Kenon Holdings Ltd. Subsidiary Executes Credit Agreement for Basin Ranch Project

Kenon Holdings Ltd.'s subsidiary, OPC Energy Ltd., announced the execution of a credit agreement related to the Basin Ranch Project in Texas. The credit agreement, part of a $1.1 billion loan from the Texas Energy Fund, will fund a portion of the Basin Ranch natural gas project, which has an estimated capacity of 1.35 GW. The loan carries an interest rate of 3% per annum and is secured by pledges on the Basin Ranch Project. The credit agreement includes various covenants and events of default provisions. Additionally, OPC has extended a $150 million bridge loan to CPV Group LP, a subsidiary of OPC, to facilitate the financial closing of the TEF Loan. The bridge loan is expected to be repaid shortly after the financial closing. The press release also includes forward-looking statements regarding the project and associated risks.