OPC Energy, a subsidiary of Kenon Holdings and the first private electricity producer in Israel, has signed a letter of intent to acquire Competitive Power Ventures (CPV), a major company in the American electricity market, for an investment of between $700 million and $800 million.
Part of the investment is also intended for investment in future projects of CPV, according to OPC Energy.
Headquartered in Silver Spring, Md., CPV is an electric power generation development and asset management company that creates clean-energy supplies.
The deal is still subject to a number of approvals, and to the completion of the negotiation process between the parties.
“We have long recognized the potential inherent in the U.S. electricity market, with an emphasis on expanding operations into the field of renewable energies,” said Giora Almogi, CEO of OPC Energy. “We see the U.S. market as one of OPC's strategic target markets.
CPV was chosen following an i