GIC consortium cements earlier investment in geothermal energy firm

Singapore

A CONSORTIUM of investors, including an affiliate of GIC, has tied up with First Gen Corporation, the parent company of the geothermal energy producer it earlier invested into.

The consortium, known as the 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.