Full Year 2025 Highlights
EBITDA in 2025 increased by 32% to ILS 1.59 billion (~$460 million), while Adjusted Net Profit rose by 225% to ILS 373 million (~$108 million)
U.S. EBITDA surged 70% in 2025, exceeding ILS 1 billion (~$291 million) for the first time, driven by strong electricity demand in the United States
OPC Energy is best positioned to capitalize on increasingly favorable market and regulatory tailwinds and to accelerate growth across the United States and Israel
"We are concluding 2025 with exceptionally strong financial performance, driven by extremely high U.S. electricity demand, structural electrification across transportation, industrials, and real estate, and notably accelerating data center demand for AI applications. We expect significant continued growth in electricity demand, particularly in our key markets PJM and ERCOT," said Giora Almogy, CEO of OPC Energy.
"During the year, we strategically strengthened our U.S. platform by building new power plants and increasing ownership in our natural gas assets. We reached full ownership of three new power plants with a total capacity of 2.8 GW. We acquired the partner share (11%) of the 725 MW Shore power plant in PJM. In addition, we signed an agreement to acquire the remaining interest (25%) in the 745 MW Maryland power plant in PJM and recently acquired our partner's share (30%) in the 1.4 GW flagship Basin Ranch project, operating in the ERCOT electricity market in Texas.
The financial close for Basin Ranch was completed with construction costs of about $1.8-2.0 billion. Basin Ranch is the largest project to receive financing from the TEF fund of the state of Texas, totaling approximately $1.1 billion. This financing supports the construction of new power plants to meet growing electricity demand by offering loans at a fixed interest rate of 3% for a term of approximately 20 years. In addition, we signed another financing agreement with Bank Leumi to increase the total amount of the loan to approximately $430 million. This agreement serves as a strong platform to expand our future collaboration with Bank Leumi when it comes to the financing of our U.S. operations.
"We continue to advance our substantial U.S. project pipeline, with a focus on both natural gas and renewable energy development. The results of the latest PJM capacity auction highlighted a significant shortfall in generation capacity required to maintain grid reliability. In response, PJM plans to conduct a Reliability Backstop Auction for new generation offering capacity visibility of up to 15 years, expected by September 2026. Our proven track record in developing and constructing power plants, combined with sustained investment in gas asset development and long-standing partnerships with leading equipment manufacturers and EPC contractors, provides us with a distinct competitive advantage and positions us to capitalize on meaningful new investment opportunities, led by PJM's flagship Shay project in West Virginia, which is being expanded to 2.1 GW."
"In Israel, we continue to develop the projects in Ramat Beka (550 MW, 3,850 MWh storage) and Hadera 2 (850 MW CCGT), targeting investment decisions and commencement of construction by the end of 2026."
"In 2025 we raised equity of approximately ILS 2.1 billion (~$611 million) from leading Israeli institutional investors to ensure sustainable growth and strengthen our financial position. We thank our investors for their continued trust and remain committed to creating long-term value."
Giora Almogy concluded, "Our diversified asset base, expanding project pipeline, and disciplined capital allocation position OPC Energy to capitalize on significant growth opportunities across our core markets."
Financial Highlights
For the Year EndedDecember 31
For the Three Months EndedDecember 31
(ILS million)
2025
2024
%
2025
