Indonesian Billionaire's Company Makes Unsolicited $5B Offer for EDC

According to Bloomberg and a First Gen Corporation disclosure to the Philippine Stock Exchange on July 15, Indonesia's PT Barito Renewables Energy Tbk made an unsolicited, indicative, and non-binding offer to acquire Energy Development Corporation (EDC) at an equity value of approximately US$5 billion.

EDC is the Philippines' largest geothermal producer with 16 power stations totaling 1,302.78 megawatts of installed capacity, plus roughly 300 megawatts across wind, hydro, and solar assets. First Gen confirmed no discussions, agreements, or financial advisers have been engaged regarding the offer.