![\"EDCGeothermal\"](\"https:\/\/www.newsbeep.com\/il\/wp-content\/uploads\/2026\/07\/1784118972_709_0x0.jpg\")
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Geothermal power stations of EDC in the Philippines.<\/p>\n
Courtesy of EDC<\/p>\n
Barito Renewables Energy\u2014controlled by Indonesian billionaire Prajogo Pangestu<\/a>\u2014is seeking to buy Energy Development Corp. (EDC) in a deal valuing the largest Philippine geothermal company at $5 billion.<\/p>\n The unsolicited, indicative and non-binding offer for EDC is subject to due diligence and necessary approvals, Manila-based First Gen Corp., the geothermal company\u2019s biggest shareholder, said in a statement on Tuesday. The Indonesian company hasn\u2019t replied to Forbes Asia\u2019s request for comment.<\/p>\n \u201cTo date, there have been no discussions between the parties, no agreements have been signed,\u201d First Gen, which is controlled by tycoon Federico Lopez and his family, said in the statement, adding that it has not hired any financial advisors for the transaction.<\/p>\n EDC\u2014a state-owned company acquired by the Lopez group in 2007\u2014owns and operates 16 geothermal power stations across the Philippines with a combined installed capacity of 1,302.78 megawatts. It also has nearly 300 megawatts of hydroelectric, solar and wind power facilities.<\/p>\n Pangestu has been expanding his energy interests since 2023 when he listed his coal mining firm Petrindo Jaya Kreasi and Barito Renewables Energy, the holding company of Star Energy Geothermal Group, Indonesia\u2019s largest geothermal producer with a capacity of 886 megawatts across three geothermal power projects in West Java province. In 2024, Pangestu teamed up with Philippine tycoon Jaime Augusto Zobel de Ayala\u2019s ACEN to build wind projects<\/a> in Indonesia.<\/p>\n The Indonesian tycoon has also been expanding in Singapore. In April 2025, a joint venture between Chandra Asri Pacific and commodities giant Glencore completed the acquisition of Shell\u2019s refinery and petrochemical assets in the city-state. Five months later, Chandra Asri bought Esso\u2019s petrol stations<\/a> in Singapore. <\/p>\n With a net worth of $15.4 billion based on Forbes\u2019 real-time data<\/a>, Pangestu is among the wealthiest in Indonesia. He built his fortune from timber company Barito Pacific that he turned into an energy and petrochemicals giant.<\/p>\n