The Power Sector Assets and Liabilities Management Corp. (PSALM) expects to turn over the 796.64-megawatt (MW) Caliraya-Botocan-Kalayaan (CBK) hydro power plant complex in Laguna province to the Thunder Consortium in February 2026, following the consortium’s P36.266-billion winning bid.
PSALM said it is evaluating the sale for clearance with the Philippine Competition Commission (PCC).
“We are hoping for full payment on December 2025,” said PSALM president Dennis dela Serna.
The Thunder Consortium, composed of Aboitiz Renewables Inc. (ARI), Sumitomo Corp. and Electric Power Development Co. Ltd., received the notice of award on July 18, 2025, as the winning bidder for the privatization.
The consortium, through its project company Cleanergy 9 Power Inc., signed the relevant project agreements with PSALM and the National Power Corp. (Napocor) in August 2025. The closing of the transaction remains subject to customary closing conditions, including securing the necessary regulatory approvals such as from the PCC.
ARI parent firm AboitizPower Corp. said earlier it views the opportunity to manage and operate CBK as a way to support the country’s aspirations for a cleaner and more dynamic grid.
“Pump storage hydro is an integral part of the Philippine energy system. As a clean energy resource, it can reduce peak power prices and support deeper penetration of variable renewable energy [RE] in our energy system, well-aligned with the Philippine Energy Plan’s aspiration of 50 percent RE in the power mix by 2040,” the company said.
The CBK complex plays a crucial role during peak demand periods and emergency situations, supplying a significant share of the electricity used in Metro Manila.
PSALM manages the assets and liabilities of Napocor, as mandated by the Electric Power Industry Reform Act of 2001.
