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Idan Ofer again loses on EVs
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Competitive Power Ventures Announces Closure of Acquisition by OPC Energy
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OPC Energy Announces Closure of Acquisition of Competitive Power Ventures; Enters the Field of Renewable Energy in the United States
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TEL AVIV, Israel, Jan. 25, 2021 /PRNewswire/ OPC Energy Ltd. (TASE: OPCE) ( OPC ) today announced that its acquisition of Competitive Power Ventures (CPV) received regulatory approval and has closed. OPC, partnered with three Israeli institutional investors, agreed in October to acquire 100 percent of CPV from Global Infrastructure Partners (GIP), and now fully owns CPV s operating assets, development pipeline and asset management business. OPC plans to invest significant capital in CPV to expand its businesses and fund its future growth, focusing on renewable energy and highly efficient gas projects.
OPC Energy completes $648m acquisition of CPV
OPC is expanding into the US renewable energy market.
OPC Energy Ltd. (TASE: OPCE) has notified the Tel Aviv Stock Exchange (TASE) that it has completed the acquisition of US renewable energy company CPV (Competitive Power Ventures). OPC said that it has received all the required regulatory approvals for the deal. OPC, which is controlled by Idan Ofer through Kenon Holdings (NYSE: KEN; TASE: KEN), is acquiring a 70% stake, while the remaining 30% stake is being acquired by Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS), Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL) and Poalim Capital Markets.