J P M O R G A N Asia Pacific Equity Research 15 July 2026 Philippine Power Geothermal-heavy EDC attracts US$7bn EV bid; potential buyers apart from Barito Indonesia's PT Barito Renewables (BREN IJ) has made an unsolicited, non-binding offer to acquire an undisclosed stake in Energy Development Corp. (EDC, Unlisted) at US$5bn equity value and US$7bn EV (link), as confirmed by parent First Gen (FGEN PM, NC) (link). The news follows earlier reports of a possible divestment of a 47.5% stake in EDC by Philippine ...