The Department of Energy welcomed the successful closing of the privatization sale of the Caliraya-Botocan-Kalayaan (CBK) Hydroelectric Power Plant Complex to the Aboitiz-led Thunder Consortium on Dec. 19.
Power Sector Assets and Liabilities Management (PSALM) Corp. finalized the transaction with the consortium, which is composed of Aboitiz Renewables Inc., Sumitomo Corp. and Electric Power Development Co. Ltd. (J-POWER).
The group emerged as the winning bidder in July 2025 with an offer of more than P36 billion for the strategic renewable energy asset.
The transaction marks a milestone under the government power sector reform program mandated by the Electric Power Industry Reform Act (EPIRA) of 2001.
Department of Energy Secretary Sharon Garin said the completion of the sale underscores a commitment to transparent and competitive processes in managing national energy assets.
Proceeds from the P36-billion sale will be used to settle the financial obligations of PSALM and strengthen the stability of the power sector. As a major renewable energy contributor to the Luzon Grid, the CBK complex provides operational flexibility to support the evolving generation mix.
Garin said the successful sale affirms the privatization program and reinforces commitment to genuine competition. Garin added that a well-executed privatization supports sector stability and helps keep electricity service reliable and competitive for consumers.
The DOE recognized the importance of a well-managed transition to ensure continuity of operations and safeguard public interest. PSALM continues its role in privatizing National Power Corp. generation assets and real estate while managing independent power producer contracts.
The move follows a directive from President Ferdinand Marcos Jr. to prioritize energy reforms.
The DOE reiterated its support for governance reforms that promote investment and ensure power sector transactions are implemented with a focus on long-term energy security.
