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Indonesian Renewables Firm Offers to Acquire Philippine-Based EDC for $5 Billion

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Indonesian firm PT Barito Renewables has made an offer to acquire Philippine renewable energy company Energy Development for $5 billion, according to a statement on Wednesday.

First Gen, EDC's largest shareholder, confirmed in a letter to the Philippine Stock Exchange that Barito made an "unsolicited, indicative and non-binding offer" to acquire the geothermal energy-focused company.

"To date, there have been no discussions between the parties, no agreements have been signed, and First Gen has not appointed any advisors for this transaction," First Gen said.

EDC's valuation could reach up to $7 billion with Barito's offer, potentially making it one of Asia's largest clean energy deals in recent years, Bloomberg reported, citing sources.

EDC's renewable energy portfolio stands at about 1.6 gigawatts, with 1.3 GW generated by geothermal power plants, according to its website.

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Commodities

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