Barito Renewables Energy—controlled by Indonesian billionaire Prajogo Pangestu—is seeking to buy Energy Development Corp. (EDC) in a deal valuing the largest Philippine geothermal company at $5 billion.

The unsolicited, indicative and non-binding offer for EDC is subject to due diligence and necessary approvals, Manila-based First Gen Corp., the geothermal company’s biggest shareholder, said in a statement on Tuesday. The Indonesian company hasn’t replied to Forbes Asia’s request for comment.

“To date, there have been no discussions between the parties, no agreements have been........

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