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Macquarie, GIC funds offer to buy Philippines' EDC shares for up to $1.3 billion

Staff Writer |
Philippine renewable power producer Energy Development Corp (EDC) said a consortium of investors including a unit of Singaporean sovereign wealth fund GIC had offered to buy about a third of the company.

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EDC, the Southeast Asian nation's largest producer of geothermal energy, said a consortium called Philippines Renewable Energy Holdings Corp (PREHC) had sought to acquire up to 31.7 percent of the company for up to $1.3 billion.

"The (consortium's) proposed investment in the company would be a strategic investment that fits its long-term regional strategy and its expertise in the sector," EDC said.

The consortium is composed of investors comprising funds managed by Macquarie Infrastructure Management (Asia) Pty Ltd, Singapore Branch, which is a member of Macquarie Infrastructure and Real Assets (MIRA), and Arran Investment Pte Ltd, an affiliate of GIC.

MIRA and GIC had a combined installed capacity of over 11 gigawatts globally, it said.

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