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.

“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.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Currently, both GIC and MIRA own and operate a combined installed capacity of more than 11,000MW of assets worldwide.