Indonesia’s PT Barito Renewables Energy has submitted a non-binding cash offer to acquire Philippine geothermal power producer Energy Development Corporation (EDC), in a deal that values the company’s equity at more than USD5 billion. Including debt, the proposed transaction could value EDC at up to USD7 billion, making it one of the largest renewable energy acquisitions in Asia and among the biggest corporate takeovers in the Philippines if completed.

The proposed acquisition remains under discussion, with Barito Renewables and EDC working alongside financial advisers to evaluate the transaction. No definitive agreement has been reached, and there is no certainty that the negotiations will result in a completed acquisition. Following reports of the offer, shares of EDC parent company First Gen Corporation rose sharply on the Philippine Stock Exchange, while Barito Renewables’ shares also recorded gains during trading in Jakarta.