REI and GGE Back Out of Philippine Bidding Skip to content

REI and GGE Back Out of Philippine Bidding

Reykjavík Energy Invest (REI) and Geysir Green Energy (GGE), that were to bid for a 60 percent stake in the Philippine national energy company PNOC-EDC in partnership with local energy company First Gen, decided not to make an offer.

The deadline for submitting offers expired yesterday, ruv.is reports.

REI and GGE had prepared for this investment for months, and it was one of the reasons for the companies to merge, but the merger has now been annulled. According to ruv.is, that was the main reason for REI and GGE to back out of the bidding, though this has not been confirmed by either of the two companies.

The Icelandic energy companies had planned to make a bid with First Gen under the name of an umbrella company, Red Vulkan. Red Vulkan did bid for PNOC-EDC, and made the highest bid, but without REI and GGE.

Five companies in total made bids for the Philippine national energy company, but the Philippine Privatization Committee has not yet released further details.

Click here to read more about REI’s plans for the Philippines.

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