Holds "opc energy"
Kenon looks cash-rich, but in practice it is becoming OPC's capital arm, so the value for Kenon shareholders depends on whether OPC can turn equity raises, acquisitions and projects into cash that actually travels upstream.
Kenon has real parent-level cash, but much less free cash than the headline suggests: the $571 million stand-alone balance already sits against a $200 million announced dividend, at least two years without OPC dividends, and a structure in which most consolidated cash remains in…
OPC’s U.S. transaction chain is a control-concentration move before it is a cash-capture move: CPV is removing minority vetoes around Shore, Basin Ranch and likely Maryland, but in the process it is also taking on more debt, more collateral and more capital that has not yet reac…
