State-run Power Sector Assets and Liabilities Management (PSALM) Corp. transferred the 796.56-megawatt Caliraya-Botocan-Kalayaan (CBK) hydroelectric power plant complex to Thunder Consortium on Monday.
The ceremonial turnover marks the conclusion of PSALM’s mandate to privatize government-owned generation assets under the Electric Power Industry Reform Act of 2001.
Thunder Consortium took over as the new owner and operator of the Luzon-based facilities following its successful bid on 4 July 2025.
The CBK plants are considered critical renewable energy assets that support grid stability and energy security in the Philippines’ main island.
PSALM president and chief executive Dennis dela Serna said the turnover reflects a transparent and competitive privatization process that maximized asset value for the government while ensuring continuity of operations and long-term sustainability of the facilities.
Thunder Consortium is expected to introduce operational expertise, technological upgrades and fresh capital to improve the reliability of the hydroelectric complex.
The privatization process aimed to leverage private sector participation to enhance the performance of the aging infrastructure.
The event was attended by PSALM officials, Thunder Consortium representatives and various energy sector stakeholders.
Under the terms of the sale, the government successfully offloaded one of its largest remaining power assets to the private sector.
 hydroelectric power plants to Thunder Consortium on 9 February 2026, marking a major milestone in Philippine power privatization.){kind=link}