First Gen confirms $5B non-binding offer for EDC from Indonesian firm

First Gen Corp. has disclosed to the Philippine Stock Exchange that Indonesian company PT Barito Renewables Energy submitted an unsolicited, non-binding offer to acquire its geothermal subsidiary Energy Development Corp. for around $5 billion. The proposal remains subject to due diligence, final paperwork, and regulatory clearances, with no talks or agreements reached so far. EDC operates over 1,100 MW of capacity, representing 80 percent of the Philippines’ geothermal output that ranks the country third globally in this sector. Macquarie and GIC joint venture PREHC holds about 35 percent voting and 55 percent economic stakes in EDC, which was privatized and acquired by First Gen in 2007.

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