Indonesian billionaire Prajogo Pangestu has moved to acquire Energy Development Corporation through PT Barito Renewables Energy, submitting an unsolicited offer that values the Philippine geothermal company at approximately ₱308.46 billion.
First Gen Corporation confirmed receiving the indicative and non-binding proposal. The offer remains subject to due diligence, negotiations, definitive agreements and the required corporate and regulatory approvals.
“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 in its disclosure.
The statement establishes Barito’s formal interest in EDC, but First Gen has yet to open negotiations or indicate whether it is prepared to sell. The proposal gives Barito no immediate ownership or control over the company.
EDC is one of the Philippines’ most important renewable energy producers. Its listed assets include 16 geothermal power plants with a combined capacity of 1,302.78 megawatts. The facilities are spread across major geothermal fields in Leyte, Negros, Bicol and Mindanao.
The company also operates the 150-MW Burgos wind project in Ilocos Norte, 132.8 MW of hydropower capacity and 12 MW of solar facilities. Its geothermal operations form the core of a renewable energy portfolio that supplies continuous power to several regional grids.
EDC began as a state-owned company under the Philippine National Oil Company in 1976. It became privately controlled in 2007 after Red Vulcan Holdings, a First Gen subsidiary, acquired a 60% controlling stake. EDC was delisted from the Philippine Stock Exchange in November 2018 after First Gen and its partners consolidated ownership.
The proposed takeover would sharply expand Pangestu’s geothermal holdings across Southeast Asia. Barito Renewables controls Star Energy Geothermal, which operates facilities in Indonesia with 926 MW of installed capacity. The group is developing additional units that it expects to lift its geothermal portfolio to 1 gigawatt by the end of 2026.
Combining Barito’s Indonesian operations with EDC’s Philippine plants would place more than 2,200 MW of geothermal generation assets under Pangestu’s group, based on the companies’ disclosed capacities. The acquisition would also give Barito control of a major supplier of round-the-clock renewable electricity in the Philippines.
