Energy Development Corp. (EDC) confirmed it is not currently in discussions over PT Barito Renewables Energy’s unsolicited $5‑billion proposal to acquire the company, although the offer has not been formally rejected. “Of course, any company that gives you an offer, you wouldn’t just dismiss them,” EDC president Jerome Cainglet said. “For now, there are no discussions.”
The proposal was first disclosed by First Gen Corp. about two weeks ago. PT Barito Renewables Energy is the renewable arm of Indonesian conglomerate PT Barito Pacific Tbk, which holds a majority stake in Star Energy Geothermal, Indonesia’s largest geothermal producer. The unsolicited offer is non‑binding and does not obligate EDC to respond.
Cainglet noted that EDC remains the Philippines’ largest geothermal producer, supplying roughly one‑fifth of the country’s installed renewable capacity. The company operates more than 1,400 megawatts across geothermal, wind, hydro, and solar assets. This level of production places the Philippines among the world’s leading geothermal markets.
Philippines installed geothermal capacity totals 1,952 megawatts, ranking third globally after the United States and Indonesia. Cainglet added that the proposed acquisition would not affect the nation’s geothermal output, as EDC’s generating assets would stay within the national power system regardless of ownership changes. The company’s contribution to the grid
