Macquarie Infrastructure and Real Assets (MIRA) and Singapore's sovereign wealth fund GIC have completed their acquisition of 31.7% of the voting shares of Philippine geothermal power producer Energy Development Corp (PSE:EDC).
Philippines Renewable Energy Holdings Corp (PREHC), which brings together funds managed by MIRA and GIC's affiliate Arran Investment Pte Ltd, launched voluntary tender offer to acquire the holding in August for about USD 1.3 billion (EUR 1.1bn). It offered to purchase at least 6.6 billion and up to 8.9 billion common shares from existing EDF stockholders, representing 23.5% and 31.7% of voting shares respectively. The tender offer, which ran till September 18, saw almost 10.5 billion shares tendered, of which 8.9 billion were acquired by the bidder on September 29.
Following the deal First Gen Corp (PSE:FGEN) continues to hold a majority stake in EDC, which has a renewable power portfolio of 1,471 MW .
"We believe MIRA and GIC are the right partners for this juncture in our corporate history: they’re long-term and astute capital, they have complementary perspectives and they’re willing to help us push the frontiers of innovation as we build EDC into a platform that’s well-positioned for a dynamically changing energy landscape," First Gen and EDC chairman Federico R Lopez said in a statement this week, marking the start of the strategic partnership.
First Gen and PREHC plant to eventually delist EDC.
(USD 1 = EUR 0.855)
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