OPC Energy Ltd., Subsidiary of Kenon Holdings., Announced Update In Respect Of Bid In Israel Land Authority Tender To Design and Build Electricity Generation Facilities Using Photovoltaic Technology

enon Holdings Ltd.'s (NYSE:KEN, TASE: KEN))) ("Kenon") subsidiary OPC Energy Ltd. ("OPC") announced on May 11, 2023 that OPC's subsidiary, OPC Power Plants Ltd.1 (the "Awardee") won a tender conducted by the Israel Land Authority ("ILA") to design renewable energy electricity generation facilities using photovoltaic technology with an option to acquire lease rights in land in Israel for construction in three areas in Neot Hovav Industrial Local Council, with a total area of approximately 2,270 dunams (approximately 561 acres).

OPC today announced an update on the tender pursuant to which the Awardee has paid NIS 96.8 million (approximately $26.1 million) to the ILA (OPC's share of this payment was NIS 77.4 million (approximately $21.0 million)) constituting 20% of the total consideration for the lease rights.

The foregoing is part of the Awardee's intention to promote the construction of a project for the generation of electrical power utilizing photovoltaic technology on the three complexes in the estimated cumulative capacity of approximately 245 MW and estimated storage capacity of approximately 1,375 MWh.