Barito Confirms $5 Billion Offer to Acquire Geothermal Firm EDC

(Bloomberg) -- Indonesia’s PT Barito Renewables Energy has made an offer to buy geothermal company Energy Development Corp. to expand in the Philippines, in what could be one of the largest clean energy deals in Asia in recent years.

Barito has made an unsolicited, indicative and non-binding offer that gives First Gen Corp.-backed EDC an equity value of about $5 billion, according to a statement Wednesday, which confirmed an earlier Bloomberg News report. 

The offer is subject to due diligence, transaction documents and necessary approvals, First Gen said. There have been no discussions between the parties, no agreements have been signed, and First Gen has not appointed any advisers for this transaction, it added.

First Gen shares rose as much as 33% in Manila, their biggest intraday gain since the initial public offering in 2006, before paring some gains to close 18% higher. That lifted the market capitalization to roughly $1.2 billion. Barito Renewables gained up to 4.1% in Jakarta. Its stock has dropped more than 60% this year, giving the company a market value of almost $26 billion.

An acquisition of EDC may potentially rank as one of the largest renewable energy deals in Asia in recent years, according to data compiled by Bloomberg. It would also be among the biggest ever takeovers in the Philippines, the data showed.

Barito Renewables is part of Barito Pacific Group. Its assets include geothermal and wind power plants, which are operated by different subsidiaries.

EDC’s backers also include Macquarie Asset Management and Singaporean wealth investor GIC Pte. The company voluntarily delisted from the Philippine Stock Exchange in 2018.

First Gen, controlled by the Lopez family, is a Philippines-based clean energy company with assets spanning geothermal, hydro, wind, solar and natural gas.

©2026 Bloomberg L.P.