TW Power is experienced in servicing a range of assets including solar, as well as wind and thermal. Image by PR HANDOUT IMAGE PHOTO

merger, acquisition and takeover

Worley buys out TW Power stake for $20m

2020-07-09 12:02:38

Engineering company Worley has bought out Spanish urban transport company Ferrovial’s half-stake in TW Power Services for $20 million, acquiring complete ownership.

TW Power is an Asia Pacific power infrastructure services company with a workforce of 700 and provides services to about a third of Australian power generation capacity, as well as supporting assets in New Zealand and Southeast Asia.

The company is experienced among power technologies including solar, wind, hydro and thermal power, as well as operating and maintaining gas pipelines.

A secure control room in a TWPS office monitors 18 different sites, the company said.

Worley chief executive Chris Ashton said the acquisition would accelerate Worley’s role supporting customers through their energy transition, “helping them prepare for a low-carbon future and the digitalisation of industry”.

Worley shares were up 2.35 per cent to $8.71 each by 1200 AEST.