GIC Private Limited Increases Ownership in Energy Development Corporation

Singapore’s GIC Private Limited (GIC) bought more than 5.02% of Energy Development Corporation, a Philippines geothermal public company, through a series of transactions from July through August according to filings. In addition, the utility generates energy through hydro sources.

The Energy Development Corporation is the biggest geothermal energy producer in the Philippines. It used to be a subsidiary of the Philippine National Oil Company until it was privatized and sold to First Philippine Holdings Corporation.

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