REI Expanding into Philippine Market Skip to content

REI Expanding into Philippine Market

Reykjavík Energy Invest (REI) has reached an agreement with First Gen, the largest private energy company in the Philippines, to make a joint offer to acquire a share of the Philippines’ national energy company.

The Philippine government is planning to sell its 60 percent stake in the national energy company in late November and is hoping to receive around ISK 26 billion (USD 130 million, EUR 299 million) for it, reports.

Twenty-four investment groups have already made an offer for the government’s stake, but only 14 have fulfilled the prerequisite of the tender offer.

First Gen is the largest energy producer in the Philippines and produces about 12 percent of the energy used on the islands.

Last week REI reached an agreement with Pertamina, the state-run oil company in Indonesia, ensuring REI a priority to construct geothermal power plants in Indonesia.

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