Continued growth in electricity demand in the U.S. and Israel is supporting the Company's business momentum and sustained growth trajectory
The Ramat Beka project in Israel is expected to reach financial close and commencement of construction in the coming months, while project Shay in the U.S. is expected to achieve financial close during 2027
TEL AVIV, Israel, Nov. 10, 2026 /PRNewswire/ -- OPC Energy Ltd. (TASE: OPCE), a leading independent power producer operating in Israel and the U.S., today reported its financial results for the third quarter of 2026.
Third Quarter Financial Highlights
- Consolidated EBITDA[1] increased 54% YoY to $237 million, primarily driven by higher energy margins and increased capacity prices in the U.S. PJM market, as well as an increased ownership stake in the Shore and Maryland power plants.
- FFO increased 59% YoY to $194 million.
- Adjusted net income increased 121% YoY to $126 million.
Third Quarter Business Highlights
- The Company continues to advance its project pipeline, with the Ramat Beka project in Israel (600 MW PV and ~4,200 MWh storage) expected to reach financial close and commencement of construction in the coming months, and the Shay project in the U.S. (2.1 GW CCGT in the PJM market) expected to achieve financial close during 2027.
- Construction continues to advance on the 850 MW Hadera Expansion CCGT in Israel, as well as on the 1.4 GW Basin Ranch CCGT, located in the ERCOT market in the U.S.
- Enhanced financial flexibility and funding capacity through the $825 million refinancing of the Shore and Maryland power plants on improved terms, the $430 million corporate debt financing at CPV Renewables, and raising $201 million of long-duration bonds, supporting the Company's capital program and long-term growth while maintaining financial strength and a disciplined, balanced financial policy.
Giora Almogy, Chief Executive Officer of OPC Energy, commented, "Our strong third-quarter results reflect favorable market conditions in both Israel and the U.S. alongside the successful execution of our strategy to increase the ownership of our natural gas power plants in the U.S. OPC is entering a significant phase of growth, supported by an extensive pipeline of natural gas and renewable energy projects that is expected to drive the continued expansion of our operations in the coming years.
"We are currently advancing the construction of the Basin Ranch and Hadera expansion CCGT projects, with a combined generation capacity of 2.2 GW, and expect to reach financial close and commencement of construction on the Ramat Beka project, comprising 600 MW of solar and ~4,200 MWh of storage capacity, in the coming months. In parallel, we continue to advance the development of the Shay and Walker natural gas projects in the U.S., with capacities of 2.1 GW and 1.5 GW, respectively, with project Shay project targeting financial close in 2027.
"During the quarter, we continued to advance our long-term financial strategy. The issuance of $201 million of new long duration bonds, the $280 million expansion of credit facilities available for CPV development, and the $825 million refinancing of the Shore and Maryland power plants increased our financial flexibility, enhanced the CPV free cash flow and reduced our financing costs. These initiatives support the realization of our $13 billion investment plan and our ability to develop and build our diversified and extensive project pipeline. Our strong access to diversified sources of financing, combined with continued financial optimization, provides us with the capacity to execute our growth strategy while maintaining a disciplined and balanced financial policy.
"OPC Energy's operating assets, together with our extensive pipeline of projects in development and under construction, and our financial strength and robust financing capabilities, position us to continue investing in future growth, generating significant and sustainable value for both the power markets in which we operate and the Company's shareholders."
Third Quarter Financial Results | ||||||
Three Months Ended September 30 | Nine Months Ended September 30 | |||||
USD millions | 2026 | 2025 | YoY Change | 2026 | 2025 | YoY Change |
Consolidated | ||||||
EBITDA (after proportionate | 237 | 154 | 54 % | 492 | 357 | 38 % |
Net Income | 133 | 67 | 99 % | 162 | 94 | 72 % |
Adjusted Net Income | 126 | 57 | 121 % | 193 | 90 | 114 % |
Free Cash Flow (FCF) | 182 | 132 | 38 % | 212 | 240 | (12 %) |
Funds From Operations (FFO) | 194 | 122 | 59 % | 359 | 247 | 45 % |
Israel | ||||||
EBITDA | 97 | 75 | 29 % | 187 | 149 | 26 % |
Funds From Operations (FFO) | 79 | 60 | 32 % | 136 | 108 | 26 % |
United States | ||||||
EBITDA (after proportionate | 143 | 81 | 77 % | 313 | 213 | 47 % |
Funds From Operations (FFO) | 122 | 66 | 85 % | 228 | 150 | 52 % |
*For definitions of the financial metrics, please refer to the Company's Q3 2026 Board of Directors' Report
Third Quarter Business Developments
Israel
- Project Ramat Beka (600 MW PV and ~4,200 MWh storage) is in advanced development stages. Following the publication of the Electricity Authority's regulatory framework in October 2026, the Company expects to reach financial close and commencement of construction in 1H 2027.
- OPC Israel won an allocation of 200 MW in a competitive capacity tender in July 2026, generating immediate revenues and providing a commercial base for future generation capacity.
- OPC Israel entered into an agreement to sell its behind-the-meter generation facilities (distributed engines activity) for a total consideration of $90 million (ILS 272 million) in September 2026. The Company expects to recognize a pre-tax gain of $20-23 million (ILS 60-70 million) from the transaction. The sale will allow for increased business and management focus on the Company's strategic goals.
United States
- Project Shay (CCGT, 2.1 GW) in West Virginia: The project is expected to sign an interconnection agreement in H1 2027 and reach financial close during 2027. The Company is aiming to secure long-term contracted capacity through bilateral contracts and/or participation in the RBP, PJM's capacity price auction (for commitments of up to 15 years and with a ceiling of $555 per MW/day), expected to take place in March 2027 subject to final FERC approval.
- Project Walker (CCGT, 1.5 GW) in Ohio: An agreement was signed with a leading global equipment supplier, securing major equipment delivery and timing for the project. Additionally, negotiations are ongoing with a leading global hyperscaler for a long-term PPA.
- Growth in Renewable Energy Capacity: Following the COD of Rogue's Wind, the Company's operating renewable energy portfolio in the U.S. has reached 0.8 GW.
- Shore and Maryland Refinancing (CCGT, 725 MW and 745 MW, respectively): The existing financing arrangements for the power plants, both 100% owned by CPV, were combined into a portfolio facility in October 2026. The margin on the long-term loan decreased to 2.50% from 3.25%, the leverage-based cash sweep mechanism dropped to a range of 0%-50%, enhancing free cash flow to CPV Group to support ongoing growth, and a $130 million dividend was distributed to CPV Group at closing. This refinancing marks a significant step in executing our strategy to increase ownership and control of high-quality natural gas-fired generation assets while capturing portfolio operational and financial synergies.
- U.S. Renewables Refinancing: CPV Renewables completed a corporate-level refinancing transaction in September 2026, replacing project-based debt agreements with a comprehensive debt facility of $430 million, enabling financial optimization and increased flexibility for new project development.
OPC Energy Corporate Finance
- New bonds issued: OPC Energy issued new Series E bonds, raising $201 million with a duration of 7.2 years at an annual interest rate of 4.56% (96 bps spread above Israeli government bonds).
- Credit facility expansion: The Company increased the amount of committed credit facilities held with Israeli banks by $280 million to support the CPV Group development activities.
Regulatory Developments
- PJM: Capacity auction results for the June 2028 - May 2029 period were published in July 2026. The announced rate of $325/MW per day reached the auction's price ceiling.
- Israel: As part of the regulatory examinations regarding the connection of data centers to Israel's electricity grid, the Electricity Authority proposed in October 2026 allocating an additional dedicated quota of up to 1 GW (on top of the 2 GW already approved) while limiting the connection capacity for individual data centers to 200 MW.
Conference Call Information
OPC Energy will be holding a conference call to review the results at 8:00am EST on November 10, 2026. The call may be accessed via the following link:
https://www.veidan-conferencing.com/opcen
A recording of the call will be available on the Company's website at:
http://www.opc-energy.com/en.
This release constitutes an English translation for convenience purposes only. The complete and binding report is the official Hebrew report published by the Company on the Tel Aviv Stock Exchange website. In case of any discrepancy, the official Hebrew report shall prevail. The conference call does not replace the need to review the Company's financial statements which include full and precise disclosure.
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 natural gas 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 12.5 GW of renewable and natural gas projects.
1. Proportionate consolidation of EBITDA as described in the Company's Q3 2026 Board of Directors' Report.
For more information, please visit www.opc-energy.com/en
Company Contact
Ana Berenstein Shvartsman, CFO, [email protected]
Yehonatan Mualem, Finance Manager & IR Manager, [email protected]
Investor Relations Contact
Miri Segal, CEO, MS-IR LLC, [email protected]
SOURCE OPC Energy
