MANILA (REUTERS) - Philippine renewable power producer Energy Development Corp said on Thursday (Aug 3) a consortium of investors including a unit of Singaporean sovereign wealth fund GIC had offered to buy about a third of the company.

EDC, the Southeast Asian nation's largest producer of geothermal energy, said a consortium called Philippines Renewable Energy Holdings Corp (PREHC) had sought to acquire up to 31.7 per cent of the company for up to 64.53 billion pesos (S$1.75 billion).

"The (consortium's) proposed investment in the company would be a strategic investment that fits its long-term regional strategy and its expertise in the sector," EDC said.

The consortium is composed of investors comprising funds managed by Macquarie Infrastructure Management (Asia) Pty Ltd, Singapore Branch, which is a member of Macquarie Infrastructure and Real Assets (MIRA), and Arran Investment Pte Ltd, an affiliate of GIC.

MIRA and GIC had a combined installed capacity of over 11 gigawatts globally, it said.

A GIC representative was not immediately available for comment. The consortium plans to form a long-term partnership in EDC, David Luboff, senior managing director of MIRA, said in a press release.

The consortium was looking to buy 6.6 billion to 8.9 billion common shares of EDC, mostly from minority shareholders, at 7.25 pesos per share, or a maximum total price of 64.525 billion pesos, EDC said.

The offer price represents a 21.8 per cent premium over EDC's closing price of 5.95 pesos on Wednesday. EDC sought a trading suspension of its shares on Thursday after receiving the tender offer notice.

The tender offer will run from Aug 10 until Sept 18.

First Gen Corp, parent of EDC, said separately it would retain control of the company with a 60 per cent voting stake after the tender offer.

"This is a clear vote of confidence in EDC's clean energy platform from two of the world's largest infrastructure investors," First Gen and EDC chairman Federico Lopez said in a statement.