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Manila Bulletin devider Business devider Trade & Industry devider PSALM awards CBK hydropower complex to Aboitiz-led Thunder consortium

PSALM awards CBK hydropower complex to Aboitiz-led Thunder consortium

Published Jul 18, 2025 05:09 pm
Danel C. Aboitiz
Danel C. Aboitiz
The Power Sector Assets and Liabilities Management (PSALM) has announced that the Aboitiz-led Thunder Consortium has been granted the notice of award (NOA) for the Caliraya-Botocan-Kalayaan (CBK) hydroelectric power plants.
In a statement on Friday, July 18, PSALM said the consortium—comprising Aboitiz Renewables, Inc., Japan’s Sumitomo Corporation, and Electric Power Development Co. Ltd. (EPDC)—had the winning financial bid of ₱36.26 billion for the hydropower complex.
The consortium has seven calendar days to accept the award. This follows the post-qualification endorsement by the Privatization Bids and Awards Committee and the approval of the PSALM Board on July 17.
PSALM described the win as “a significant step in PSALM’s privatization program, contributing to the government's broader energy sector reform agenda.”
The agency added that the successful sale is expected to “enhance operational efficiency and support the country’s renewable energy goals.”
The Department of Energy (DOE) earlier lauded the sale, with Energy Assistant Secretary Mario Marasigan noting that the privatization could help support grid stability and address potential power disruptions.
The facilities, with a total capacity of 796.64 megawatts (MW), are located in Lumban, Majayjay, and Kalayaan in Laguna province.
The complex was developed under a Build-Rehabilitate-Operate-Transfer (BROT) agreement that is set to conclude its 25-year arrangement with the CBK Power Company, Ltd. and the National Power Corp. (NPC) in February 2026. The CBK Power BROT agreement was acquired by EPDC and Sumitomo in April 2005.

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AboitizPower Power Sector Assets and Liabilities Management Corp. (PSALM) Caliraya-Botocan-Kalayaan (CBK) hydropower plants
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