Recent Updates — KEN
Kenon Holdings Ltd. announced an agreement to acquire a 25% equity interest in Vicinity District Energy for approximately $450 million. The transaction involves Kenon and Harrison Street Asset Management acquiring a majority stake from Antin Infrastructure Partners, with total enterprise value of $2.92 billion. A consortium has committed up to $1.4 billion in non-recourse debt financing. Vicinity operates district heating and cooling infrastructure across 12 U.S. cities, serving over 700 customers with 2025 revenues of approximately $611 million and expected annualized run rate Adjusted EBITDA exceeding $140 million. Closing is expected in Q2 2027 subject to regulatory approvals. Kenon operates in the energy sector, primarily engaged in electricity generation.
Kenon Holdings Ltd. appointed Duncan J. Bullock to its Board of Directors as a non-executive director, effective September 29, 2026. Mr. Bullock brings over 17 years of experience in investment and finance within the energy sector across developed and emerging markets. This routine board appointment does not materially affect investor value or near-term operations. Kenon Holdings Ltd. operates in the independent power production industry.
Kenon Holdings Ltd.'s subsidiary OPC Energy Ltd. entered into an agreement to sell its distributed energy business to a wholly-owned subsidiary of Aluma Infrastructure Fund (2020) Ltd. for approximately NIS 272 million ($90 million), subject to adjustments. The transaction involves the sale of entities holding operational and under-construction natural gas-fired electricity generation facilities in Israel, totaling approximately 52.2 MW. OPC retains an obligation to complete construction of certain facilities at its own expense. Completion is contingent on conditions precedent, including approval from the Israel Competition Authority, which must be satisfied within 180 days of signing. Kenon Holdings Ltd. operates in the energy sector, focusing on power generation and infrastructure.
Kenon Holdings Ltd.'s subsidiary OPC Energy Ltd. announced that CPV Renewables Power LLC entered into a financing agreement with Bank Leumi for approximately $430 million on September 10, 2026. The deal includes a term loan of roughly $250 million maturing in December 2031 at SOFR plus 1.8% to 2.4%, primarily to repay existing project loans. Additionally, the agreement provides approximately $180 million in guarantees and letters of credit with commissions between 1% and 2%. Kenon Holdings Ltd. operates in the energy sector.
Kenon Holdings reported Q2 2026 results driven by the consolidation of U.S. power plants and a $93 million receipt from Peru for an ICSID arbitration award. OPC Energy, in which Kenon holds ~46%, saw revenue double to $379 million and net profit rise to $15 million, with Adjusted EBITDA reaching $131 million. OPC also completed the Hadera Expansion Project financing and issued NIS 600 million ($202 million) in Series E bonds. Kenon's standalone cash increased to $605 million by August 2026. The company operates in the energy sector, focusing on power generation and transmission assets.
Kenon Holdings Ltd. announced that the Republic of Peru has paid an arbitration award rendered in October 2023 by the International Centre for Settlement of Investment Disputes tribunal. The total payment was approximately $203 million, with Kenon receiving approximately $93 million after allocating funds to a capital provider and covering expenses. This amount is subject to tax and represents the final settlement of the dispute, which originally involved $110.7 million in damages plus fees and interest. The matter is now concluded.