Australian company Macquarie, a global investment banking and diversified financial services group, is ramping up its renewable energy investments by joining with Singapore’s GIC - formerly known as Government of Singapore Investment Corporation - to bid for a one-third stake in a Filipino power producer.
The bank’s most powerful division, Macquarie Infrastructure and Real Assets, has teamed up to lodge the offer for Energy Development Corp (EDC) worth $US1.3 billion ($1.6bn).
EDC says it is The Philippines’ largest producer of geothermal energy with 1169 megawatts delivered to the country. Output is made up of geothermal, hydro and wind power, and the company is considered the second-largest geothermal firm in the world.
Macquarie said it was keen to add EDC to its renewable energy investments portfolio and add to its experience in the sector.
