The Thunder Consortium led by the Aboitiz Group has secured bridge loan facilities totaling P75 billion from BDO Unibank and Metropolitan Bank and Trust Company to partially finance its acquisition of the 796.64-megawatt Caliraya-Botocan-Kalayaan (CBK) hydroelectric power plant complex.
BDO and Metrobank each provided up to P35 billion for the transaction. The consortium, which includes Aboitiz Power Corp. subsidiary Aboitiz Renewables Inc., Sumitomo Corp. and Electric Power Development Co. Ltd., won the bid for the facility with an offer of P36.266 billion.
The financing follows approval from the Philippine Competition Commission for the consortium to acquire the asset from the state-run Power Sector Assets and Liabilities Management Corp. (PSALM). The consortium received the notice of award on July 18, 2025, and expects the facility turnover in February 2026.
The CBK complex located in Laguna consists of the 22.6-megawatt Caliraya plant in Lumban, the 20.8-megawatt Botocan plant in Majayjay and the 684.6-megawatt Kalayaan 1 and 2 plants in Kalayaan.
PSALM, which manages the assets of the National Power Corp. under the Electric Power Industry Reform Act of 2001, signed the final project agreements with the consortium through its project company, Cleanergy 9 Power Inc., in August.
Aboitiz Power said the acquisition supports the national goal of reaching a 50 percent renewable energy share in the power mix by 2040. The company noted that pumped storage hydro is integral to the Philippine energy system because it can reduce peak power prices and support the integration of variable renewable energy sources.
The CBK complex provides a significant share of electricity to Metro Manila and is considered critical during peak demand periods and emergency situations. Aboitiz Renewables serves as the primary vehicle for the group’s investments in solar, wind, geothermal and battery energy storage systems.
