OPC Energy Reports Record Profits Driven by US Market and Expansion Projects
Translated & summarized from Ice by baba
OPC Energy, controlled by Idan Ofer, reported a 121% increase in net profit to $126 million for Q3 2026, driven by US market conditions and increased ownership in power stations. The company is advancing major projects in Israel and the US, including the Ramat Bak'a solar and storage facility and the Basin Ranch and Shay power projects. OPC Energy also secured significant financing and refinancing to support its $13 billion investment plan.
The story in 5 lines · by baba
- OPC Energy's net profit soared 121% to $126 million in Q3 2026, a record for the company.
- The company is developing major energy projects in Israel and the US, including solar, storage, and natural gas.
- US market conditions and increased ownership in power stations fueled the company's profit surge.
- OPC Energy secured $201 million in new bonds and $825 million in refinancing to support investments.
- CEO Giora Almogi cited a supportive market and strategic growth as key drivers of success.
OPC Energy, an electricity producer controlled by Canon Holdings and owned by Idan Ofer, has announced exceptionally strong financial results for the third quarter of 2026. The company, which operates in Israel and the United States, saw its net profit surge by 121% to $126 million. Consolidated EBITDA grew by 54% to $237 million, and cash flow from operations (FFO) increased by 59% to $194 million.
The significant profit jump is attributed to rising energy margins and availability prices in the US PJM market, coupled with increased ownership stakes in the Shore and Maryland power stations. Concurrently, OPC Energy is accelerating its project development pipeline in both its key markets.
In Israel, the Ramat Bak'a project, comprising 600 MW of solar and 4,200 MWh of storage, is nearing financial closure and is expected to commence construction soon. The company is also continuing the expansion of the Hadera power station (850 MW).
In the US, OPC Energy is constructing the Basin Ranch project (1.4 GW) in Texas and advancing the Shay project (2.1 GW), which is slated for financial closure in 2027. To support its overall investment plan of approximately $13 billion, OPC Energy undertook several financial maneuvers, including refinancing $825 million for the Shore and Maryland stations, refinancing $430 million in CPV Renewables, increasing credit lines by about $280 million, and issuing $201 million in new long-term bonds.
Giora Almogi, CEO of OPC Energy, stated that the strong results reflect a supportive market environment in both Israel and the US, as well as the company's strategy to increase its holdings in US natural gas assets. He highlighted the company's significant momentum, diverse project portfolio in natural gas and renewable energy, and its financial strength, which enables the execution of its growth strategy and investment plans.