The Philippine Competition Commission has approved the acquisition of the 796.64-megawatt Caliraya-Botocan-Kalayaan hydroelectric power plant complex by the Thunder Consortium, composed of Aboitiz Renewables Inc., Sumitomo Corp., and Electric Power Development Co. Ltd.
Aboitiz Power disclosed that it was informed by its wholly owned subsidiary, ARI, of the PCC’s approval of the sale of CBK HEPP assets by the Power Sector Assets and Liabilities Management Corp. to the Thunder Consortium pursuant to the bidding process conducted by the state firm’s Privatization Bids and Awards Committee.
ARI represents AboitizPower’s investments and interests in various renewable energy projects, including geothermal, large hydro, run-of-river hydro, wind, battery energy storage systems, and solar projects.
The Thunder Consortium, led by ARI, offered the highest bid of P36.266 billion for the CBK hydro facility.
The consortium received the notice of award on July 18, 2025, as the winning bidder for the sale and privatization of the CBK power plants.
PSALM expects to turn over the facility to the consortium in February 2026.
In August, the Thunder Consortium, through its project company, Cleanergy 9 Power Inc., signed the relevant project agreements with PSALM and the National Power Corp. for the sale and privatization of the CBK plants in Laguna.
AboitizPower earlier said it is honored by the opportunity to manage and operate CBK as it will help 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.
PSALM manages the assets and liabilities of Napocor as mandated by the Electric Power Industry Reform Act of 2001.
The CBK complex plays a crucial role during peak demand periods and emergency situations. It supplies a significant share of the electricity used in Metro Manila, the country’s largest and most energy-intensive consumption center.
