First Gen, PREHC complete tender offer for EDC
First Gen Corp. has taken in a strategic partner in Energy Development Corp. (EDC) after a successful voluntary tender offer launched by Philippines Renewable Energy Holdings Corp. (PREHC) in August.
The strategic partnership will bring together First Gen’s significant experience in the power, utilities and energy sectors in the Philippines, with PREHC’s extensive global infrastructure expertise, to support the long-term growth of EDC.
PREHC is a consortium of investors comprising funds managed by Macquarie Infrastructure and Real Assets (MIRA), and Arran Investment Pte Ltd (Arran), an affiliate of GIC Pte Ltd (GIC), which are long-term investors with a track record in both global infrastructure and renewable energy.
“We believe MIRA and GIC are the right partners for this juncture in our corporate history: they’re long-term and astute capital, they have complementary perspectives and they’re willing to help us push the frontiers of innovation as we build EDC into a platform that’s well- positioned for a dynamically changing energy landscape.” saidn First Gen and EDC chairman Federico R. Lopez.
Under the new partnership, First Gen continues to hold a majority stake in EDC, maintaining day-to-day control of the company.
EDC is the largest vertically-integrated geothermal company in the world and is also the largest pure-play renewable energy company in the Philippines with 1,471 megawatts of clean and renewable power assets under its portfolio.