Philippines: Singaporean Sovereign Wealth Fund Joins partnership to Invest in Geothermal Energy

GIC consortium cements earlier geothermal energy investment with tie-up (The Business Times)

A consortium of investors including an affiliate of GIC, formerly known as Government of Singapore Investment Corporation, has tied up with the parent company of the geothermal energy producer it earlier invested into.

The consortium, known as Philippines Renewable Energy Holdings Corp (PREHC), had in August launched a voluntary offer to acquire up to 31.7 per cent of Energy Development Corporation (EDC) for about US$1.3 billion. Its majority shareholder is independent power producer First Gen.

The partnership will bring together First Gen's significant experience in the power, utilities and energy sectors in the Philippines with PREHC's global infrastructure expertise, to support the long-term growth of EDC, said GIC in a press release.

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