Singapore's GIC eyes acquiring 31.7% stake in Philippines' EDC

EDC is the largest geothermal energy producer in the Philippines.

Reuters reported that a consortium of investors including a unit of Singaporean sovereign wealth fund GIC has offered to buy out a third of Philippine renewable power producer Energy Development Corp (EDC).

EDC, the Southeast Asian nation's largest producer of geothermal energy, said a consortium called Philippines Renewable Energy Holdings Corp (PREHC) had sought to acquire up to 31.7% of the company for up to $1.3b.

"The (consortium's) proposed investment in the company would be a strategic investment that fits its long-term regional strategy and its expertise in the sector," EDC said.

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