Nine companies expressed interest to participate in the sale of the 796.64-megawatt Caliraya-Botocan-Kalayaan (СВК) hydroelectric power plants, the Power Sector Asset and Liabilities Management Corp. (PSALM) said Wednesday.
PSALM said the nine companies attended the pre-proposal conference where the agency presented an overview of the project, the bidding process and the project agreements for the sale of CBK.
The bid proposal submission date for the CBK power plants is on June 16, 2025. PSALM said it is privatizing the CBK hydro plants, on an “as is, where is” basis.
The interested firms include Thunder Consortium (Aboitiz Group, J-POWER, Sumitomo Corp), ACEN Corp.’s GIGA ACE 11 Inc., First Gen Prime Energy Corp. of the Lopez Group and Semirara Mining & Power Corp. of the Consunji Group.
Others are Hexa Philippines Holdings Inc. (a part of HEXA Renewables, a pan-Asia renewable energy platform established by I Squared Capital), Marubeni Corp. of Japan, Korea Water Resources Corp., businessman Enrique Razon’s Prime Infrastructure Capital Inc. and San Miguel Global Power Holdings Corp.
Department of Finance and National Power Corp. representatives attended the pre-proposal conference as observers.
“We aim to inform interested companies ahead of time of the documentary requirements to successfully participate in the bidding process for the CBK power plants. This conference is also an opportunity for parties to inquire on any lingering issue regarding the bidding for CBK,” PSALM vice president for privatization and asset management Arnold Francisco said at the opening of the pre-proposal conference.
The CBK hydro power plants are located in Lumban, Majayjay and Kalayaan in Laguna province. They play a central role in the Luzon power system.
The CBK plant was contracted to CBK Power Company Ltd. under a 25-year build-rehabilitate-operate-transfer agreement. The cooperation period started in February 2001 and will expire by February 2026.
PSALM tapped the Asian Development Bank as the transaction advisor contract to monetize CBK hydro power plants. The DOF is hoping to raise P50 billion to P100 billion from the CBK privatization.