EX-99.2 3 exhibit_99-2.htm EXHIBIT 99.2

Exhibit 99.2

   OPC Acquisition of CPVSeptember 2020                                                                                                                                                                                                                                                                                                                                                                                                    ENERGY 
 

     2        Receipt of the information delivered or to be delivered to you by OPC Energy Ltd. ("OPC" or the "Company") is subject to the following: This presentation is intended for the provision of concise and non-comprehensive information for the sake of convenience solely. You are hereby referred to the full immediate and periodic reports filed by the company with the Israel Securities Authority and the Tel Aviv Stock Exchange Ltd. for information regarding the Company’s activities and the risks entailed thereby, including warnings regarding forward-looking information, as defined in the Securities Law, 5728-1968, that is included therein. In case of any discrepancy between the information contained herein and the information contained in the official reports of IC to the Israeli Securities Authority and the Tel Aviv Stock Exchange, the information recorded in such official reports shall prevail. This presentation, as well as other oral or written statements made by OPC or any of its officers, advisors and employees, contain forward-looking statements and forward-looking information, including, but not limited to, those that discuss strategies, goals, developments, outlooks, projected economy measures or statistical measures. Such forward-looking statements and information are based on the current assumptions, intentions and plans of OPC. The forward-looking information in the presentation is subject to risks and uncertainties and may not materialize, in whole or in part, or may materialize significantly differently than as predicted, or may be affected by various factors, including factors that are not under the Company's control or such that cannot be estimated in advance. OPC makes no representation or warranty of any kind with respect to such information.For the avoidance of doubt, it is clarified that the Company does not undertake to update and/or modify the information included in this presentation to reflect events and/or circumstances occurring after the date of preparation of the presentation.This presentation does not constitutes an offer, invitation or recommendation to purchase, sell, subscribe for or do any transactions in the stock, equity or securities of the Company or its affiliates, in any jurisdiction, and the information provided in this presentation is not a basis for the making of any investment decision, nor a recommendation or opinion, nor a substitute for the discretion and independent analysis of any potential investor.  Disclaimer       
 

     3        CPV Overview  Assets  Development  Management  CPV  Investment Highlights  CPV Commercial Structure   70%  Integrated Platform  operating assets, strong pipeline, execution capabilities  Strong Management Team  Industry leading management team with expertise across all key power market disciplines, development - finance – construction – operations - M&A – policy, with a consistent track record of success  Co-investors  30%                  Strong Pipeline includes 2.2 GW of renewables and 4 GW of CCGTs  1.4 GW of new modern operating assets in the U.S.  10.6 GW of assets under CPV management  Track Record  Developer with 4.8 GW of renewable generation and 10 GW of thermal generation commercialized in the U.S. 
 

     4        U.S. Renewable Landscape  Government Regulation  Renewables shift aided through Federal / State policies:RPS: state legislation with renewable targets was enacted in 29 statesRGGI: localized carbon pricing, mainly in the North East, provides an additional catalyst for renewables  US Election Impact  Renewable growth will continue regardless of U.S. election outcomeDemocratic presidency could lead to implementation of federal carbon taxes to comply with the Paris AccordRepublican presidency likely to lead to a continued State-level support for carbon pricing (more States joining RGGI)  Renewable Penetration  Limited renewable penetration compared to other developed markets (e.g. Europe)Additional 260 GW of wind and solar expected by 2040LCOE reductions is resulting in accelerated renewables developmentSignificant and growing demand from large corporations for renewable PPAs (e.g. Google, Facebook, and Amazon)  *RPS: Renewable Portfolio Standards; RGGI: Regional Greenhouse Gas Initiative  Electricity Generation by Fuel (USA):  Renewable Generation by Type (USA):  Source: EIA 
 

     5        Large, Well Progressed Renewable Pipeline  CPV has a proven track record as a renewable developer with 4.8 GW of wind generation through U.S.Renewable development pipeline:Advanced-Stage - 1.1 GWPV – 895 MWWind – 250 MWEarly-Stage – 1.1 GW (PV)  CPV Renewable Development Overview  Project  Technology  Capacity (MW)  Market  Solar Asset 1  PV  150  PJM  Solar Asset 2  PV  50  ISO-NE  Wind Asset 1  Wind  116  PJM  Wind Asset 2  Wind  72  PJM  Solar Asset 3  PV  147  SERC  Solar Asset 4  PV  40  ISO-NE  Solar Asset 5  PV  175  PJM  Solar Asset 6  PV  150  PJM  Solar Asset 7  PV  183  SERC  Wind Asset 3  Wind  61  ISO-NE  Renewable Advanced Stage    1,145    Early Stage  PV  1,100  PJM/MISO/ Mississippi  Total Renewable Pipeline    2,245   
 

     6        High Efficiency CCGT Opportunities  Shale gas revolution has led to large scale coal retirementContinued Coal Retirement will require base load additions through highly efficient CCGTS  Industry in Transition  247  Facilities closed since 2011Primarily environmentally-driven retirements  330  Facilities remain. More severe and lumpy retirements expected  Factors accelerating the demise of coal 2020-2025  Low Carbon Emissions Requirements  Carbon PricingState and Federal  Abundance of Shale Gas   Life Cycle TransitionAverage age of 40 years  US Coal and Nuclear Fleet Capacity and Generation  Lower utilization is a leading indicator for retirements  Source: EIA 
 

     7        CPV’s Thermal Pipeline  Project  Capacity (MW)  Market  Thermal Asset 1  635  PJM  Thermal Asset 2  620  MISO  Thermal Asset 3  1,350  ERCOT  Thermal Asset 4  1,350  PJM   Total Thermal Pipeline  3,955    CPV Thermal Pipeline Locations                                                                                                                                                                                                                                    ERCOT  MISO  PJM  CPV has a robust pipeline of CCGT projects at various stages of development which allows for continued, profitable operating platform growth and accretive capital deploymentStrategic partnerships with PPA and hedge providers, OEMs and financial institutions and investors results in closer alignment of interests and higher project returnsCPV adds value by identifying markets with significant planned retirements and positioning its pipeline to benefit from the need for new flexible and reliable capacityAsset locations allow for unique natural gas sourcing opportunities, providing cost advantage relative to regional competitorsProject sites are ideally located to serve high demand areas in commercial and industrial corridors  CPV Thermal Development Overview 
 

     8        Three Rivers – Thermal Development Case Study  1,258 MW CCGT in PJM-COMEDTotal Construction and financing costs of $1.3bFinancial Closing Achieved in August 2020, 14 lenders for total amount of $750M senior + $125M facilitiesCPV to maintain at least 10% and manage asset   Financial Close & Construction Highlights  Key Equity Partners  Market Highlights  Base load to substitute coal retirementsGas netback contract: Gas purchased at a percentage of power price  Strategics  Infrastructure Funds  Project Location & Site Map                   
 

     9        Proven Development Platform      ~4.2x Development Return Multiple Over the Course of Development Period  In US$ millions  2010-2020, In US$ millions  Average Proceeds Received: $68 million  2010-2020 Cumulative GW Developed  Cumulative Capital Invested & Returned   Development Company Performance (Proceeds Received)  Thermal  Wind  14.8 
 

     10        Attractive Operating Portfolio        Overview  Acquisition of new, state of the art assets at discount to construction cost Significant upside potential as markets recover, enactment of favorable emission regulation and accelerated retirements of coal and old gas generating assets CPV owns an efficient and diverse operating fleet, consisted of five natural gas power plants and a wind facility Net ownership of 1.4 GW in assets with a total installed capacity of 4.2 GWThe assets are located across four different power markets: PJM (51%), NYISO (26%), ISO-NE (15%) and SPP (8%)  Weighted Average Heat Rate (Btu / KWh)  Weighted Average Age of Natural Gas-Fired Plants  Purchase Value of Operating Assets vs. Average Capex ($ / KW)  Source: SNL, Leidos 
 

     11            Clean, efficient, state-of-the-art operating fleet in diverse, attractive regions of the U.S.Total operating portfolio of 1,397 MWThree Rivers adds up to 220 MW of generation capacity    CPVAsset Overview  2020  Capacity Additions (MW) by Year (Pro-Rata for Stake)  Project  Technology  Market  MW  COD  Stake  Net MW  Shore  CCGT  PJM-EMAAC  725  2016  37.5%   272  St. Charles  CCGT  PJM-SWMAAC  745  2017  25%  186  Valley  Dual Fuel CCGT  NYISO LHV  720  2018  50%  360  Towantic  Dual Fuel CCGT  ISO-NE CT  805  2018  26%  209  Fairview  CCGT  PJM-MAAC  1,050  2019  25%  263  Keenan II  Wind  SPP  152  2010  70%  106  Three Rivers  CCGT  PJM-COMED  1,258  2023  17.5%  220  Total      5,455      1,617      Operational (1,397 MW)  Under Construction (220 MW)  $36m    Adjusted EBITDA (in US$ millions)1  $42m  $78m  $82m  Representative Full Year: $125m2  1. Proportionate consolidation (based on equity ownership) of all the operating assets 3. Keenan Capacity addition occurred at COD in 20104. Fairview COD was in December 2019   3  4  2. All operating plants (including post-equity tax flip for Keenan II and excluding Three Rivers) are assumed to be fully operational. The following constitutes forward looking information under the Securities Law, which is based on estimations and assumptions as of the date hereof and which may not materialized. Actual results may be significantly different due to various factors including such that are not under OPC's control 
 

     12        Highly Experienced Management Team      Top tier management team  Equity and Stakeholder Relationships  Integrated Capabilities  Significant experience in the sector with over 100 years combined experienceLead members working together at CPV more than 10 yearsCommercial capabilities across hedge products and PPA’sDeep expertise on large, structured transactions including with utility and C&I counterpartiesSustained focus on ESG. Dedicated to providing safe, reliable, cost-effective and environmentally responsible power  long term relationship with repeating equity providersability to sell at Financial Close retaining asset management   Experienced in-house teams execute across the full suite of industry functionsManage build vs buy economics and evaluate development opportunitiesLongstanding relationships with leading OEMs and EPCs  Originate  Development  Commercialize  Finance  Construction  Asset Managment 
 

     13        Leading Asset Management Business DRIVES SYNERGIES ACROSS CPV’S BUSINESS     Cumulative Assets Managed (% by MW)  Cumulative Assets Managed (GW)  Overview  CPV is a proven platform to manage portfolios in all major markets, across various fuel types and technologies10.6 GW of assets currently under managementCPV provides variety of asset management services both for operating assets and during construction:Optimizing gross margin and managing operation and maintenanceForming environmental compliance strategy and corporate strategySupporting finance and M&A execution  Asset Management Revenue  (In US$ millions)  1  1. Expected 2020 full year revenue 
 

     14        Creating a Company of Significant Scale                First Israeli IPP with leading presence  Diversified USA presence with a renewable platform for expansion  ~2,800MW in operation by 2023 ~7,500MW additional pipeline  1  2  3  3  4  1. OPC’s operational capacity and generation assumes Rotem at 80% stake2. CPV’s capacity under construction pro-rata for Three Rivers’ 17.5% stake. OPC’s capacity under construction assumes 99 MW for Sorek 2 (awarded) and estimated 150MW Distributed Energy3. Assumes 100% capacity for future projects. Final holding stake for each project remains to be determined4. Assumes 2019A EBITDA for OPC. Assumes Representative year EBITDA for CPV, US$:NIS exchange rate of 3.5  1  1,913 MW  907 NISm  9,729 GWh  2,245 MW  865 MW  5,285 MW 
 

     15        CPV Financials  Historical Financials (Proportionate Consolidation)1  1. Proportionate consolidation (based on equity ownership) of all the operating assets. Non-GAAP presentation as this reflects a proportional consolidation of the equity method investments and corresponding eliminations2. 2018 EBITDA reflects partial operating year for Towantic (COD in May 2018) and Valley (COD October 2018) and proceeds from sale of 25% of Towantic3. 2019 EBITDA reflects lower generation and gross margin for Towantic due to 5 months outage and repair of turbine and Fairview less than 1 month of operations (COD December 2019)4. Includes unrealized MTM gain and loss related to derivatives and excludes gain / loss on sale of equity stake in projects5. Excludes unrealized MTM gain and loss related to derivatives and includes gain / loss on sale of equity stakes in projects6. Illustrative full year results assuming run-rate financial performance at the platform level (i.e. asset management and development company), and all operating plants (including post-equity tax flip for Keenan II and excluding Three Rivers) are assumed to be fully operational7. Percentage figures represent CPV’s equity ownership in each project8. CPV’s ownership post tax-equity flip  Estimated Representative Year6,7   (In US$ millions)  2018  2019        Income Statement        Revenue  $230   $332         Keenan II (10%)  $2   $2   Fairview (25%)  -   $0   Shore (37.5%)  $31   $25   St.Charles (25%)  $14   $13   Valley (50%)  $2   $19   Towantic (26%)  $29   $23   Proportionate Project Level EBITDA  $78   $82         DevCo and Asset Management  $72   $20   Adj. EBITDA  $150   $102         Net Profit  $41   $36         Balance Sheet              Total Assets  $1,533   $1,586   Total Liabilities  $1,023   $1,006   Shareholder's Equity  $510   $580         Net Debt  $832   $802   5  5  4  4  2  3   (In US$ millions)  Full Year Operating Assets      Portfolio  $300   DevCo & Asset Management  $50  Total Revenue  $350       Keenan II (70%)8  $10  Fairview (25%)  $25   Shore (37.5%)  $20  St. Charles (25%)  $10  Valley (50%)  $30  Towantic (26%)  $30  Proportionate Project Level EBITDA  $125        DevCo & Asset Management  $25  Total Representative Year EBITDA  $150  5  5 
 

     16        Transaction Financing and Capital Raise  Funding Sources (NIS)  OPC Portion (70%)  Internal sources  Bond  1,960m  280m  250m    Remaining Funding (Acquisition & Development)  330m  Private placement (Clal & Phoenix)  350m  Kenon order in public offering  350m  Total Sources (including projects under development): $800m  Note: Assumes $800 total consideration, transaction costs and additional investments for 2021-2023, US$:NIS exchange rate of 3.5.  2,800m    Credit Facility (Harel)  400m 
 

     17        Transaction Timing and Next Steps  Sep 15  Term Sheet signed – exclusivity period of 30 days granted  October 1-8  Bond Issuance  October 15  SPA signing target  Q2 2021  Closing target 
 

     18        Appendix       
 

     19        U.S. Power Market Overview  World’s largest energy market (>1,000 GW) Fragmented and only partially deregulatedThermal generation still dominates, providing more than 60% of energy produced during 2019Limited renewable energy penetration to-date (<20% energy generation in 2019) but coal and old-gas generation displacement is acceleratingStrong private capital interest in renewables supported by state-led policies and rapidly reducing Levelized Cost of Energy (LCOE)COVID-19 has caused a temporary demand contraction that slowed down renewable build-out acceleration. However, there hasn’t been a change on longer-term decarbonisation sentiment   U.S. Power Market Overview  U.S. Power Markets  Source: EIA 
 

     20        Main CPV Power Markets  Installed Capacity by fuel  Installed Capacity by fuel  Installed Capacity by fuel  PJM    States  13  Residents  ~65 million  Installed Capacity  198 GW  Power Plants  1,373  Peak Demand (All Times – 2011)  148 GW  Total Generation (2019)  829 TWh  Transmission System  100,000 miles  NYISO    States  1  Residents  ~20 million  Installed Capacity  40 GW  Power Plants  760  Peak Demand (All Times – 2013)  34 GW  Total Generation (2019)  135 TWh  Transmission System  11,130 miles  ISO - NE    States  6  Residents  ~15 million  Installed Capacity  31 GW  Power Plants  350  Peak Demand (All Times – 2006)  28 GW  Total Generation (2019)  119 TWh  Transmission System  9,000 miles  Source: PJM, NYISO, ISO-NE 
 

     21        PJM PV Development Project Case Study  Off-take Strategy & Details: Capacity - will be sold to PJM Energy - 10-12 year virtual PPA with Fortune 50 C&I customer (shortlisted) SREC - Executed SREC PPA with Oil giant, locks in ~40% of revenue requirement for the projectSignificant economies of scale provide cost advantage relative to other projects in PennsylvaniaOpportunity to capitalize on premium structure in Pennsylvania that requires SRECs be generated by in-state solar resources Utilizes tax equity and back-leverage to increase returns  Site Location & Power Pool   Pennsylvania – PJM, MAAC  Project Site  ~5,000 m2  Nominal Capacity  195 MWdc /150 MWac   Technology  Single axis tracking solar PV  CPV Ownership  100%  ITC Target  26%  Phase 1 Target NTP1  2021  Key Commercial Highlights  Project Overview  Project Location  Development Highlights  Land control – CompletedRegulatory – Final land development plan to be completed in Q1 2021Grid connection - Transmission line on site, feasibility and facilities studies in progressEnvironmental –Topographic analysis completed August 2019Bat study completed October 2019Additional environmental studies and consultations are underway  1. 130 MWdc /100 Mwac out of total project capacity  
 

                                                                                                                                                                                                                               22        CPV Operating Assets Enjoy Competitive Position in Attractive Markets  NYISO    Asset(s)  Valley (720 MW)  Capacity Advantage  Premium capacity zone in the Lower Hudson Valley; stands to benefit further from the planned retirement of 2 GW Indian Point (IP) nuclear facility  Energy Advantage  Margin protected by revenue put option in place through 2023; retirement of IP will improve spark spreads in Zone G  Fuel Advantage  Access to lowest cost gas in the region via firm gas supply agreement with DTE at Dominion South (Millennium Pipeline) and TETCO M3 index prices; dual fuel provides additional optionality  PJM-SW MAAC / MAAC    Asset(s)  St. Charles (745 MW); Fairview (1,050 MW)  Capacity Advantage  Stand to gain capacity value given surrounding aging, uneconomic coal assets likely to retire  Energy Advantage  Most efficient thermal plants in PEPCO and PENELEC zones, providing substantial opportunity to generate attractive energy margins  Fuel Advantage  At St. Charles, able to source lowest cost gas in a constrained region via Cove Point lateral; at Fairview, access to Marcellus gas with added ability to reduce fuel costs by burning ethane  ISO-NE    Asset(s)  Towantic (805 MW)  Capacity Advantage  Seven-year capacity price locked at attractive levels of $9.55/kW-mo with escalation  Energy Advantage  Highest efficiency thermal plant in all of ISO-NE with premium nodal energy prices  Fuel Advantage  Access to lower of Iroquois or Algonquin priced gas due to location upstream of critical compressor constraint; dual fuel provides additional optionality  PJM-EMAAC    Asset(s)  Shore (725 MW)  Capacity Advantage  Persistent EMAAC pricing premium  Energy Advantage  Efficient asset well positioned due to retirements and high barriers to entry for new builds  Fuel Advantage  Dual pipeline access (Transco and TETCO) creates regional competitive advantage to source lowest cost gas in a constrained region    SPP (Oklahoma)    Asset(s)  Keenan II (152 MW)  Advantage  Fully contracted FOR 100% of energy and environmental attributes with local utility (OG&E). Remaining PPA life of 9 years 
 

     23        Keenan II Overview – 152 MW Wind Farm  Fully contracted, with 100% of energy and environmental attributes purchased by OG&E under a 20-year Wind Energy Purchase Agreement (WEPA) through December 2030Proven, reliable operation evidenced by its 9+ years of operating historyProven performance level since COD, with an average net capacity factor of 43% (in line with P50 expectation at inception) and low average annual forced outage factor since commercial operation (4.1%)Plant boasts Tier I equipment and serviceTop of the line technology, with power curve upgrade kits and secondary coolers, both installed on all WTGs in 2015  Location  Woodward, OK  Power Pool & Zone  Southwest Power Pool (“SPP”)  COD  December 2010  Nominal Capacity  151.8 MW  Off-take Counterparty  Oklahoma Gas and Electric  Counterparty Credit Rating  (Moody’s / S&P) A2 / BBB+  Off-take Expiration  2030 with OG&E option to extend to 2035  Facility Type  Wind  Equipment Technology  66 Siemens 2.3 MW WTG  CPV Ownership  70% Post-Flip (Anticipated September 2020)  O&M / Asset Management  Siemens O&M / CPV  Energy Mgmt. Agreement  SPP and OG&E  Electric Interconnect (on-site)  OG&E 138 kV Woodward EHV substation  Key Commercial Highlights  Facility Overview                    Facility Location 
 

     24        Shore Overview – 725 MW CCGT                                                                                                      Well-positioned on the PJM dispatch curve due to its fuel efficiency and low variable cost of operation, and with consistently superior operating metrics relative to other CCGTs in PJMShore’s 6,698 Btu/kWh full base load heat rate is significantly advantaged relative to the marginal producer and to the average heat rate of other CCGT plants in PJM (~7,700 Btu/kWh)EMAAC pricing premium expected to persist due to retirements and minimal planned new-build capacityAs an expansion to Shore, Keasbey brings economic benefits by utilizing existing infrastructure and shared services during operations  Location  Woodbridge Township, Middlesex County, NJ  COD  January 2016  Nominal Capacity  725 MW  Heat Rate  6,698 Btu/kWh  Hedging Counterparty  BP Energy  Counterparty Credit Rating  (Moody’s / S&P) A2 / A-  Hedge Expiration  2021  Plant Type  CCGT  Fuel Type  Natural Gas  Equipment Technology  2X1 combined cycle, wet cooled GE 7FA.05 turbines 94 MW duct firing  CPV Ownership  37.5%  O&M / Asset Management  CAMS / CPV  Contracted Services  GE  Electric Interconnect  4-mile interconnect to JCPL 230 kV Raritan River Substation  Gas Interconnect  Transco Mainline with planned second interconnect to TETCO Mainline    Key Commercial Highlights  Facility Overview  Facility Location 
 

     25        St. Charles Overview – 754 MW CCGT  At a 6,856 Btu / kWh heat rate, St. Charles is the most efficient thermal power plant in the densely populated PJM-PEPCO zone, providing substantial opportunity to generate attractive energy marginsDirect connection to the highly liquid Transco interstate gas pipeline via the Cove Point LateralSt. Charles is strategically located in an evolving regional market, as 4.8 GW of coal fired generation in Maryland and surrounding areas approach retirement age and / or close for economic reasons, driving additional tightening of reserve margins in the region and increased power pricing as a result100% of St. Charles’ energy output is hedgedUpgraded in 2018 with DLN 2.6+ combustors, adding 20 MWSt. Charles is positioned for expansion with available land and gas interconnection built for approximately twice the requirement of the existing facilities  Location  Charles County, MD  COD  February 2017  Nominal Capacity  745 MW  Heat Rate  6,856 Btu/kWh  Hedging Counterparty  Shell Trading Risk Management  Counterparty Credit Rating  (Moody’s / S&P) A2 / A+  Hedge Expiration  2022  Plant Type  CCGT  Fuel Type  Natural Gas  Equipment Technology  2X1 combined cycle, wet cooled GE 7F.05 turbines 94 MW duct firing  CPV Ownership  25%  O&M / Asset Management  CAMS / CPV  Contracted Services  Twin Eagle  Electric Interconnect  PEPCO 230 kV Kelson Ridge Substation  Gas Interconnect  Dominion Transco Zone 5-north / Dominion Cove Point  Key Commercial Highlights  Facility Location  Facility Overview                                                                                                                           
 

     26        Towantic Overview – 805 MW CCGT  Capacity price is locked-in at $9.55/kW-mo, escalating annually, providing an attractive stream of known cash flows through May 2025Towantic has the lowest heat rate in ISO-NE and it is located in a load pocket with premium nodal energy pricesDual-fuel capability allows Towantic to capitalize on periods of weather volatility and gas supply constraints in New EnglandTowantic enjoys access to the lower of Iroquois or Algonquin priced gas due to location upstream of critical compressor constraint  Location  Oxford, CT  COD  May 2018  Nominal Capacity  805 MW  Heat Rate  6,425 Btu/kWh  Hedging(2)   N/A  Plant Type  Dual Fuel CCGT  Fuel Type  Natural Gas with ULSD back-up  Equipment Technology  2X1 combined cycle, air cooled GE 7HA.01 turbines 30 MW duct firing  CPV Ownership  26%  O&M / Asset Management  NAES / CPV  Contracted Services  Con Ed  Electric Interconnect  CP&L 115 kV system on site  Gas Interconnect  Algonquin Pipeline  Key Commercial Highlights  Facility Overview  Facility Location  7 year price lock through 2025 
 

     27        Valley Overview – 720 MW CCGT  Strategically located in an area with extremely high barriers to entry for any new natural gas power plantStands to benefit significantly in terms of capacity and energy prices upon the planned retirement of the 2 GW Indian Point nuclear facilityAdvantaged access to low cost Marcellus natural gas via firm gas transport arrangement with Millennium Pipeline and supply agreement with DTE which is indexed to Dominion South and TETCO M3 pricesAnticipated 2021 implementation of carbon pricing regime in New York will benefit highly efficient plants like Valley, increasing energy margin realizationAddition of as much as 10 GW of renewable generation in NY will further crystallize Valley’s value as one of a small number of CCGTs in an increasingly renewable market100% of energy output is hedged via a revenue put option  Location  Wawayanda, Orange County, NY  COD  October 2018  Nominal Capacity  720 MW  Heat Rate  6,844 Btu/kWh  Hedging Counterparty  Morgan Stanley Capital Group, Inc.  Counterparty Credit Rating  (Moody’s / S&P) A3 / BBB+  Hedge Expiration  2023  Plant Type   Dual Fuel CCGT  Fuel Type  Natural Gas with ULSD Backup  Equipment Technology  2X1 combined cycle, wet cooled Siemens 5000F turbines 89 MW duct firing  CPV Ownership  50%  O&M / Asset Management  DGC Operations / CPV  Contracted Services  BETM  Electric Interconnect  NYPA Dolson Rd 345 kV substation  Gas Interconnect  Millennium Pipeline Interconnect via Valley Lateral  Key Commercial Highlights  Facility Location  Facility Overview                                                                                                       
 

     28        Fairview Overview – 1,050 MW CCGT  Surrounded by significant natural gas and NGL production, Fairview’s strategic location in the heart of the Marcellus formation avoids costly long-haul pipeline contractsInterconnected to the premium PJM-MAAC capacity regionAbility to burn low cost ethane with the ability to switch to up to 25% ethane without disruptionFairview is the most efficient gas unit in the region, positioning it to realize substantial energy margin as the PJM supply stack continues to evolve100% of Fairview’s energy output is hedged  Location  Jackson Township, Cambria County, PA  COD  December 2019  Nominal Capacity  1,050 MW  Heat Rate  6,419 Btu/kWh  Hedging Counterparty  BP Energy  Counterparty Credit Rating  (Moody’s / S&P) A2 / A-  Hedge Expiration  2025  Plant Type  CCGT  Fuel Type  Natural Gas with ethane mix optionality (up to 25% ethane permitted)  Equipment Technology  2X1 combined cycle, wet cooled GE 7HA.02 turbines 92 MW duct firing  CPV Ownership  25%  O&M / Asset Management  NAES / CPV  Energy Mgmt. Agreement  Twin Eagle  Electric Interconnect  Penelec 500 kV Hunterstown – Conemaugh line on-site  Gas Interconnect  TETCO Pipeline  Ethane Interconnect  Mariner East Pipeline  Key Commercial Highlights  Facility Overview                                                                                                        Facility Location 
 

                     29        Three Rivers Overview – 1,258 MW CCGT  Interconnected to the premium PJM-COMED capacity region$90/MW-day average premium to RTO over last 3 yearsShare of contribution margins composed of capacity revenues is projected to fluctuate between 40-50% through the 2020s and early 2030s, with ComEd clearing above RTO until the 2030/31 BRAStrong candidate for an eventual repricing/refinancing in the PF bank or TLB marketsAdvantaged access to low cost gas from the Montney and Duvernay basins in western Canada47% of Three Rivers energy output is hedged via gas netback agreements, for the first 5-10 operating years which effectively locks fuel price advantageGas Netback contracts price is calculated as % the settled ComEd Power Price  Location  Goose Lake Township, Il  Expected COD  May 2023  Nominal Capacity  1,258 MW  Heat Rate  6,356 Btu/kWh  Hedging Counterparty  Morgan Stanley and Advantage Oil & Gas  Hedge Expiration  2028-2033  Plant Type  CCGT  Fuel Type  Natural Gas  Equipment Technology  2 X GE 7HA.02  CPV Ownership  17.5%  O&M / Asset Management  CAMS / CPV  Electric Interconnect  Two COMED high voltage transmission lines located 0.15 miles north of the project site  Gas Interconnect  Alliance Pipeline NGPL  Construction Contractor  Kiewit  Key Commercial Highlights  Facility Overview    Facility Location 
 

     Thank You                                                                                                                                                                                                                                                                                                                                                                                      Giora Almogy, C.E.O., OPC+972-54-801-0400Gioraa@opc-energy.com  WWW.OPC-ENERGY.COM  Tzahi Goshen, C.F.O., OPC+972-54-950-3888Tzahig@opc-energy.com  Shay Perets, IR, OPC+972-54-740-5544Shay.Perets@opc-energy.com                ENERGY  Guy Maor, Business Development Director, OPC+972-52-608-4722Guym@opc-energy.com