Kenon subsidiary OPC Energy announces $825 million financing for Shore, Maryland power plants
KEN•OPC Energy's CPV Generation Holdings signed an $825 million financing agreement for the Shore and Maryland power plants. The proceeds will primarily refinance existing project debt and fund an approximately $130 million dividend to CPV at closing, subject to conditions.
1. Financing terms
The financing comprises a $625 million term loan B, a $125 million letter of credit facility and a $75 million revolving credit facility. The term loan matures seven years from closing and carries a SOFR-based interest rate with a 2.5% spread. The borrower is indirectly wholly owned by CPV Group, which OPC owns 71%; the financing is non-recourse to CPV.
