Thunder Consortium, which includes Aboitiz Renewables Inc. (ARI), Sumitomo Corp. and Electric Power Development Co. Ltd., signed project agreements Friday to acquire the Caliraya-Botocan-Kalayaan (CBK) hydroelectric power plant complex in Laguna province.
The deal, valued at P36.266 billion, was signed with the Power Sector Assets and Liabilities Management Corp. (PSALM) and the National Power Corp. (Napocor) by the consortium’s project company, Cleanergy 9 Power Inc.
Aboitiz Power, the parent company of ARI, disclosed on Friday that the agreements cover the 796.64-megawatt power plants. The transaction remains subject to customary closing conditions, including regulatory approvals from bodies like the Philippine Competition Commission.
Thunder Consortium was named the winning bidder for the CBK power plants on July 18, 2025, after submitting the highest offer.
AboitizPower cited the strategic importance of the acquisition, which would support the Philippines’ goal of a cleaner and more dynamic energy grid.
The company noted that pump storage hydro, like the CBK complex, is essential for reducing peak power prices and integrating more renewable energy into the system, aligning with the Philippine Energy Plan’s target of 50-percent renewable energy by 2040.
The CBK complex is a critical power source, particularly during peak demand and emergencies, supplying a significant portion of the electricity consumed in Metro Manila.
PSALM, created under the Electric Power Industry Reform Act of 2001, is responsible for managing Napocor’s assets and liabilities.
