OPC Energy Secures $825 Million Financing for Two U.S. Power Plants
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Energy firm OPC has secured an $825 million financing deal for two U.S. power plants in Maryland and New Jersey. The funds will replace existing loans, extend maturities, and allow for a $130 million dividend distribution. The plants, Shore and Maryland, are natural gas-fired and have been operating for about ten years. OPC, controlled by Idan Ofer, has significant investments in U.S. energy infrastructure.
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- OPC Energy finalized an $825 million financing deal for two U.S. power plants.
- The financing covers plants in Maryland and New Jersey, extending loan maturities.
- The deal allows CPV, OPC's subsidiary, to distribute approximately $130 million in dividends.
- The Shore and Maryland plants are natural gas-fired with capacities of 725 MW and 745 MW.
- OPC holds a 71% stake in CPV and has other U.S. energy projects in development.
Energy company OPC, controlled by Idan Ofer and managed by Giora Almogi, announced a new $825 million financing agreement for two power plants located in Maryland and New Jersey. The funding will be provided to OPC's U.S. subsidiary, CPV, in which OPC holds approximately a 71% stake. The agreement was made with a syndicate of lenders, though their identities were not disclosed.
The new financing will replace existing loans for the two power plants, with the Maryland plant's loan maturity extended from November 2027 to 2033. The overall financing package includes a $625 million seven-year term loan, a $125 million letter of credit facility, and a $75 million revolving credit facility. The term loan carries an interest rate of SOFR plus 2.5%, with the power plants and their assets serving as collateral.
In addition to refinancing existing debt, the new agreement will enable CPV to distribute approximately $130 million in dividends. The two plants, Shore in New Jersey and Maryland, are natural gas-fired combined cycle facilities. Shore has a capacity of 725 megawatts, and the Maryland plant has a capacity of 745 megawatts. Both have been operational for about a decade.
CPV, the company that developed these plants, was acquired by OPC and three Israeli institutional investors for $648 million. OPC also has interests in three other operational U.S. power plants and is developing four additional conventional energy projects. The company is also involved in several renewable energy projects, some of which are operational and others under construction.
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