VNExpress/BusinessWorld/Forbes-July 16
Indonesian billionaire Prajogo Pangestu is seeking to acquire Energy Development Corp. (EDC), the Philippines’ largest geothermal company, as he expands his energy footprint across Southeast Asia. Barito Renewables Energy, which is controlled by Pangestu, has made an unsolicited, indicative, and non-binding offer to acquire EDC in a deal that values the Philippine geothermal producer at US$5 billion, according to Forbes.
The proposal is subject to due diligence and the necessary regulatory approvals, Manila-based First Gen Corp. (EDC’s largest shareholder) said in a recent statement. “To date, there have been no discussions between the parties, no agreements have been signed,” First Gen, which is controlled by tycoon Federico Lopez and his family, said in the statement, adding that it has not hired any financial advisers for the transaction.
EDC, a former state-owned company acquired by the Lopez group in 2007, owns and operates 16 geothermal power plants across the Philippines with a combined installed capacity of 1,300 megawatts. The company also has nearly 300 megawatts of hydroelectric, solar, and wind power capacity. Juan Paolo E. Colet, managing director at China Bank Capital Corp., said the proposal could unlock shareholder value if it materializes, according to Philippines-based newspaper Business World.
Pangestu has been expanding his energy portfolio since 2023, when he listed coal miner Petrindo Jaya Kreasi and Barito Renewables Energy, the holding company of Star Energy Geothermal Group, Indonesia’s largest geothermal producer with 886 megawatts of installed capacity across three geothermal power projects in West Java. In 2024, Pangestu partnered with Philippine tycoon Jaime Augusto Zobel de Ayala’s ACEN to develop wind projects in Indonesia. The Indonesian tycoon has also expanded in Singapore. In April 2025, a joint venture between Chandra Asri Pacific and commodities giant Glencore completed the acquisition of Shell’s refinery and petrochemical assets in the city-state. Five months later, Chandra Asri acquired Esso’s gas station network in Singapore. Read more at:
