Heavy Electrical Equipment

AZZ is drawing investor attention ahead of its scheduled October 13, 2026 earnings release, with analysts projecting earnings per share growth of 17.42% versus the prior year and a forward P/E ratio below the industry average. The company recently extended and repriced its revolving credit agreement to May 2029, lowering interest margins and fees and giving it more financial flexibility as it ramps its St. Louis area greenfield plant and pursues acquisitions. AZZ's narrative projects $1.9 billion in revenue and $215.1 million in earnings by 2029, requiring 5.2% yearly revenue growth and a $102.2 million earnings decrease from $317.3 million, with a $161.67 fair value implying 16% upside to the current price. Some analysts hold a more optimistic view, assuming revenues around US$1.9 billion and earnings near US$212.9 million before this news. Risks remain, including prolonged weather related production losses, production disruptions, and execution at newer facilities.

Bloom Energy Corp has signed a jersey patch sponsorship with the Philadelphia 76ers that will put its name on every team jersey, including those worn by LeBron James during the 2026-2027 season. The deal is said to be worth north of $30 million annually, ranking second all-time for NBA patch deals, behind only the Golden State Warriors' $50 million deal with Iren Ltd., according to Sportico. Bloom Energy will also make a seven-figure community investment as part of the sponsorship and serve as jersey sponsor for the Delaware Blue Coats, the 76ers' NBA G League team. The company, headquartered in California, has a manufacturing hub in Newark, Delaware, near Philadelphia, employing nearly 1,200 people at that facility. Bloom Energy shares are up 220% year-to-date in 2026, and the stock trades at $278.58 today, well above the range of $157.65 to $176.85 seen on July 28, when Paul Pelosi, husband of Rep. Nancy Pelosi, bought 5,000 shares and 100 call options with a $100 strike price expiring June 17, 2027.

NANO Nuclear Energy Inc. and its wholly owned subsidiary HALEU Energy Fuel Inc. have entered into a definitive asset purchase agreement with Radnostix, Inc., formerly International Isotopes Inc., and its subsidiary International Isotopes Fluorine Products, Inc. to acquire strategic U.S. nuclear fuel processing assets, including a U.S. Nuclear Regulatory Commission license and related intellectual property and technical materials tied to a previously planned depleted uranium hexafluoride deconversion and fluorine extraction facility in Lea County, New Mexico. Upon completion of the transaction and transfer of the NRC license, NANO Nuclear would own one of ten NRC-licensed fuel cycle facilities in the United States. Under the agreement, consideration at closing is $9.5 million in cash and $4.0 million in NANO common stock, with closing subject to NRC consent to the license transfer, other required approvals and consents including from New Mexico officials, satisfactory site arrangements and other closing conditions, and the parties currently expect closing in approximately 90 to 120 days. The NRC license was originally issued to construct and operate the DUF6 deconversion and fluorine extraction facility, which was never built, and the acquisition also includes related patented technology, engineering and safety analyses, regulatory and permitting materials, equipment and historical project development records. NANO Nuclear said the existing licensed asset could offer a significantly more efficient regulatory pathway than developing and licensing a comparable facility on a new site, and that no final investment decision has been made on the optimal commercial and development pathway for the acquired assets.

Yuanta Securities (Thailand) said in an analysis dated September 30, 2026 that it holds a positive view on Gunkul Engineering Public Company Limited, or GUNKUL, after the company sold 50% stakes in 12 renewable energy power plant projects to Gulf Development Public Company Limited, or GULF, representing a combined pro-rata capacity of 336.7 megawatts. This breaks down into 88.2 megawatts of solar power plants, 16.5 megawatts of Solar+BESS projects, and 232.0 megawatts of wind power plants, which are scheduled to gradually begin commercial operations between 2027 and 2030. The sale value was 466.5 million baht, or about 1.39 million baht per equity megawatt. The research team expects the transaction to bring GUNKUL only a small extraordinary gain and to have no significant impact on third-quarter 2026 net profit. Meanwhile, normal operating results for the third quarter of 2026 are expected to grow both from the previous quarter and from the same period a year earlier, supported by the wind power plant business. The EPC business is expected to slow slightly from the previous quarter but still grow at a high level compared with the same period a year earlier. The conversion of these projects into a joint venture format could help increase the order book, or backlog, of GUNKUL's EPC business. The research team preliminarily estimates, based on the shareholding proportion, that it could rise by about 7 billion baht, with revenue expected to be gradually recognized more from around the middle of 2028. GUNKUL still aims to secure an additional 900 megawatts of new projects over the next three years, and its partnership with GULF also opens the opportunity for the company to take on EPC work for GULF's future renewable energy power plant projects. On dividend policy, the research team said there has been no significant change, estimating that dividend per share is likely to be no lower than the previous level of 0.12 baht per share, while in the first half of 2026 the company already paid a dividend of 0.10 baht per share. It maintained a buy recommendation on GUNKUL with an end-2027 target price of 8.70 baht.

GE Vernova and Hitachi have secured a construction permit from the US Nuclear Regulatory Commission for a new reactor design, allowing the partners to begin licensed construction activities tied specifically to the advanced nuclear reactor project. The NRC approval confirms the reactor design meets current US regulatory requirements for safety and construction readiness. The permit adds nuclear hardware and long-cycle reactor work to GE Vernova's existing power equipment and services footprint, which already spans generation, grid hardware, and electricity storage across the US, Europe, Asia, the Middle East, and Africa. The company's narrative leans on higher margin power and grid projects backed by recurring service contracts, and the permit ties that story directly to US regulators. Nuclear projects nonetheless add long-duration, lumpy exposure to a business already sensitive to big contracts, permitting cycles, and potential policy shifts, with any delay, redesign, or new safety requirement feeding into project timing and cash conversion.

GE Vernova announced that its Board of Directors has declared a $0.50 per share quarterly dividend. The dividend will be payable on November 24, 2026, to shareholders of record as of October 27, 2026. The company said future dividend declarations will be made at the discretion of the Board of Directors and will be based on GE Vernova's earnings, financial condition, cash requirements, prospects, and other factors.

Gunkul Engineering, or GUNKUL, has agreed to sell a 50% stake in a total of 12 power plant projects to Gulf Development, or GULF, for 466.5 million baht, equivalent to roughly 336.7 megawatts of proportional installed capacity, or MWe. GUNKUL will retain the remaining 50% stake in those projects, according to an analysis by Asia Plus Securities following an analyst meeting at which management clarified the details. The main purpose of the transaction is to manage debt obligations and increase investment capacity, after GUNKUL secured power purchase agreements, or PPAs, for all 319 megawatts under the Phase 2.1 projects. If it continued to hold 100%, debt burdens and financial covenants were likely to tighten during 2027 to 2030 and could limit its ability to take part in new projects under the PDP2026 plan, Direct PPA, and New S-Curve businesses. This restructuring is therefore preparation to support the goal of raising power generation capacity from about 2,100 MWe at present to 3,000 MWe within the next three years. Although cutting its stake from 100% to 50% will reduce earnings recognition from the projects, Asia Plus Securities sees three main offsetting benefits: lower investment and interest burdens along with the opportunity to recognise revenue from EPC and O&M work on the joint venture projects; the ability to keep joint venture debt off its financial statements, which keeps the IBD/EBITDA ratio within the covenant ceiling of no more than 6 times and is likely to decline from 2028 onward, potentially opening the door to a credit rating upgrade and lower funding costs in the future; and a stronger financial position that boosts investment capacity, with room estimated for about 700 MWe of additional investment in 2028, rising by roughly another 2,000 MWe in 2031. The research team is keeping its existing forecasts, viewing this restructuring as having no significant impact on the projects' long-term returns, and maintains its 2027 fair value for GUNKUL at 6.40 baht per share with a continued accumulate recommendation for long-term investment.

B.Grimm Power Public Company Limited, or BGRIM, announced the successful signing of two major agreements with GE Vernova Inc., a global energy infrastructure leader from the United States, at Gastech 2026 at the BITEC exhibition and convention centre in Bang Na. U.S. Assistant Secretary of Energy James Danly and Ambassador Sean O'Neill witnessed the signing. Under the first agreement, GE Vernova will supply a 9HA.02 gas turbine along with one generator set for a new 750-megawatt combined-cycle gas turbine independent power producer project in Malaysia, which B.Grimm Power will own and develop. The second agreement covers a 14-year service contract for five of GE Vernova's LM6000 aeroderivative gas turbine sets at the B.Grimm BIP Power 1 and 2 power plants in Thailand. Dr. Harald Link, Chairman of B.Grimm Power, said the partnership reflects the company's strategy of expanding its business in overseas markets and delivering reliable, efficient energy infrastructure in Southeast Asia.

GE Vernova closed at $962.49, up 1.34% on a day when the S&P 500 fell 0.17%, the Dow lost 0.26% and the Nasdaq slipped 0.09%. The energy business spun off from General Electric has gained 5.7% over the past month, outpacing the Oils-Energy sector's 0.04% gain and the S&P 500's 0.24% loss. Analysts expect GE Vernova to report earnings of $4.08 per share in its upcoming release, a year-over-year increase of 148.78%, on revenue of $12.07 billion, up 21.11%. For the full year, the Zacks Consensus Estimates project earnings of $30.49 per share and revenue of $46.29 billion, representing changes of +72.36% and +21.61% from the prior year. The Zacks Consensus EPS estimate has moved 0.63% lower over the past month, and GE Vernova currently carries a Zacks Rank of #3 (Hold) with a Forward P/E of 31.15.

Bloom Energy shares surged as much as 15% to a three-month high on Tuesday after fresh evidence the fuel-cell maker is preparing to increase production and a utility unveiled a large fuel-cell proposal. The City of Fremont, California, said in a LinkedIn post that Bloom acquired a 158,000-square-foot facility on Encyclopedia Circle to expand manufacturing operations, a site nearly as large as Bloom's existing 164,000-square-foot plant in Fremont. Bloom has been expanding annual production capacity at Fremont from about 1 gigawatt to 2 GW by the end of 2026, and has said its facilities could ultimately accommodate approximately 5 GW of annual capacity, with each additional gigawatt taking an estimated six to nine months to install and requiring about $100 million to $150 million of investment. Separately, Ameren Missouri on Monday unveiled a 20-year energy plan that includes the addition of 500 megawatts of natural-gas fuel cells by 2030, though Ameren has not selected Bloom as a supplier, making the proposal an opportunity rather than an order. Ameren said it has signed agreements to serve 2.8 GW of aggregate large-load demand by 2030, and Bloom said in August that its AI-infrastructure business included nearly two dozen customers representing about 250 MW of capacity.

Nel Hydrogen US, a subsidiary of Nel ASA, has received a new purchase order from Collins Aerospace for PEM electrolyser stacks valued at approximately USD 12 million. The equipment will generate oxygen for life-support systems used on US submarines, with deliveries expected throughout 2027 and 2028. The stacks will be manufactured at Nel's facility in Wallingford, Connecticut. Chief Commercial Officer Todd Cartwright said the order extends a long-standing cooperation built around reliable oxygen generation for demanding submarine applications, and confirms the continued relevance of Nel's PEM technology and manufacturing capabilities. The order reflects growing momentum for Nel's technology in defence applications, where reliability, operational resilience and a long service life are paramount.

Krungsri Securities issued an analysis of power plant stocks after two power plant M&A deals were announced. GULF acquired a 50% stake in GUNKUL's renewable energy projects totaling 337 MWe for an investment of 467 million baht, while EGCO invested 49% in Pinnacle IV, a 166 MWe project from APEX, with an expected investment of about 4.3 billion baht. Both transactions were completed on September 25, 2026, and full quarterly profit sharing is expected to be recognized starting from the fourth quarter of 2026 onward. Krungsri's research team views the GULF-GUNKUL deal as Slightly Positive for both companies. GULF's projects are not yet included in estimates, and the deal is expected to add about 450 to 500 million baht in profit after all projects reach commercial operation date in 2030 onward, adding about 0.33 baht per share to the target price. For GUNKUL, the projects in which it sold a 50% stake and which have implications for estimates consist only of 88 MWe of solar, resulting in a slight profit reduction of only about 100 million baht after 2030 and a target price reduction of 0.1 baht per share. As for EGCO's acquisition of Pinnacle IV, the initial view is Positive, with an expected additional profit of about 250 to 300 million baht per year and an increase of 5 baht per share in the target price, reflecting EGCO's return to more aggressive investment following its acquisition of the AE II natural gas power plant in the United States on September 21, 2026, which is also not yet included in estimates. The investment strategy maintains a Bullish recommendation on the power plant group on the long-term theme of benefiting from Data Center investment, with GULF and GPSC remaining Top Picks. The group's current target prices do not yet include upside from the latest round of renewable energy project M&A or the PDP2026 plan.

Bualuang Securities has maintained its Buy rating on Gunkul Engineering Public Company Limited, or GUNKUL, with a target price of 6.50 baht, after GUNKUL signed power purchase agreements for an additional 261.8MW of Phase 2 renewable energy projects. This brings the entire Phase 2 pipeline of 319MW to fully contracted status. The latest signed projects comprise 19.4MW of solar with commercial operation in 2027 and 242.4MW of wind with commercial operation in 2030. At the same time, GUNKUL sold a 50% stake in seven project companies to Gulf Renewable Energy, a company within the GULF group, for 466.5 million baht, covering 12 projects totalling 673.4MW gross, or 336.7MW on a proportional equity basis after the deal, spanning wind, solar, and solar-plus-BESS. The project companies will shift from subsidiaries to joint ventures, or JVs, after the transaction. Bualuang's research team views the key benefit of the deal as reducing the balance sheet burden rather than the gain from the share sale, because the projects require total investment of roughly 34.7 billion baht, of which about 26.0 billion baht is project debt. After the restructuring into JVs, that debt will sit at the joint venture level, and GUNKUL will contribute only about 4.3 billion baht in equity investment. If it held all the projects itself, analysts estimate net debt-to-equity in 2028 would rise from 0.22 times to 2.0 times, and IBD-to-EBITDA from 1.5 times to 6.8 times. The JV structure therefore helps preserve GUNKUL's capacity to invest in the next round, both PDP2026 and Direct PPA. On earnings, there is no change to the 2026 to 2028 forecasts, because the existing estimates already assume 50% ownership of these projects and recognition as share of profit from JVs. The new upside is the EPC business, because once the projects become JVs, construction work that GUNKUL takes on from the projects can be recognised as revenue in the consolidated accounts. If it wins EPC work equal to 15% of the 34.7 billion baht in project investment, at a net margin of 10%, that would generate total profit of about 520 million baht over 2026 to 2030, or an average of 130 million baht per year, equal to roughly 4% of 2028 core profit, which is not yet included in current estimates.

Bualuang Securities stated that GUNKUL has signed additional power purchase agreements, or PPAs, for Phase 2 renewable energy projects totaling another 261.8MW, bringing the entire Phase 2 pipeline of 319MW to full contracted status. The most recently signed projects comprise 19.4MW of Solar with COD in 2027 and a combined 242.4MW of Wind with COD in 2030. At the same time, GUNKUL sold 50% stakes in 7 project companies to Gulf Renewable Energy, a company within the GULF group, for 466.5 million baht, covering 12 projects totaling 673.4MW gross, or 336.7MW on a proportional equity basis after the deal, spanning Wind, Solar and Solar+BESS. The project companies will shift from subsidiaries to joint ventures, or JVs, after the transaction. The key benefit of the deal lies in reducing balance sheet burden rather than the gain from the share sale, because all the projects require investment of roughly 34.7 billion baht, of which about 26.0 billion baht is project debt. After restructuring into JVs, that debt will sit at the joint venture level, and GUNKUL will use only about 4.3 billion baht in equity investment. If it held all the projects itself, analysts estimate Net D/E in 2028 would rise from 0.22x to 2.0x and IBD/EBITDA from 1.5x to 6.8x. The JV structure therefore helps preserve its capacity for the next investment round, both PDP2026 and Direct PPA. On earnings, there is no change to the 2026–2028 forecasts because the existing estimates already assume 50% ownership of these projects and recognition as share of profit from JVs. Meanwhile, the new upside is the EPC business, because once the projects become JVs, construction work that GUNKUL receives from the projects can be recognized as revenue in the consolidated statements. If it wins EPC work equal to 15% of the 34.7 billion baht in project investment, with a net margin of 10%, that would generate total profit of about 520 million baht during 2027–2030, or an average of 130 million baht per year, equal to roughly 4% of 2028 core profit, which is not yet included in current estimates. Bualuang Securities maintains its Buy recommendation with a target price of 6.50 baht.

B.Grimm Power Public Company Limited, or BGRIM, together with GE Vernova Inc., a leading US energy infrastructure company, announced the successful signing of two major agreements at Gastech 2026 at the BITEC exhibition and convention centre in Bang Na. US Assistant Secretary of Energy James Danly and Ambassador Sean O'Neills witnessed the signing, while Dr. Harald Link, Chairman of B.Grimm Power, and Mr. Yew Wei Nan, General Manager for the South Asia and Pacific region at GE Vernova, signed on behalf of the parties. Under the first agreement, GE Vernova will supply a 9HA.02 gas turbine along with one generator set for a new 750-megawatt combined-cycle gas turbine independent power producer project in Malaysia, with B.Grimm Power as owner and project developer. The second agreement covers a 14-year service contract for five of GE Vernova's LM6000 aeroderivative gas turbine sets at the B.Grimm BIP Power 1 and 2 plants in Thailand, to support the long-term operating efficiency of the equipment. Dr. Harald Link said the partnership reflects a business philosophy of driving growth to empower the world with generosity, and a shared commitment to advancing Southeast Asia's energy future to be more secure and resilient. Mr. Ramesh Singaram, President and CEO of GE Vernova's Gas Power business for Asia, said the signing at Gastech 2026 reflects the progress of the partnership, from supporting new power generation capacity in the region to providing long-term, lifecycle service for the gas turbines in B.Grimm Power's generation system.

Today's top picks are led by GULF, which newspapers report is making an aggressive move by joining forces with GUNKUL to invest 466.5 million baht for 50% stakes in 12 solar and wind farm projects with a combined generating capacity of 673.4 megawatts, with power supply set to begin in 2570, securing long-term revenue from fixed power purchase agreements. Solar Farm rates range from 2.1579 to 2.1679 baht per kilowatt-hour, Solar BESS at 2.8331 baht, and wind power at 3.1014 baht. Meanwhile, GUNKUL is bringing GULF in as a joint venture partner to strengthen liquidity and expand financial headroom, supporting investment opportunities under the PDP 2026 plan, while accelerating the expansion of its clean energy portfolio to 3,000 megawatts by 2573. On another front, EGCO has closed a deal to advance its clean energy game in the United States, acquiring 49% of Pinnacle IV, with a generating capacity of 339 megawatts from two operational wind and solar power plants, pushing its renewable energy portfolio up to 1,785 megawatts, or 26% of total generating capacity. Brokerages estimate the new projects will boost profits by 6 to 8% and give an average target price of 145.67 baht. As for AOT, it reports that Suvarnabhumi saw flights surge to 347,000 in 11 months, with passengers reaching 59.6 million, and is accelerating a 152 billion baht investment plan for a major upgrade of Suvarnabhumi, with 12 billion baht to drive the East Expansion to raise passenger capacity to 70 million per year, along with a 120 billion baht South Terminal plan and infrastructure including a fourth runway at another 20 billion baht. The average target price is 71.50 baht, with a high of 85.00 baht.

Shaanxi Blower Power announced that the company plans to invest in the construction of the Shaanxi Blower High-End Equipment Industry Innovation Research Center, with an investment amount not exceeding 673 million yuan. The project is located in the Xi'an High-tech Zone, with a total construction area of approximately 83,400 square meters, a construction period of 34 months, and funding from the company's own resources. The proposal has been approved by the board of directors and still needs to be submitted to the shareholders' meeting for review. The project aims to enhance core technology research capabilities and support the company's third strategic transformation.

GULF announced the purchase of a 50% investment stake in 12 renewable energy power plants from GUNKUL, with total contracted capacity of 673.4 megawatts, for a combined value of 466.5 million baht. The projects comprise 176.4 megawatts of solar power plants, 33.0 megawatts of solar plants equipped with energy storage systems, and 464 megawatts of wind power plants, representing an incremental capacity of 336.7 megawatts based on the acquired shareholding, on top of GULF's existing total capacity of 13.1 gigawatts. The projects are scheduled to begin operations between 2027 and 2030 under power purchase agreements with EGAT at fixed feed-in tariffs of 2.1679 baht per unit for solar plants, 2.8331 baht for solar plants with energy storage systems, and 3.1014 baht for wind plants. Analysts at TTB Wealth Securities estimate the deal will add upside of about 0.7 baht per share to the target price and boost GULF's profit by roughly 1.18 billion baht from 2031 onward, or 2% of current profit forecasts for that year. Meanwhile, analysts at Krungsri Securities view it as slightly positive for both companies, expecting the deal to add about 450 to 500 million baht in profit for GULF after all projects reach commercial operation date in 2030 onward, equivalent to an additional target price of about 0.33 baht. For GUNKUL, profit after 2030 is expected to decline only slightly, by about 100 million baht, with the target price falling 0.1 baht, though in the long term the reduced shareholding will enhance its debt capacity to support investment opportunities under PDP26 going forward. This marks GULF's second investment of 50% in projects GUNKUL won at auction in 2023, following the first investment in June 2025, when GULF bought a stake worth a combined 704.0 million baht in 410.2 megawatts of solar power plants and 50.6 megawatts of solar plants with energy storage systems, which is already included in the current target price of 75.0 baht per share.

Gunkul Engineering Public Company Limited, or GUNKUL, has signed power purchase agreements with the Electricity Generating Authority of Thailand, or EGAT, for an additional 261.8 megawatts of generating capacity under the RE Biglot Phase 2.1 renewable energy programme. The agreements run for 25 years and cover three wind power projects with a combined capacity of 242.4 megawatts and one solar power project with a capacity of 19.4 megawatts, with commercial operation scheduled from 2027 onward. Combined with three earlier projects totalling 57.2 megawatts, the company has now signed PPAs for every project under RE Biglot Phase 2.1, for a total contracted capacity of 319.0 megawatts. Chief Executive Officer Naruechon Damrongpiyawut said the company has also adjusted its shareholding in the power plants into joint ventures with Gulf Development Public Company Limited, or GULF, across 12 projects, representing total equity capacity of 336.7 megawatts and consideration of 467 million baht. Following the transaction, the company's renewable energy portfolio has total equity capacity of 2,101.2 megawatts, reaching its 2,000-megawatt target ahead of the 2027 deadline, and it has set a new goal of adding more than 50% in generating capacity to reach 3,000 megawatts by 2030.

B.Grimm Power Public Company Limited and GE Vernova Inc., a leading energy infrastructure company from the United States, announced the successful signing of two major agreements to expand cooperation in power generation and energy infrastructure in Southeast Asia. The signing ceremony was held at Gastech 2026 at the BITEC exhibition and convention center in Bang Na, witnessed by U.S. Assistant Secretary of Energy James Danly and Ambassador Sean O'Neills, with Dr. Harald Link, Chairman of B.Grimm Power, and Mr. Yew Wei Nan, General Manager for the South Asia and Pacific region at GE Vernova, as signatories. Under the first agreement, GE Vernova will supply a 9HA.02 gas turbine along with one generator set for a new 750-megawatt combined-cycle gas turbine independent power project in Malaysia, which B.Grimm Power will own and develop. The second agreement covers a 14-year service contract for five LM6000 Aeroderivative gas turbine units from GE Vernova at the B.Grimm BIP Power 1 and 2 power plants in Thailand, to support the long-term operational efficiency of the equipment. Dr. Harald Link said this cooperation reflects a business philosophy dedicated to empowering society with generosity and a commitment to jointly driving the region's energy future toward greater security and resilience. Mr. Ramesh Singaram, President and Chief Executive Officer of GE Vernova's Gas Power business for Asia, said the signing at Gastech 2026 reflects the progress of cooperation from developing new power generation capacity in the region to providing support services over the long term.

Shaanxi Blower Group announced on September 29 that the company plans to invest in the construction of the Shaanxi Blower High-End Equipment Industry Innovation Research Center, with an investment amount not exceeding 673 million yuan. The project is located in the Xi'an High-tech Zone, with a total construction area of about 83,400 square meters and a construction period of 34 months. The funding source is self-raised by the enterprise. The proposal has been approved by the board of directors and still needs to be submitted to the shareholders' meeting for review. The project aims to enhance core technology research capabilities and support the company's third strategic transformation.

Gulf Development Public Company Limited, or GULF, disclosed that its subsidiary, Gulf Renewable Energy Company Limited, or GRE, has invested in acquiring 50% of the registered capital in 7 companies of Gunkul Engineering Public Company Limited, or GUNKUL, with a total investment value of approximately 466.5 million baht. GUNKUL retains the remaining 50% stake. The 7 companies are shareholders and developers of 12 solar and wind power plant projects in Thailand, with a total contracted power generation capacity of 673.4 megawatts. Following the share acquisition, GRE will have a proportionate ownership capacity of 336.7 megawatts. All projects have signed power purchase agreements with the Electricity Generating Authority of Thailand for a period of 25 years and are scheduled to commence commercial operations between 2027 and 2030. These projects are part of renewable energy power plant projects receiving Feed-in Tariff rates, which are scheduled to gradually commence commercial operations between 2024 and 2030. This investment reflects the strategic collaboration between GULF and GUNKUL and supports GULF's goal of increasing its renewable energy proportion to no less than 40% by 2035.

Gunkul Engineering Public Company Limited, or GUNKUL, has signed power purchase agreements with the Electricity Generating Authority of Thailand, or EGAT, for a combined generating capacity of 261.8 megawatts, with a contract term of 25 years, under the RE Biglot Phase 2.1 renewable energy programme. The agreements cover three wind power projects with a combined capacity of 242.4 megawatts and one solar power project with a capacity of 19.4 megawatts, with commercial operation scheduled to begin in 2027. Combined with three earlier projects totalling 57.2 megawatts, the company has now signed PPAs for every project under RE Biglot Phase 2.1, for a total contracted capacity of 319.0 megawatts. Naruchon Damrongpiyawut, Chief Executive Officer of GUNKUL, said the company has also adjusted its shareholding structure in its power plants into joint ventures with Gulf Development Public Company Limited, or GULF, across 12 projects, representing a combined capacity of 336.7 megawatts on an equity basis, or Equity MW, with consideration valued at 467 million baht. Following the transaction, the company's renewable energy portfolio has a total equity capacity of 2,101.2 megawatts, reaching its 2,000-megawatt target ahead of schedule. It has set a new goal of increasing generating capacity by more than 50% to 3,000 megawatts by 2030, in line with the PDP2026 plan, which aims to raise the share of clean energy to between 65% and 89% of total generating capacity.

Gunkul Engineering, or GUNKUL, has approved the sale of ordinary shares in seven subsidiaries, representing 50% of paid-up capital, to Gulf Renewable Energy, a company in the Gulf Development group, or GULF, for total consideration of 466.51 million baht. Naruchon Damrongpiyawut, Chief Executive Officer, said the executive committee at its 20/2569 meeting on September 28, 2569 approved the transaction. After the deal, GUNKUL will still hold 50% of all seven companies. These subsidiaries are developers of solar and wind power projects totalling 12 projects, with combined attributable capacity of 336.7 megawatts under power purchase agreements with the Electricity Generating Authority of Thailand on a Feed-in Tariff basis. They comprise five solar farm projects with combined attributable capacity of 88.2 megawatts, scheduled to start commercial operation in 2570, 2572 and 2573; one solar project with an energy storage system with capacity of 16.5 megawatts, starting operation in 2573; and six wind power projects with combined capacity of 232 megawatts, starting operation between 2572 and 2573. The reduction of the holdings to 50% will change the accounting treatment of the seven companies from subsidiaries to joint ventures, helping to keep the interest-bearing debt to EBITDA ratio and the debt to equity ratio at appropriate levels, while enhancing liquidity and reducing debt burden. The transaction has a maximum size of 2.67% under the net assets test, below the 25% threshold, and therefore does not constitute a significant transaction under the criteria of the Securities and Exchange Commission.

Gunkul Engineering Public Company Limited, or GUNKUL, has signed power purchase agreements with the Electricity Generating Authority of Thailand, or EGAT, under the Renewable Energy Biglot Phase 2.1 programme, with total contracted generating capacity of 261.8 megawatts. This comprises three wind power projects with combined capacity of 242.4 megawatts and one solar power project with capacity of 19.4 megawatts, with commercial operation scheduled from 2027 onward. Combined with three earlier projects totalling 57.2 megawatts, the company has now signed PPAs for every project under the RE Biglot Phase 2.1 programme, for total contracted capacity of 319.0 megawatts. Chief Executive Officer Naruechon Damrongpiyawut said the company has also adjusted its shareholding structure in the power plants into joint ventures with Gulf Development Public Company Limited, or GULF, across 12 projects, representing total equity capacity of 336.7 megawatts, or Equity MW, with consideration valued at 467 million baht. Following the transaction, the company's renewable energy portfolio has total equity capacity of 2,101.2 megawatts, reaching its 2,000-megawatt target ahead of the 2027 schedule, and it has set a new goal to add more than 50% in generating capacity to 3,000 megawatts by 2030.

Gunkul Engineering, or GUNKUL, has signed power purchase agreements with the Electricity Generating Authority of Thailand, or EGAT, for an additional 261.8 megawatts under the RE Biglot Phase 2.1 renewable energy programme. The deals cover three wind power projects with a combined capacity of 242.4 megawatts and one solar power project with a capacity of 19.4 megawatts, with commercial operation scheduled from 2027 onward. The agreements have a term of 25 years, and together with three earlier-signed projects totalling 57.2 megawatts, they complete the company's PPA signings under the RE Biglot Phase 2.1 programme, bringing total contracted capacity to 319.0 megawatts. At the same time, the company has changed its shareholding structure in its power plants to a joint venture model with Gulf Development, or GULF, across 12 projects, representing total equity capacity of 336.7 megawatts, or Equity MW, with consideration valued at 467 million baht. GUNKUL currently has a renewable energy portfolio with total equity capacity of 2,101.2 megawatts, reaching its 2,000-megawatt target ahead of schedule in 2027, and has set a new goal to increase capacity by more than 50% to 3,000 megawatts by 2030. It expects additional investment of 360 billion to 700 billion baht to upgrade the power grid into a smart grid capable of accommodating new clean energy.

GULF has acquired 50% stakes in seven renewable energy companies wholly owned by GUNKUL, with a combined value of approximately 466.5 million baht. The transaction was carried out through Gulf Renewable Energy Company Limited, or GRE, a wholly owned subsidiary of GULF, and took effect on September 28, 2026, while GUNKUL retains the other 50%. The investment covers 12 solar and wind power projects in Thailand, with a total contracted capacity of 673.4 megawatts, raising GULF's equity-based capacity, or Equity MW, by 336.7 megawatts. All the projects have already signed 25-year power purchase agreements with the Electricity Generating Authority of Thailand and are scheduled to gradually begin commercial operation, or COD, between 2027 and 2030. Of the 12 projects, six are solar power projects with a combined capacity of 209.4 megawatts, comprising five solar farms with a total capacity of 176.4 megawatts and one solar BESS project with a capacity of 33 megawatts. The remaining six are wind power projects with a combined capacity of 464 megawatts. As for electricity rates, the solar farm projects are priced at 2.1579 to 2.1679 baht per kilowatt-hour, the solar BESS project at 2.8331 baht per kilowatt-hour, and the wind projects at 3.1014 baht per kilowatt-hour throughout the term of the power purchase agreements with the Electricity Generating Authority of Thailand. GULF said the investment is a strategic collaboration with GUNKUL to combine expertise in developing, managing, and expanding investment in renewable energy projects, while supporting the company's goal of raising the share of renewable energy to no less than 40% by 2035.

Gunkul Engineering Public Company Limited, or GUNKUL, has signed a new power purchase agreement with EGAT under the RE Biglot Phase 2.1 renewable energy programme, with total contracted capacity of 261.8 megawatts. The deal comprises three wind power projects with combined capacity of 242.4 megawatts and one solar power project with capacity of 19.4 megawatts, with commercial operation scheduled from 2027 onward. Combined with three earlier projects totalling 57.2 megawatts, the company has now signed power purchase agreements for every project under RE Biglot Phase 2.1, for total contracted capacity of 319.0 megawatts. Chief Executive Officer Naruechon Damrongpiyawut said the company also adjusted its shareholding in the power plants into joint ventures with Gulf Development Public Company Limited, or GULF, across 12 projects, representing total equity capacity of 336.7 megawatts, for consideration of 467 million baht. Following the transaction, the company has a renewable energy portfolio with equity capacity of 2,101.2 megawatts, reaching its 2,000-megawatt target ahead of its 2027 schedule, and has set a new goal of adding more than 50% in capacity to 3,000 megawatts by 2030. This aligns with the PDP2026 plan, which targets raising the renewable energy share to between 65% and 89% of total generating capacity, and is expected to draw additional investment of 360 billion to 700 billion baht to upgrade the grid into a smart grid.

Gunkul Engineering Public Company Limited, or GUNKUL, disclosed that in September 2026 the company signed new power purchase agreements, or PPAs, with EGAT under the RE Biglot Phase 2.1 renewable energy programme. The agreements cover three wind power projects with a combined generating capacity of 242.4 megawatts and one solar power project with a capacity of 19.4 megawatts, for a total contracted capacity of 261.8 megawatts, with commercial operation scheduled from 2027 onward. Combined with three earlier projects totalling 57.2 megawatts, the company has now signed PPAs for every project under the RE Biglot Phase 2.1 programme, for a total contracted capacity of 319.0 megawatts. In addition, the company has changed its shareholding structure in 12 power plants to a joint venture with Gulf Development Public Company Limited, or GULF, representing total equity capacity of 336.7 megawatts, with total consideration of 467 million baht. This aligns with its Deconsolidation Structure financial strategy. Following the transaction, the company holds a renewable energy portfolio with equity capacity of 2,101.2 megawatts, reaching its 2,000-megawatt target ahead of the 2027 deadline, and has set a new goal of adding more than 50% in generating capacity to reach 3,000 megawatts by 2030. It expects additional investment of 360 billion to 700 billion baht. On construction, grid infrastructure will be developed to support the PDP2026 plan, which targets raising the share of clean energy to 65% to 89% of total generating capacity.

Gunkul Engineering Public Company Limited, or GUNKUL, has signed a power purchase agreement with the Electricity Generating Authority of Thailand, or EGAT, for an additional 261.8 megawatts of generating capacity under the RE Biglot Phase 2.1 renewable energy programme. The deal comprises three wind power projects with a combined capacity of 242.4 megawatts and one solar power project with a capacity of 19.4 megawatts. The contracts run for 25 years, with commercial operation scheduled from 2027 onward. Combined with three earlier projects totalling 57.2 megawatts, the company has now signed for every project in RE Biglot Phase 2.1, for a total contracted capacity of 319.0 megawatts. Chief Executive Officer Naruechon Damrongpiyawut said the company has also restructured its shareholding in the power plants into joint ventures with Gulf Development Public Company Limited, or GULF, covering 12 projects, representing a total capacity of 336.7 megawatts on a proportional shareholding basis, with consideration valued at 467 million baht. Following the transaction, the company holds a total renewable energy portfolio of 2,101.2 megawatts, reaching its 2,000-megawatt target ahead of its 2027 schedule, and has set a new goal to add more than 50% in generating capacity to reach 3,000 megawatts by 2030.

Bloom Energy said Oracle remains committed to its roughly 2.4 GW fuel cell contract for the Project Jupiter AI data center despite issuing a force majeure notice tied to delays in the supporting natural gas pipeline. The notice had raised questions about timing and payment deferrals, but subsequent reassurances from Oracle, Bloom and analysts suggest the project's financial commitments and long-term role in AI power infrastructure are largely intact. Bloom's expanded US$25.0 billion financing framework with Brookfield stands out as it underpins a broader pipeline of AI infrastructure power projects beyond Oracle, supporting the company's raised 2026 revenue outlook and its planned capacity expansion to 2 GW. Bloom Energy's narrative projects $10.9 billion in revenue and $2.7 billion in earnings by 2029, requiring 51.6% yearly revenue growth and an earnings increase of about $2.5 billion from $244.9 million today, while some of the most optimistic analysts had assumed roughly US$17.8 billion in revenue and US$5.9 billion in earnings by 2029. The article was produced by Simply Wall St.

GUNKUL shares rose 5.83%, or 0.30 baht, to 5.45 baht at 10:49 a.m., with trading value of 481.84 million baht, from an opening price of 5.15 baht, a high of 5.45 baht and a low of 5.15 baht. Krungsri Securities said Gunkul Engineering is a stock whose fundamental analysts have raised their estimates, citing upside from outstanding power infrastructure work. Yesterday it initiated coverage with an Outperform rating and assessed that if the price breaks through 5.5 baht, the technical momentum will accelerate, recommending a Buy with a target price of 6.3 baht. Krungsri's fundamental analysts raised their profit forecasts for 2026 to 2028 by 8% per year under the assumption of a backlog in the range of 5 to 6 billion baht and above, lifting the recent backlog base of around 4.5 billion baht. The stock is driven by three areas of power infrastructure supporting 390 billion baht in new investment: 1,500 MW of community solar power plants, a plan to expand purchases of electricity from public solar by 10,000 MW, and a five-year, 100 billion baht power system investment plan by EGAT and PEA.

S&P Global Ratings has upgraded AZZ Incorporated's issuer credit rating to 'BB' from 'BB-', citing accelerated debt repayment and sustained improvements in the company's leverage profile. The agency also raised its issue-level rating on the company's senior secured debt to 'BB+' from 'BB', while maintaining a '2' recovery rating. S&P-adjusted leverage fell to 1.4x in the first quarter of fiscal 2027, well below the agency's 2x threshold, after AZZ cut its adjusted debt load from roughly $1.3 billion following the debt-funded acquisition of Precoat Metals in fiscal 2023 to $550 million, including a $300 million reduction in fiscal 2026 alone. S&P expects AZZ to generate more than $200 million in free operating cash flow this year, funding roughly $30 million of bolt-on acquisitions year-to-date and annual capital expenditures of between $80 million and $100 million. The agency projects overall revenue growth of roughly 6% this year, led by a 12% expansion in the Metal Coatings segment during the first quarter, with the stable outlook reflecting expectations that leverage stays below 2x.

Tran Capital Management's Midcap Equity Strategy highlighted Bloom Energy Corporation as a meaningful contributor to its second-quarter 2026 returns, citing the company's role in easing the power bottleneck constraining the AI buildout. In its investor letter, the firm said Bloom Energy's solid-oxide fuel cells deliver reliable on-site power in months rather than the years-long grid interconnection queues, and that the solution is now cost-competitive with gas generation. The letter pointed to a landmark agreement with Oracle for up to 2.8 gigawatts of fuel cell capacity, with an initial 1.2 gigawatts already contracted and deploying. Bloom Energy reported first-quarter 2026 revenue that more than doubled year-over-year and swung firmly to GAAP profitability, while management raised full-year guidance to roughly 80% growth at the midpoint. The Midcap Equity Strategy returned 16.9% net of fees in the second quarter, bringing year-to-date returns to 12.3%, compared with the Bloomberg U.S. Mid Cap Index's 11.1% quarterly gain and 12.1% year-to-date return. Bloom Energy closed at $275.19 per share on September 23, 2026, with a market capitalization of $81.05 billion and a 52-week range of $61.37 to $351.28.

GE Vernova closed its most recent quarter with a $176 billion backlog, with management guiding to $200 billion in 2027, as surging AI power demand drives turbine capacity rationing. Q2 orders came in at $24.2 billion, up 88% organically, and the company signed 20 GW of gas contracts in the quarter alone, expecting at least 125 GW of gas equipment under contract by year-end 2026. CEO Scott Strazik told analysts the company expects to be "mostly sold out through 2030," with 2031 slots already filling, while annual turbine output scales from 20 GW in Q3 2026 to 24 GW in 2028 and 30 GW in 2030. Q2 free cash flow hit $5.1 billion, exceeding all of full-year 2025, prompting management to raise 2026 free cash flow guidance to $11.5 billion to $12.5 billion from a prior range of $6.5 billion to $7.5 billion, double the quarterly dividend to $0.50 per share, and lift buyback authorization to $10 billion. Electrification orders grew 66% organically at a book-to-bill of 1.7x, with data center orders crossing $5 billion year-to-date, more than double the entire 2025 total, though the Wind segment remains a drag with revenue down 10% in Q2 and roughly $400 million of full-year segment EBITDA losses expected.

Dynamic Power announced that the company plans to apply to actual controller Chen Zhimao for a loan facility of no more than 50 million yuan, with a term of no more than one year. The facility can be used on a revolving basis, the interest rate will not exceed the loan prime rate, and no collateral or guarantee is required. The loan will be used for daily operating needs.

Solar stocks moved higher after the Energy Ministry prepared to include 10,000 MW of residential rooftop solar in the new Power Development Plan. At 11:23 a.m., GUNKUL rose 3.00% to 5.15 baht on turnover of 368.99 million baht, SPCG gained 1.83% to 11.10 baht, and GULF added 0.41% to 61.50 baht. The plan sets a size of about 5 kW per household, allows excess power to be sold to offset electricity bills, and supports funding while cutting permitting steps, with a goal of raising the clean energy share to nearly 50% within 10 years. Kasikorn Securities views the plan as positive for solar distributors and installers such as GUNKUL, SPCG and GULF, but sees rising long-term risk for conventional power plants. Krungsri Securities views it as positive sentiment for GUNKUL even though rooftop solar accounts for only about 6-7% of total revenue, and keeps its earnings estimate and target price for GUNKUL at 5.4 baht per share, supported by a current backlog of about 4.5 billion baht, with large project bidding expected to gradually open from 2027 onward.