Singapore – September 12, 2026 -- Kenon Holdings Ltd. (NYSE: KEN, TASE: KEN) has received approximately $93 million, net of costs and subject to tax, from the Republic of Peru following payment of an International Centre for Settlement of Investment Disputes (ICSID) arbitration award, closing a dispute first won in October 2023. The total payment from Peru was approximately $203 million, with the remainder allocated to a capital provider and outstanding expenses.
OPC Energy's quarterly profit rises sharply on U.S. plant consolidations
OPC Energy Ltd, in which Kenon holds roughly 46%, reported net profit of $15 million in Q2 2026, up from $1 million in Q2 2025. Adjusted EBITDA including proportionate share of associated companies rose to $131 million from $90 million a year earlier. OPC's revenue increased by $183 million year-over-year, driven largely by the first-time consolidation of the Shore and Maryland power plants in the U.S. from January and May 2026, respectively, which added $110 million in Energy Transition electricity sales alone.
Israeli tariffs dip 2% while consumption and currency gains offset losses
The weighted-average generation component tariff in Israel fell to NIS 0.2890 per kWh in Q2 2026 from NIS 0.2939 a year earlier, a 2% decline. Revenue from private customers still rose $26 million, aided by a $17 million currency tailwind from a stronger New Israeli Shekel and $14 million from higher consumption. Infrastructure services revenue in Israel gained $24 million, split between higher consumption/tariffs ($16 million) and shekel strength ($8 million).
Cost of sales climbs $115 million alongside U.S. expansion
Cost of sales excluding depreciation rose $115 million, with $52 million tied to the newly consolidated Shore and Maryland plants and $23 million linked to expanded U.S. retail electricity operations. Finance expenses, net, edged up to $22 million from $20 million. OPC's share of profit from associated companies fell $17 million as CPV Group assets — Shore, Basin Ranch and Maryland — moved from equity accounting to full consolidation.
Hadera expansion reaches financial close on 850 MW gas plant
In June 2026, OPC finalized a financing agreement and an EPC agreement for the Hadera Expansion Project, an approximately 850 MW combined-cycle gas-fired plant adjacent to its existing Hadera facility in Israel. The Israeli Electricity Authority granted tariff approval, and financial closing and construction start both occurred that same month.
OPC raises $202 million via Series E bonds, launches Pennsylvania wind farm
OPC issued NIS 600 million (approximately $202 million) of Series E bonds in August 2026. Separately, the company completed construction and commenced commercial operations at the Rogue's Wind project, a 114 MW wind facility in Pennsylvania, and received a $160 million investment from the project's tax partner.
OPC balance sheet shows $1.26 billion cash against $2.98 billion debt
As of June 30, 2026, OPC held unrestricted cash of $1,261 million and restricted cash of $187 million, against total consolidated debt of $2,977 million — $204 million short-term and $2,773 million long-term, with the majority denominated in NIS. OPC's proportionate share of CPV associated companies' debt stood at $642 million, against $56 million in proportionate cash.
Kenon's standalone cash reaches $605 million by end-August
Kenon's own cash balance, excluding OPC, was $512 million as of June 30, 2026, rising to $605 million by August 31, 2026, partly reflecting the Peru award receipt. Kenon carries no material debt at the holding company level.