Macquarie Asset Management has mandated Rippledot to advise on the sale of a stake in Energy Development Corp (EDC), a Philippines-based geothermal producer, according to three sources familiar.

It is not known if Singapore’s GIC, which holds a combined 31.7% stake with Macquarie, intends to exit in the process, the sources said.

The deal is anticipated to hit the market during 1H26, though the timeline remains fluid, said one of the sources and a fourth source familiar.

Potential interested parties have been sounded out for the stake sale, including EDC’s parent company First Gen, one of the sources said.

Some buyers may shy away from the deal, given EDC’s ageing wells and capex-intensive business, the same source said.

A newswire reported in October last year on Macquarie and GIC’s initial discussions with advisors, stating that a sale of their combined interest could fetch USD 2bn.

In 2017, Macquarie and GIC paid about USD 1.3bn for their stake.

Macquarie and GIC hold their position through a joint venture, which is roughly 60% owned by Macquarie, according to one of the sources.

As of 31 December 2024, First Gen holds a 63.9% controlling voting interest in EDC while the Macquarie-GIC joint venture owns a 34.9% voting interest, according to EDC’s 2024 annual report.

Macquarie is invested in EDC through its Macquarie Asia Infrastructure Fund 2 (MAIF 2).

EDC has 1.18 GW of geothermal capacity across 13 power plants, accounting for about 61% of the Philippines’ installed geothermal capacity. It also has 150 MW of wind, 11.99 MW of solar, and 132.8 MW of hydroelectric power plants, bringing its total installed clean energy capacity to 1.48 GW.

Macquarie, Rippledot, GIC, EDC, and First Gen did not respond to requests for comment.