Lopez-led First Gen Corp. announced on Wednesday that it had received an unsolicited, non-binding $5-billion proposal from Indonesia's PT Barito Renewables Energy to acquire its renewable energy subsidiary Energy Development Corp., as reported by BusinessWorld.
EDC is one of the Philippines' largest geothermal energy producers, operating several geothermal plants and other renewable facilities. The offer, valued at roughly P308 billion, underscores growing international interest in the country's renewable energy sector, particularly from Southeast Asian neighbors seeking to expand their clean energy portfolios.
First Gen said the proposal is preliminary and subject to further discussions, due diligence, and regulatory approvals. There is no assurance that a definitive agreement will be reached. The company's board will evaluate the offer in accordance with its fiduciary duties.