Energy World Corporation has transformed its financial footing by converting USD434 million of debt to equity, setting the stage for the completion of its Pagbilao power plant and LNG terminal in the Philippines. The company is preparing for a strategic capital raising to propel these projects forward.
- USD434 million debt converted to equity strengthening balance sheet
- Pagbilao power plant and LNG terminal nearing completion
- Technical inspections of gas turbines show no major defects
- Plans underway for project-level capital raising with strategic investors
- Executive leadership refreshed with new CEO and CFO appointments
Strengthening the Balance Sheet
Energy World Corporation Ltd (EWC) has taken a decisive step to improve its financial health by converting USD434 million of debt into equity, a move ratified by shareholders at the company’s November 2025 AGM. This significant restructuring leaves the company with no external debt, providing a cleaner balance sheet and greater flexibility as it focuses on its core projects.
Progress on the Pagbilao Project
The company’s primary focus remains the completion of the Pagbilao power plant and associated LNG terminal in the Philippines. Recent technical due diligence, including borescope inspections of the two gas-fired turbines, has revealed no major defects, a reassuring outcome that clears a major hurdle ahead of the planned capital raising. This technical validation is critical as EWC prepares to attract strategic and financial investors to fund the final stages of the project.
Capital Raising Strategy
Energy World is gearing up to launch a capital raising initiative early in 2026, targeting a mix of project-level debt and equity financing. The company’s strategy involves bringing in strategic partners alongside financial investors, leveraging the fact that the Pagbilao project is currently debt-free. This approach aims to optimise funding terms and align investor interests with the project’s long-term success.
Regional Developments and Asset Management
Beyond the Philippines, EWC is advancing discussions in Indonesia to explore future cooperation opportunities, signalling potential expansion or partnerships in the region. Meanwhile, in Australia, the company has divested non-core assets, including a land sale in Eromanga that generated approximately US$1 million in proceeds, reflecting a strategic focus on core growth areas.
Leadership Transitions
The quarter also marked a period of executive transition, with new CEO Edward McCartin and CFO appointments bringing fresh leadership to the company. Long-serving executive Brian Allen stepped down from his operational role but remains on the board as a Non-Executive Director, ensuring continuity and experience at the governance level.
Bottom Line?
With a strengthened balance sheet and key technical milestones achieved, Energy World’s upcoming capital raise will be pivotal in shaping its growth trajectory.
Questions in the middle?
- What are the specific timelines and targets for the Pagbilao capital raising?
- How might the final turbine inspection report impact project completion schedules?
- What strategic partners is Energy World targeting for the project-level investment?