KEN Kenon Holdings Ltd.
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Executive Summary
Kenon Holdings subsidiary OPC Energy secured a ~$1.7B construction loan from Bank Leumi and signed an EPC agreement for the 850 MW Hadera power plant expansion. The project, estimated to cost $1.7–1.8B, is scheduled for completion by 2030, subject to tariff approval and other conditions.
Actionable Insight
Monitor progress on tariff approval from the Israeli Electricity Authority, as it is a key condition precedent. Successful approval and construction milestones could drive further upside. The long-dated completion (2030) limits near-term earnings impact.
Key Facts
- Finance agreement with Bank Leumi for a NIS-denominated loan equivalent to ~$1.7 billion
- EPC agreement signed for turnkey, lump-sum construction of an 850 MW combined-cycle natural gas power plant
- Total estimated construction cost is $1.7–1.8 billion; senior debt expected to cover ~80%
- Completion of construction scheduled for 2030
- Finance Agreement subject to conditions precedent including tariff approval from the Israeli Electricity Authority
- Additional committed facilities include a ~$41 million VAT facility and a ~$60 million hedging facility
Financial Impact
Project cost of ~$1.7–1.8B financed via ~$1.7B senior debt, representing ~80% of total costs
Risk Factors
- Uncertainty and delay in obtaining tariff approval from the Israeli Electricity Authority
- Construction risks including cost overruns, supply chain disruptions, and force majeure
- Financing covenants could require additional equity injections if coverage ratios are breached
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001178913-26-003066 |
| Document: zk2635487.htm | 0001178913-26-003066 |
| Document: 0001178913-26-003066-index-headers.html | 0001178913-26-003066 |
| Document: 0001178913-26-003066-index.html | 0001178913-26-003066 |
| Document: 0001178913-26-003066.txt | 0001178913-26-003066 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 3, 2026
2d ago
|
6-K
| — | awaiting T+20 | — | — |
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Jun 1, 2026
4d ago
|
6-K
| — | awaiting T+20 | — | — |
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May 28, 2026
8d ago
|
6-K
| — | awaiting T+20 | — | — |
|
Apr 23, 2026
6w ago
|
6-K
| $81.33 $85.84 | ▲ +5.55% | ▲ +0.91% | $75.34 (−7.37%) |
|
Mar 30, 2026
9w ago
|
6-K
| $76.46 $88.58 | ▲ +15.85% | ▲ +3.26% | $75.34 (−1.46%) |
|
Mar 30, 2026
9w ago
|
6-K
| $76.46 $88.58 | ▲ +15.85% | ▲ +3.26% | $75.34 (−1.46%) |
US Market Status
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