Hogan Lovells and Picazo, Buyco, Tan, Fider & Santos have advised investment consortium Philippines Renewable Energy Holdings Corp (PREHC) on its tender offer to acquire up to 31.7 percent of Energy Development Corp. (EDC), valued at $1.28 billion (P64.5 billion). 

Skadden, Arps, Slate, Meagher & Flom and Quiason, Makalintal, Barot, Torres, Ibarra and Sison & Damaso were also involved in the deal, representing power producer First Gen Corp., EDC’s parent company, and its wholly-owned subsidiary Red Vulcan Holdings. 

PREHC is controlled by Macquarie Infrastructure and Real Assets (MIRA) and Arran Investment, an affiliate of Singapore’s sovereign wealth fund GIC, which was represented by Allen & Gledhill. 

First Gen will retain control of EDC after the tender offer, according to a media release. EDC, the largest renewable energy company in the Philippines, is expected to be delisted from the PSE. 

The Skadden team was led by Hong Kong partner Jonathan Stone. Corporate partners Mark Cooper and Stephanie Keen handled the transaction for Hogan Lovells.