PREHC and First Gen begin new partnership in geothermal company EDC
Philippines Renewable Energy Holdings (PREHC) and First Gen have formed a strategic partnership to become substantial shareholders in Philippines-based Energy Development (EDC).
Commencement of this latest partnership follows successful completion of a voluntary tender offer launched by PREHC in August this year to purchase up to 31.7% of EDC’s total outstanding voting shares for around $1.3bn.
The partnership is expected to combine First Gen’s experience in the fields of power, utilities, and energy in the Philippines with PREHC’s expertise in the global infrastructure sector to ensure long-term growth for EDC.
First Gen continues to hold a majority stake in EDC, which currently operates a portfolio of 1,471MW of clean and renewable power assets.
PREHC is a consortium of investors including funds managed by Macquarie Infrastructure and Real Assets (MIRA) and Arran Investment (Arran), an affiliate of the Government of Singapore’s fund manager GIC.
First Gen and EDC chairman Federico Lopez said: “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.”
Currently, both GIC and MIRA own and operate a combined installed capacity of more than 11,000MW of assets worldwide.