Kenon Holdings Ltd. (KEN)

Kenon Holdings, a Singapore holding company, said on 30 September 2026 it agreed to buy 25 percent of Vicinity District Energy, a United States district heating and cooling business, for about $450 million 3. The company says the deal moves it into a business distinct from the electricity generation of its main holding, OPC Energy 3. Closing is expected in the second quarter of 2027, once regulators approve 3.

Almost all of Kenon's earnings come from OPC, an Israeli and American power producer in which Kenon owns about 46 percent 1. In 2025 Kenon reported revenue of $872 million and a profit of $148 million 1.

In August 2026 the Republic of Peru paid an arbitration award, and Kenon received about $93 million of it, subject to tax 2. On 31 August 2026 Kenon's own cash was $605 million, with no material debt at the Kenon level 2.

Kenon began in January 2015, when Israel Corporation gave it its stakes in IC Power, Qoros, ZIM and other businesses and then handed Kenon's shares to its own shareholders 1.

It listed OPC on the Tel Aviv Stock Exchange in August 2017 and has kept adding money, about $408 million in total since then 1. In December 2017 it sold Inkia, its Latin American and Caribbean power business, for about $1.3 billion 1.

Kenon sold its last shares in the container shipper ZIM in 2024, after realizing about $2.1 billion from that holding over the years 1. It also holds a 12 percent stake in the Chinese carmaker Qoros, which it has been trying to turn into cash through court judgments 1.

Revenue grew from $751 million in 2024 to $872 million in 2025, and both countries added to it 1. Israel went from $625 million to $675 million, and the United States from $126 million to $197 million 1.

In the United States, retail electricity sales rose by $97 million as the company served more customers 1. That gain was cut by a change in accounting: from November 2024 its solar and wind arm, CPV Renewables, is no longer added line by line into the total 1.

In Israel, the war with Iran cost about $20 million of revenue because customers used less power 1. A lower official generation tariff cost a further $14 million 1.

Power in Israel

OPC Israel owns four gas-fired plants: Rotem at 466 MW, Hadera at 144 MW, Zomet at 396 MW and Gat at 75 MW, where MW means megawatts of capacity 1.

Most of its sales are to private customers under contracts whose price follows the generation tariff set by the Israeli Electricity Authority 1. Natural gas is its main cost, so both that tariff and the dollar rate move its profit 1.

It also builds small plants on customers' own sites, 45 MW in all, with 10 of them still in trial runs or early operation 1. On 28 September 2026 OPC agreed to sell that business to a subsidiary of Aluma Infrastructure Fund for about $90 million 14.

Power in the United States

Through CPV Group, in which OPC holds about 71 percent, OPC runs gas-fired plants, develops solar and wind projects and sells retail electricity 1.

CPV holds all of the Shore and Maryland plants, of 725 MW and 745 MW, and on 28 October 2026 signed a new $825 million loan package for them 5. Its Rogue's Wind farm in Pennsylvania, 114 MW, has started commercial operation 2.

People and rivals

Robert Rosen signed the annual report as chief executive 1. On 29 September 2026 Kenon added Duncan Bullock to its board as a non-executive director 6. OPC had 348 employees in Israel at the end of 2025 1.

In Israel the state-linked Israel Electric Corporation supplies most customers, and independent producers such as OPC held about 64 percent of installed capacity 1.

The umbrella, in words

Kenon owns about 46 percent of OPC, which accounted for all of its 2025 revenue 1. OPC holds 80 percent of OPC Israel 1.

Kenon holds 12 percent of the Chinese carmaker Qoros through its subsidiary Quantum 1.

Ansonia Holdings Singapore, held through a trust whose beneficiary is Idan Ofer, owns 62.4 percent of Kenon's shares, and every share has the same vote 1.

Kenon and funds run by Harrison Street Asset Management expect the Vicinity purchase to close in the second quarter of 2027, after regulatory approvals 3. Lenders have committed up to $1.4 billion of debt for the deal, without recourse to Kenon 3.

The sale of OPC's distributed energy business needs approval from the Israel Competition Authority within 180 days of signing 4.

OPC began building Hadera 2, a gas-fired plant of about 850 MW in Israel, in June 2026, and plans the Ramat Bekka solar and storage project of 550 MW 21.

Kenon says any new investments it makes would be in established industries, not start-ups 1. In March 2026 it announced a dividend of about $200 million 1.

No clue on file points to a new direction yet.