Developer & operator of power generation plants.
OPC enters 2026 with an Israeli base that is sturdier than it looks, but the value center has shifted to deeper control over CPV’s U.S. assets and to the company’s ability to fund its step-up in investment without crushing balance-sheet flexibility.
Zomet is eroding the Israeli base mainly through a NIS 37 million hit to operational availability, but even after that drag Israel finished 2025 with NIS 494 million of FFO and NIS 483 million of post-debt cash. This is erosion of the cash base, not a break in it.
At the project level Basin Ranch looks attractive, but at the OPC level it is still first and foremost a story of sponsor equity, letters of credit, and deferred obligations long before it becomes a story of EBITDA. Reading project finance as a full solution misses the capital l…
In 2025, OPC’s U.S. EBITDA grew much faster than the cash that could realistically move to the parent. After project debt service, Cash Sweep, and CPV minorities, only roughly NIS 230 million is left before any further uses of cash.
