Barito Renewables Energy—controlled by Indonesian billionaire Prajogo Pangestu —is seeking to buy Energy Development Corp. (EDC) in a deal valuing the largest Philippine geothermal company at $5 billion.

The unsolicited, indicative and non-binding offer for EDC is subject to due diligence and necessary approvals, Manila-based First Gen Corp., the geothermal company’s biggest shareholder, said in a statement on Tuesday. The Indonesian company hasn’t replied to Forbes Asia ’s request for comment.

“To date, there have been no discussions between the parties, no agreements have been signed,” First Gen, which is controlled by tycoon Federico Lopez and his family, said in the statement, adding that it has not hired any financial advisors for the transaction. EDC—a state-owned company acquired by the Lopez group in 2007—owns and operates 16 geothermal power stations across the Philippines with a combined installed capacity of 1,302.78 megawatts. It also has nearly 300 megawatts of hydroelectric, solar and wind power facilities. Pangestu has been expanding his energy interests since 2023 when he listed his coal mining firm Petrindo Jaya Kreasi and Barito Renewables Energy, the holding company of Star Energy Geothermal Group, Indonesia’s largest geothermal producer with a capacity of 886 megawatts across three geothermal power projects in West Java province. In 2024, Pangestu teamed up with Philippine tycoon Jaime Augusto Zobel de Ayala’s ACEN to build wind projects in Indonesia.

The Indonesian tycoon has also been expanding in Singapore. In April 2025, a joint venture between Chandra Asri Pacific and commodities giant Glencore completed the acquisition of Shell’s refinery and petrochemical assets in the city-state. Five months later, Chandra Asri bought Esso’s petrol stations in Singapore.

With a net worth of $15.4 billion based on Forbes’ real-time data , Pangestu is among the wealthiest in Indonesia. He built his fortune from timber company Barito Pacific that he turned into an energy and petrochemicals giant. The Lopez family is among the wealthiest in the Philippines with a net worth of $285 million. Apart from energy, it has interests in real estate and media through ABS-CBN, a former TV giant until its franchise was not renewed by the Philippine Congress in 2020. Shares of First Gen ended 18.4% higher in Manila trading, paring an earlier gain of as much as 33.3%.