OPC Energy Ltd., a subsidiary of Kenon Holdings, secured a tax equity investment agreement valued between $110 million and $116 million. This investment is specifically allocated to fund the Backbone Project, a 179 MWdc solar power plant located in Maryland.
The agreement outlines that financial backing will be provided in phases as key project milestones are achieved, ensuring a structured funding approach. This investment is crucial for advancing Kenon's renewable energy portfolio and expanding its operational capacity in the U.S.
The terms of the agreement also include a provision allowing OPC to potentially repurchase the tax equity partner’s interest after a specified period, offering future flexibility in ownership structure.
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