Indonesia's Second-Richest Person to Buy Philippines' Largest Geothermal Company

Prajogo Pangestu's company, Barito Renewables Energy, has offered to buy EDC, a geothermal energy producer in the Philippines, for $5 billion.

The deal needs to be checked and approved by regulators, according to First Gen Corp, EDC's largest shareholder.

First Gen Corp said there have been no talks about the deal and no agreements have been signed, and they have not hired any financial advisors.

Prajogo Pangestu is a billionaire from Indonesia.

EDC, which was once owned by the state, now owns 16 geothermal power plants and has a capacity of 1,300 megawatts, and also has hydroelectric, solar, and wind power.

An expert said the deal could be good for shareholders if it happens, according to a Philippines newspaper.

The deal could give shareholders a lot of money and allow them to invest in other clean energy projects.

Pangestu has been expanding his energy business since 2023, when he listed his coal mining company and geothermal energy company.

In 2024, Pangestu partnered with a Philippine tycoon to develop wind projects in Indonesia.

Pangestu has also invested in Singapore, buying a refinery and petrochemical assets, and a gas station network.

Pangestu is the second-richest person in Indonesia, with a net worth of $15.4 billion, according to Forbes.

Pangestu made his fortune from a timber company, which he turned into an energy and petrochemicals business.

The Lopez family, who own First Gen Corp, have a net worth of $285 million and have interests in real estate, media, and energy.

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