First Gen chairman Federico R. Lopez and MIRA senior managing director David Luboff (3rd and 4th from right) with (from right) First Gen EVP Jon Russell, president Giles Puno, GIC VP Nicole Goh Phaik Khim, EDC president Richard Tantoco and MIRA associate director Christopher LowFirst Gen Corporation and Philippines Renewable Energy Holdings Corporation (PREHC) marked the commencement of their strategic partnership as substantial shareholders in Energy Development Corporation (EDC) at an event in Makati.
This follows the success of a voluntary tender offer launched by PREHC in August 2017 to acquire up to 31.7% of EDC’s total outstanding voting shares from existing shareholders for approximately $1.3 billion.
The strategic partnership will bring together First Gen’s significant experience in the power, utilities and energy sectors in the Philippines and PREHC’s extensive global infrastructure expertise to support the longterm growth of EDC.
PREHC is a consortium of investors comprising funds managed by Macquarie Infrastructure and Real Assets (MIRA) and Arran Investment Pte. Ltd., an affiliate of GIC Pte. Ltd. MIRA and GIC are long-term investors with a track record in both global infrastructure and renewable energy. They own and operate a combined installed capacity of over 11,000 megawatts globally.
“We believe MIRA and GIC are the right partners for this juncture in our corporate history: they’re long-term and astute capital, they have complementary perspectives and they’re willing to help us push the frontiers of innovation as we build EDC into a platform that’s well-positioned for a dynamically changing energy landscape,” stated First Gen and EDC chairman Federico R. Lopez.
Under the new partnership, First Gen continues to hold a majority stake in EDC, maintaining day-to-day control of the company.(Story/Photos by: Joel Gaborni)