Energy Development Corporation (EDC) has received a bid for over 30% of its shares from Philippines Renewable Energy, a joint venture between investment fund Macquarie Infrastructure and Real Assets (MIRA) and Arran Investment, an affiliate of Singapore sovereign wealth fund GIC.

The offer is for a minimum of 6.6 billion common shares and up to a maximum of 8.9 billion common shares from shareholders of EDC, representing approximately up to 31.7%