Macquarie and GIC explore $2bn sale of Philippine geothermal stake

Published on November 10, 2026

Macquarie Asset Management and Singapore sovereign wealth fund GIC are exploring the potential sale of their joint stake in Philippine geothermal energy producer Energy Development Corporation (EDC), in a transaction that could be valued at approximately $2bn, according to a report by Bloomberg.

The investors, which collectively own around one-third of EDC, have reportedly appointed Goldman Sachs to advise on strategic options, including a possible divestment. Infrastructure investment funds and industry participants have reportedly expressed preliminary interest, although discussions remain at an early stage.

A Macquarie-managed fund and a GIC affiliate acquired their holding for approximately $1.3bn in 2017. The potential exit follows a non-binding $5bn takeover proposal for EDC submitted by Indonesia's Barito Renewables Energy in July, although EDC shareholder First Gen Corporation confirmed it had not entered discussions over the offer.

First Gen, controlled by the Lopez family, has investments spanning geothermal, hydroelectric, wind, solar and natural gas assets. KKR exited its $410m investment in First Gen in September after its proposal to take the business private at 35 Philippine pesos per share was rejected.

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