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Manila Bulletin devider Business devider The Stock Market devider MVP signals interest in geothermal as EDC draws foreign takeover bid

MVP signals interest in geothermal as EDC draws foreign takeover bid

Published Jul 30, 2026 11:12 am
Manuel V. Pangilinan
Manuel V. Pangilinan
Manila Electric Co. (Meralco) Chairman Manuel V. Pangilinan said the power utility is open to acquiring a stake in geothermal producer Energy Development Corp. (EDC) if the asset is formally placed on the market.
Pangilinan noted that investing in the Lopez-led geothermal firm could significantly boost the clean energy footprint of Meralco’s power generation arm, Meralco PowerGen Corp. (MGEN).
“It’s a renewable, so it might be a good addition to the renewables of MGEN,” Pangilinan told reporters on Wednesday, July 29. However, he clarified that Meralco is not currently holding formal talks with the Lopez family, EDC, or parent entity First Gen Corp.
“We’re not under any discussion with any of the family members, or EDC, or any part of the Lopez group,” Pangilinan said, adding that he would explore negotiations if the owners decide to initiate a formal sale process.
Any prospective deal would reunite Meralco with the Lopez family’s energy infrastructure network. The Lopez family built and controlled Meralco for decades before gradually ceding majority control to the Pangilinan group starting in 2009.
Meralco’s potential interest follows an unsolicited buyout proposal from Indonesian clean-energy developer PT Barito Renewables Energy, which valued EDC at approximately ₱308 billion.
Barito Renewables is the green energy arm of Jakarta-based conglomerate Barito Pacific and holds a majority stake in Star Energy Geothermal Holding Group, Indonesia's primary supplier of baseload geothermal power.
EDC President Jerome Cainglet earlier clarified that the unsolicited bid does not guarantee an impending sale or change in control.
“Any company that has been given an offer wouldn’t want to dismiss them. For now, there are no discussions,” Cainglet said, adding that any transfer of corporate ownership would not move physical power assets out of the country.
EDC operates 1,302 megawatts of installed capacity and accounts for roughly one-fifth of the total renewable energy capacity in the Philippines. Founded by the state in 1976, EDC was privatized under the Lopez Group in 2007 before voluntarily delisting from the local bourse in 2018.
Meanwhile, MGEN continues to scale up its generation portfolio through subsidiary MGreen, which is developing the MTerra Solar project featuring 1,373 megawatts of solar capacity in its initial phase. 

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MGen Renewable Energy Inc. (MGreen) MGen Energy Development Corp. (EDC)
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