Kenon (KEN) has released an update.
Kenon’s subsidiary, OPC Energy Ltd., has secured a tax equity investment agreement for around $110-$116 million to fund the Backbone Project, a solar power plant in Maryland. This investment will support the 179 MWdc project, with financial backing provided in phases as key project milestones are achieved. The agreement also allows OPC to potentially repurchase the tax equity partner’s interest after a certain period, showcasing a strategic move to enhance their renewable energy portfolio.
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