First Gen receives $5 billion unsolicited takeover bid for EDC from Indonesia's Barito

The non-binding offer from PT Barito Renewables Energy targets First Gen's renewable assets, signaling aggressive cross-border consolidation in Southeast Asia's power sector.

By Handelsavisen Newsroom · Automated 2026-07-16 16:40 UTC · 1 min read Last updated: 2026-07-16 21:37 UTC

First Gen Corp., the Philippines' largest independent power producer, has received an unsolicited, non-binding proposal worth $5 billion (approximately P308 billion) to acquire its renewable energy subsidiary, Energy Development Corporation (EDC).

The offer comes from Indonesia's PT Barito Renewables Energy (BREN), marking a significant cross-border M&A development in the region's energy landscape.

The proposal, reported by BusinessWorld, is currently non-binding, meaning no definitive agreement has been reached.

The proposal, reported by BusinessWorld, is currently non-binding, meaning no definitive agreement has been reached.

First Gen, led by the Lopez family, has not yet commented on the offer or indicated whether it will engage in formal negotiations.

The valuation implies a substantial premium for EDC's portfolio, which includes major hydroelectric and wind assets critical to the Philippines' energy transition.

This move aligns with a broader trend of consolidation in global energy markets, where large players are seeking to scale renewable portfolios through acquisitions.