Kenon Holdings Ltd Dossier
Qualitative Analysis
Business overview
Kenon Holdings Ltd. (NYSE: KEN, TASE: KEN) is a Singapore-based holding company established in 2014 as a spin-off from Israel Corporation. The company operates as an owner, developer, and operator of dynamic, growth-oriented businesses, primarily focusing on the global power generation sector. Kenon's primary economic exposure and value driver is its approximately 46% ownership stake in OPC Energy Ltd. (OPC), a leading developer and operator of power generation facilities in Israel and the United States. Through OPC, Kenon is heavily involved in conventional natural gas-fired power plants as well as expanding solar, wind, and energy storage projects. Additionally, Kenon holds a remaining 12% stake in Qoros Automotive Co., Ltd., which is subject to ongoing legal and arbitration proceedings.
Research as of 19 Jun 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
OPC Energy, through its subsidiary CPV, is scaling its U.S. footprint by acquiring the remaining 30% of the 1,350 MW Basin Ranch project, increasing project debt to $430 million, and consolidating operational assets like CPV Shore.
Expected impact: Drives robust top-line momentum and operational EBITDA growth, leveraging high capacity prices in the PJM, NYISO, and ISO-NE markets.
Advancing major infrastructure projects in Israel, including the Ramat Beka 550 MW solar-plus-storage project and the Hadera Expansion 850 MW conventional gas plant.
Expected impact: Significantly expands domestic power generation capacity to capture rising electricity demand and support retail market liberalization.
Mergers, Acquisitions & Partnerships
Recent deals and strategic collaborations
Recent Acquisitions
CPV entered into an agreement to swap its 10% interest in CPV Three Rivers LLC (Illinois) for the partner's 25% ownership interest in CPV Maryland, LLC, which owns a 745 MW power plant.
Financial impact: Increases CPV's stake in CPV Maryland to 100%, allowing full financial consolidation of the asset in OPC's and Kenon's financial statements.
Strategic Partnerships
Acquisition of a partnership owning a 75 MW combined-cycle power plant in the Kiryat Gat area, which has been commercially operational since November 2019.
Terms: NIS 535 million, subject to adjustments for cash balances and working capital.