Indonesia's PT Barito Renewables Energy has made an offer to buy geothermal company Energy Development Corp. to expand in the Philippines, people familiar with the matter said. The $5 billion takeover bid would mark Barito Renewables' largest international acquisition and strengthen its position in Southeast Asia's renewable energy sector. Energy Development Corp., known as EDC, operates geothermal plants across the Philippines and is a key player in the country's clean energy transition. The proposed deal reflects growing investor appetite for geothermal assets as nations pursue decarbonization goals.

Neither company has publicly confirmed the negotiations, and terms could change before any final agreement. The acquisition would give Barito immediate access to EDC's established geothermal portfolio and operational expertise in the Philippine market.