By Yaacov Benmeleh
The Tel Aviv-based company expects to close the deal in about three months, and sees a $25 million boost to its earnings before interest, taxes, depreciation and amortization next year, Almogy said.
OPC is pushing into the U.S. market amid a boom in solar projects, spurred in part by favorable federal and state policies, according to a BloombergNEF report. Prices for installation have steadily dropped over the past decade, making photovoltaic schemes more competitive against traditional sources of electricity.
“We told the management of CPV to keep developing their projects; to run and not stop,” Almogy said.
OPC shares have risen 24% in Tel Aviv since it announced the CPV acquisition on Sept. 16, giving the company a market capitalization of 5.1 billion shekels ($1.5 billion).