Kenon is a Singapore-based holding company whose primary asset is a ~46% stake in OPC Energy, a publicly listed Israeli independent power producer (IPP). OPC generates and sells electricity in Israel and the U.S. through its subsidiary, CPV Group. In Israel, OPC owns and operates natural gas-fired power plants with roughly 1,081 MW of combined capacity, selling electricity primarily to private commercial and industrial customers under long-term power purchase agreements (PPAs) priced at a discount to Israel's regulated generation tariff. In the U.S., CPV operates six large natural gas combined cycle plants totaling over 5,300 MW across PJM, NYISO, and ISO-NE wholesale markets, plus a smaller renewables portfolio of solar and wind capacity. CPV earns revenue from electricity and capacity sales into wholesale markets, with profitability driven by the spark spread and capacity payments. CPV's renewable projects sell electricity under long-term PPAs and monetize tax credits through tax equity partnerships. OPC has a large development pipeline, including a major gas plant and a solar-plus-storage project in Israel, and a 1,350 MW gas plant under construction in Texas. At the holding company level, Kenon derives value from OPC dividends, potential stake sales, and deploying its sizable cash balance into new investments. Kenon has no material debt and has returned substantial capital to shareholders through dividends and buybacks.