Idan Ofer jumps by 580% and reveals: on the way to a 7 billion dollar investment
OPC Energy reports a giant investment plan of about 7 billion dollars in the American electricity market, alongside exceptionally strong financial results.
OPC Energy Ltd., a leading independent power producer operating in Israel and the USA, providing reliable and efficient electricity using natural gas and renewable energy and controlled by billionaire Idan Ofer, published this morning (Wednesday) its financial results for the second quarter of 2026.
Main Results
The consolidated EBITDA after proportional consolidation for the quarter grew by 46% to 131 million dollars, mainly due to an increase in energy margins and availability prices in the PJM market in the USA, and from an increase in the holding rate in the Shore and Maryland power plants. The FFO for the quarter climbed by 58% to 90 million dollars. The adjusted net profit for the quarter jumped by 580% to 34 million dollars.
Key Events in Israel
Progress towards completing major milestones in expanding operations: financial closing was completed and a Notice to Proceed (NTP) was issued for the Hadera expansion project with a capacity of 850 megawatts. The Ramat Beka project with a planned capacity of 550 megawatts combined with 3,850 megawatt-hours of storage is in advanced development and is expected to reach a Final Investment Decision (FID) in the second half of 2026.
The company is expanding operations into the field of electricity supply for Data Centers: engagement with a consumer active in the Data Center field in Israel in a long-term PPA agreement of up to 460 megawatts in the coming years. The company is in contacts and feasibility studies to examine cooperation for the development of joint solutions for the production and supply of electricity for Data Center projects, including in proximity to its existing power plants.
Key Events in the USA
Construction continues for the Basin Ranch project (combined cycle with a capacity of 1.4 gigawatts in Texas, CPV share 100%).
Accelerated development continues in the PJM market: the Shay project (combined cycle with a capacity of 2.1 gigawatts in West Virginia, CPV share 70%) is being promoted in licensing and grid connection procedures, with a connection agreement expected in early 2027. Supply of main equipment was secured, and an agreement was signed with EQT Group for the supply of the full volume of gas under a Gas Netback arrangement for 10 years. The project is expected to participate in a central procurement outline within the framework of the PJM mechanism (long-term availability tender) in September 2026, which may ensure fixed availability revenues for up to 15 years.
The Walker project (combined cycle with a capacity of 1.5 gigawatts in Ohio, CPV share 70%) has secured an agreement with a leading global equipment supplier, and negotiations are underway with a leading global Hyperscaler to engage in a long-term PPA agreement.
In June 2026, construction of the Rogue’s Wind project (114 megawatts) was completed and commercial operation began.
Giora Almogi, CEO of OPC Energy, stated:
"We are concluding another quarter of strong results, with growth reflecting the company's execution ability which brought to fruition investments we made in recent years. We continue to expand and accelerate the development of the project portfolio with an investment plan of about 7 billion dollars in the coming years in the PJM market. The combination of income-generating assets, projects under construction, and financial robustness allows us to continue investing in the energy infrastructure of the future and to generate significant continuous value for our shareholders."
