Macquarie Infrastructure and Real Assets (MIRA) and Singapore sovereign wealth fund GIC will finalise their joint purchase of a stake in the renewable power generation company, Energy Development Corporation (EDC) in The Philippines following closure of a tender process yesterday.

Through a jointly-owned company, Philippine Renewable Energy Holdings Corp (PREHC), MIRA and GIC will acquire up to a 31.7% voting interest in EDC, from its parent, First Gen, for up to US$1.3bn (€1.09bn).

The offer was made in August, but the bidder had to go through a tender process to allow EDC shareholders to accept the offer.

The consortium was looking to buy 6.6bn to 8.9bn common shares in EDC, mostly from minority shareholders, at 7.25 pesos per share, or a maximum price of 64.5bn pesos (€1.06bn).

In a disclosure statement to the Philippine Stock Exchange today, EDC said that, based on indicative and preliminary results of submissions made by EDC shareholders, more than the minimum threshold of common shares (6.6bn) had been tendered for acceptance and purchase.

If, as expected, the public float of EDC shares falls below 10%, under Philippine Stock Exchange rules (which require listed companies to have a minimum free float of 10%) EDC will be delisted eventually.

MIRA and GIC entered into an implementation agreement with First Gen in August to buy into EDC, one of Southeast Asia’s largest renewable energy producers.

At the time of the offer, David Luboff, senior managing director of MIRA, said that it presented an opportunity for EDC shareholders to realise their investment at a premium to the current share price.

Together, MIRA and GIC are said to have a combined global installed capacity of more than 11 gigawatts of renewable energy.

First Gen will retain a 60% voting stake in EDC and continue to run the company