OPC company
or PC Energy
-0.8%
Base:3,745
opening:3,745
High:3,813
low:3,710
change:3,617,722
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which engages in the initiation, development, construction and operation of power plants and electricity production facilities in Israel, signed by the CPV group (100% owned) an agreement for the purchase of the full rights (100%) in four active power plants for the production of electricity using wind energy, with an aggregate capacity of approximately 81.5 megawatt, in the state of Maine, USA. In exchange for the full rights of the sellers in the projects, at the time of completion of the transaction, the CPV group will pay a total amount of 172 million dollars in cash.
The transaction is part of the company’s strategy to increase its activities in the field of renewable energies in other regions of the US, alongside the continued promotion of the backlog of projects under development by the CPV Group in the field of renewable energies, and is expected to enable a first foothold in the renewable energy market of the state of Maine. In 2019, the state of Maine increased the standard of the renewable energy portfolio (RPS) to 80% by 2030 and 100% by 2050.
The projects began commercial operation between 2008-2017 and are in the ISO-NE market. The projects have contracts for the sale of the full electricity and green energy certificates (RECs), under separate contracts (PPAs) with local utility companies and local councils, generally for the next 13-19 years, with most of the power being sold under contracts for a period of about the next 15 years. The buyer intends to continue operating the projects and sell the electricity produced in them in accordance with the existing PPA agreements.
In the years 2020, 2021 and the first 9 months of 2022, the revenue turnover of the projects was about 21.9 million dollars, about 23.1 million dollars and about 16.7 million dollars, respectively; EBITDA about 14.3 million dollars, about 15.3 million dollars and about 10.7 million dollars, respectively.
It was also stated that the CPV Group intends to contract external financing for about half of the consideration amount in the transaction. Also, the company intends to finance its part in the transaction (after the participation of the minority partners in the CPV), through its own sources, capital raising and/or external financing, including a combination of them.
The OPC share increased by 12% in 2022 and trades at a price of NIS 37.2, which represents a company value of NIS 8.33 billion.
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