Kenon Subsidiary OPC Energy Completes Acquisition of Remaining Interest in 725 MW CPV Shore Power Plant
KEN has more than doubled off its 52-week low of $27.1.
Summary
Kenon Holdings' subsidiary OPC Energy has completed the acquisition of the remaining interest in the 725 MW CPV Shore power plant, securing 100% ownership for its subsidiary CPV Group.
Key Events · M&A and Partnerships · KEN
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Acquisition Completed
Kenon Holdings Ltd.'s subsidiary OPC Energy Ltd. announced the completion of CPV Group LP's acquisition of the remaining interest in the CPV Shore power plant.
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Full Ownership Achieved
As a result of the acquisition, CPV Group LP, a 70%-owned subsidiary of OPC, now owns 100% of the CPV Shore power plant.
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Significant Asset
The CPV Shore power plant is a natural gas-fired facility with a capacity of 725 MW, located in New Jersey.
Analysis · KEN · Energy & Transportation
Kenon Holdings' subsidiary, OPC Energy Ltd., has completed the acquisition of the remaining interest in the CPV Shore natural gas-fired power plant. This transaction, previously announced, results in CPV Group (a 70%-owned subsidiary of OPC) now owning 100% of the 725 MW power plant. Full ownership of such a significant asset consolidates control, simplifies operations, and allows the subsidiary to capture all future cash flows from the plant, which is a positive development for the company's energy portfolio.
At the time of this filing, KEN was trading at $68.05 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $3.5B. The 52-week trading range was $27.10 to $69.71. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.