<\/p>\n
ENERGY Development Corp. (EDC) just isn’t engaged in discussions over Indonesia\u2019s PT Barito Renewables Energy\u2019s (BREN) $5-billion proposal to amass the geothermal producer, although the unsolicited offer has not been dismissed, an EDC executive said.<\/p>\n
\u201cAfter all, any company that provides you a suggestion, you wouldn\u2019t just dismiss them,\u201d EDC President and Chief Operating Officer Jerome H. Cainglet told reporters on Wednesday when asked whether the group was considering selling the corporate.<\/p>\n
\u201cFor now, there aren’t any discussions,\u201d he added.<\/p>\n
Mr. Cainglet\u2019s remarks got here about two weeks after Lopez-led First Gen Corp. disclosed that BREN had submitted an unsolicited, non-binding $5-billion offer to amass EDC, its renewable energy subsidiary.<\/p>\n
BREN is the renewable energy arm of Indonesian conglomerate PT Barito Pacific Tbk. It holds a majority stake in Star Energy Geothermal, Indonesia\u2019s largest geothermal energy producer.<\/p>\n
Mr. Cainglet said EDC had no obligation to reply since the proposal was unsolicited.<\/p>\n
EDC is the Philippines\u2019 largest geothermal energy producer, accounting for about one-fifth of the country\u2019s installed renewable energy capability with greater than 1,400 megawatts (MW) from its geothermal, wind, hydro, and solar assets.<\/p>\n
The Philippines has an installed geothermal capability of 1,952 MW, making it the world\u2019s third-largest geothermal power producer after the USA and Indonesia.<\/p>\n
Mr. Cainglet said the proposal wouldn’t affect the country\u2019s geothermal output because EDC\u2019s generating assets would remain a part of the national power system no matter ownership.<\/p>\n
Asked whether Manila Electric Co. (Meralco) could also pursue EDC, Chairman and Chief Executive Officer Manuel V. Pangilinan said the renewable energy company would complement the utility\u2019s expanding clean energy portfolio.<\/p>\n
\u201cIt\u2019s a renewable, so it may be a superb addition to the renewables of MGEN (Meralco PowerGen Corp.),\u201d Mr. Pangilinan said.<\/p>\n
MGEN, Meralco\u2019s power generation arm, operates a 5,068-MW portfolio across the Philippines and Singapore, including thermal, natural gas, solar, and battery energy storage assets.<\/p>\n
Mr. Pangilinan said, nonetheless, that Meralco had not held any discussions with the Lopez group.<\/p>\n
\u201cWe\u2019ll cross the bridge after we construct it, so to talk,\u201d Mr. Pangilinan said. \u2014 Sheldeen Joy Talavera<\/b><\/p>\n<\/p><\/div>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
EDC ENERGY Development Corp. (EDC) just isn’t engaged in discussions over Indonesia\u2019s PT Barito Renewables Energy\u2019s (BREN) $5-billion proposal to amass the geothermal producer, although the unsolicited offer has not been dismissed, an EDC executive said. \u201cAfter all, any company that provides you a suggestion, you wouldn\u2019t just dismiss them,\u201d EDC President and Chief Operating […]<\/p>\n","protected":false},"author":1,"featured_media":374795,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[54449,34899,3904,2530],"class_list":["post-374794","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-barito","tag-edc","tag-offer","tag-talks"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t