Macquarie, GIC funds offer to buy Philippines' EDC shares for up to $1.8 bil

MANILA (Aug 3): Philippine renewable power producer Energy Development Corp said on Thursday a consortium of investors including a unit of Singaporean sovereign wealth fund GIC had offered to buy about a third of the company.

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 US$1.3 billion ($1.8 billion).

"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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