Energy World Corporation to Sell its Gas and Steam Turbines for US$350 Million, Stock Surges
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Energy World Corporation (ASX: EWC) announced on 02 June 2026 that it has agreed to sell its Siemens gas and steam turbines to Hallador Energy Company for US$350 million in a transaction that advances the groupβs asset monetisation strategy.
The company reported the proceeds will support its broader LNG platform plans while it continues to review its remaining assets in Indonesia and Australia.
The deal covers two Siemens SGT6-5000F gas turbine packages and one SST6-5000 steam turbine package with payments staged through escrow and completion milestones. EWC said the turbines will be inspected and refurbished in the US by an OEM service provider with baseline restoration costs estimated at about US$22 million and any additional work subject to cost sharing rules.
Management said the sale reflects changing conditions in the Philippines power market where rising renewable penetration has weighed on thermal generation economics and reduced expected operating hours. At the same time, EWC said strong global demand for gas turbines, particularly from AI, data centre and cloud infrastructure growth created a favorable window to realise value.
The company expects preliminary gross proceeds of US$350 million and net proceeds of about US$331 million, alongside a non cash impairment of roughly US$285 million on power plant assets. EWC said the sale is expected to be recognised in FY26 and that shareholder approval is not required.
(Source: Company Reports)
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