OPC Energy to acquire Competitive Power Ventures from GIP for c. $684m.

OPC Energy, a private electricity company in Israel, agreed to acquire Competitive Power Ventures, an electricity company in the US, from Global Infrastructure Partners, an infrastructure investment fund, for $630m. Additionally, an amount in the range of $54m to $95m is payable by the buyer in respect of CPV's equity in the Three Rivers project, which is currently under construction, which may be paid at the buyer's option in cash or a vendor loan at terms that have been agreed between the parties. "OPC has long recognized the potential in the U.S. electricity market. CPV is one of the leading private development and power generation companies in the United States and will be an excellent partner given their expansive renewable development program, strong industry partnerships and a world class leadership team. We are pleased to welcome CPV to our portfolio of reliable, responsible and cost effective generation services," Giora Almogi, OPC CEO.