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Rapac owns a strong cash engine in MRC and a renewable pipeline that has clearly become real, but in 2025 the group still failed to prove that it can turn project momentum into consolidated cash without materially stressing the balance sheet.
In 2025 Rapac's renewable backlog barely turned into consolidated cash because most of the new value still sat in a stage that consumed working capital, financing capacity, and affiliate lending, while the biggest projects had not yet reached a real collection phase.
Ramat Beka is Rapac's first real attempt to turn a large renewable project from a development story into a more bankable structure, with asset-level financing, a corporate liquidity buffer, and a partially availability-linked revenue stream.
MRC remained a real cash engine for Rapac in 2025, but net profit and all-in cash flexibility were squeezed by a heavy financing layer, derivative volatility, and the commissioning year of the peaker project.
