Singapore's sovereign wealth fund GIC and Australia's Macquarie Group Ltd are reportedly exploring the sale of their stakes in Philippine geothermal power producer Energy Development Corp (EDC) in a potential USD 2 billion deal, according to Reuters.
The two companies hold their shares in EDC through Philippines Renewable Energy Holdings Corp (PREHC), a consortium of Macquarie Infrastructure and Real Assets, and GIC's affiliate Arran Investment Pte Ltd. The partners acquired a 31.7% stake in EDC in 2017, investing approximately USD 1.3 billion.
Sources familiar with the matter indicate that GIC and Macquarie are in preliminary discussions with advisors regarding the potential sale, though no final decision has been made.
EDC is the largest renewable energy provider in the Philippines and one of Asia's top geothermal energy producers, with a total capacity of 1,480 MW.
The company's geothermal plants account for 1,185 MW, with the rest of its capacity derived from wind, solar, and hydropower.
