsman, Chief Financial Officer will hold an investor call in English to review the financial results in more detail.

The conference call may be accessed via the following link:
https://www.veidan-conferencing.com/opcen

Following the investor conference and conference call, the recordings will become available on the Company's website at: http://www.opc-energy.com/en

The investor conference and the conference call are not a substitute for the review of the full annual report, including forward-looking information and the risks associated with the Company's activities, as included in the report in accordance with the Israeli Securities Law, 5728-1968.

  

About OPC Energy

OPC Energy Ltd. (TASE: OPCE) is a leading energy company operating in the Energy Transition space in Israel and the U.S. and provides electricity in an efficient, reliable and environmentally friendly manner while combining highly efficient natural gas with solar, wind and storage.

In Israel, OPC is the first and leading private electricity producer, offering its customers an integrated solution by supplying all energy needs through the company's production sites and in the customer's yard. OPC continues to expand its generation portfolio and customer base in Israel, advancing a growing pipeline of renewable and dispatchable projects to support the evolving needs of the Israeli electricity market.

In the U.S., the company operates through the CPV Group, which has over 25 years of success in the development and operation of highly efficient, low emission electric generation and renewable projects. CPV is focused on leveraging its extensive experience to advance its current portfolio of over 11 GW of renewable and dispatchable generation projects.

For more information, please visit: www.opc-energy.com/en

  

Investor Relations Contact:
Miri Segal
MS-IR LLC
msegal@ms-ir.com  

Logo: https://mma.prnewswire.com/media/2918125/OPC_Energy_Logo.jpg

 

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SOURCE OPC Energy