Kenon’s Subsidiary OPC Energy Ltd. Announces Financing Arrangement for Basin Ranch Project

Kenon Holdings Ltd.’s subsidiary OPC Energy Ltd. has entered into a $300 million financing agreement with Bank Leumi le-Israel Ltd to fund a portion of CPV’s equity in the Basin Ranch natural gas project in Texas. The project has an estimated capacity of 1.35 GW and is 70% held by CPV and 30% by GE Vernova. The loan includes a SOFR-based interest rate with a spread of 2.8% to 3.4%, and the principal is repayable from March 31, 2027, with adjustments if the project commences commercial operations during 2029. The financing agreement includes financial covenants and is subject to conditions precedent, including the closing of the TEF Loan Agreement, which OPC expects to finalize soon.