New financing structure consolidates existing project-level debt under a single facility, enhancing financial flexibility and reducing term loan costs by 75 basis points to 2.5% above SOFR

Financing includes a $625 million term loan, a $125 million letter of credit facility, and a $75 million revolving credit facility

A $130 million dividend will be distributed to CPV Group at closing

TEL AVIV, Israel, Oct. 29, 2026 /PRNewswire/ -- OPC Energy (TASE: OPCE), a leading independent power producer operating in Israel and the U.S., announced that on October 27, 2026, CPV Generation Holdings, LLC, an indirect wholly owned subsidiary of CPV Group, entered into a new $825 million financing agreement with a syndicate of lenders for its fully owned Shore and Maryland power plants.

Shore and Maryland are natural gas-fired combined-cycle power plants located in the PJM electricity market in the United States, with generation capacities of 725 MW and 745 MW, respectively. Both plants are wholly owned indirectly by CPV Group.

The new financing structure consolidates the existing project-level financing arrangements of both power plants into a single facility. The transaction is primarily intended to refinance the plants' existing project debt and fund a dividend of approximately $130 million to CPV Group at closing, while supporting their ongoing working capital and collateral requirements.

The $825 million financing package consists of:

- $625 million term loan B, bearing interest at SOFR plus 2.5%, with a seven-year maturity and no scheduled amortization. The spread above SOFR represents a 75-basis-point reduction from the previous 3.25% rate, reflecting the strong market environment and the successful execution of our strategy to generate financial and operational synergies from full ownership and control of our generating assets. Mandatory principal prepayments will be made using a cash flow sweep mechanism linked to leverage ratios ranging from 0% to 50%. The current leverage of both Shore and Maryland plants is at the lower end of this range, generating significant free cash flow for further growth at CPV Group.

- $125 million letter of credit facility, supporting the plants' collateral and operational requirements,

- $75 million revolving credit facility, available for cash borrowings and/or letters of credit.

The revolving credit facility bears interest at SOFR plus 2.25%, and the letter of credit facility bears a fixed issuance rate of 2.25%. Both have a five-year term. The agreement is subject to customary terms and conditions, as detailed in the Company's immediate report dated October 28, 2026.

Giora Almogy, Chief Executive Officer of OPC Energy, commented:

"The refinancing of Shore and Maryland marks another important step in maximizing the value of our power plants. We remain focused on our strategy of increasing ownership and achieve control of our high-quality generation assets, allowing us to capture operational and financial synergies across the portfolio. Together with Basin Ranch, CPV has now achieved full ownership and control of three plants in the U.S., further enhancing our ability to create value across these assets."

Ana Berenstein Shvartsman, Chief Financial Officer of OPC Energy, commented:

"This agreement represents an important step in optimizing CPV's financing structure by consolidating two existing project financings into a single facility. The transaction enhances financial flexibility, supports ongoing operational and collateral needs, and enables a planned dividend of approximately $130 million to CPV Group at closing. This agreement reduce borrowing costs, enhances financial efficiency and increases free cash flow available for CPV Group to support enhanced growth. This agreement reflects our disciplined approach to capital management and efficient allocation of capital across CPV's portfolio."

About OPC Energy

OPC Energy Ltd. (TASE: OPCE) is a leading energy company operating in the Energy Transition space in Israel and the U.S. and provides electricity in an efficient, reliable and environmentally friendly manner while combining highly efficient natural gas with solar, wind and storage.

In Israel, OPC is the first and leading private electricity producer, offering its customers an integrated solution by supplying their energy needs through the Company's generation sites and on-site solutions at customers' premises. OPC continues to expand its generation portfolio and customer base in Israel, advancing a growing pipeline of renewable and natural gas projects to support the evolving needs of the Israeli electricity market.

In the U.S., the Company operates through the CPV Group, a 71%-owned subsidiary of OPC Energy, which has over 25 years of experience in the development and operation of highly efficient, low-emission power generation and renewable energy projects. CPV is focused on leveraging its extensive experience to advance its current portfolio of approximately 15 GW of renewable and natural gas projects.

For more information, please visit: www.opc-energy.com/en

Company Contact:

Ana Berenstein Shvartsman, CFO

[email protected]

Yehonatan Mualem, Finance Manager

[email protected]

Investor Relations Contact:

Miri Segal, CEO, MS-IR LLC

[email protected]

SOURCE OPC Energy

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