The ABC reported shareholders who lent Sunset Power International the money to buy the ageing power plant pocketed nearly $40 million through a share buy-back by the now cashed-up company.
The state government sold the power station and rid itself of the decommissioning costs, which were estimated in the tens of millions of dollars, anticipating a shutdown within several years.
However, an imminent closure is unlikely, with gas prices soaring, coal more competitive and uncertainty over Australia's energy policy curtailing new power generation, the ABC noted.
News of the valuation increase followed a bidding war this year between Glencore (LN:GLEN) and Yancoal Australia (AU:YAL) for Rio Tinto's (LN:RIO) Hunter Valley coal assets.
Newcastle thermal coal futures are up 4.75% over a year, according to data compiled by Mining Journal, to US$97.10/mt.
