The acquisition of the 796.56 MW Caliraya-Botocan-Kalayaan (CBK) hydroelectric complex by the Aboitiz-led Thunder Consortium is hailed by analysts as a commercially and strategically significant that strengthens Aboitiz Power Corp.’s position as the country’s leading hydropower operator.
The Thunder Consortium—comprising Aboitiz Renewables Inc. (ARI), Sumitomo Corp., and Electric Power Development Co.—offered the highest bid of ₱36.27 billion at the recent privatization round conducted by the Power Sector Assets and Liabilities Management Corp. (PSALM). While the consortium is still under post-qualification review, analysts already point to the long-term upside for Aboitiz Power.
Unicapital Securities research analyst Peter Garnace said the move is a “strategic milestone,” and that the CBK complex, the largest government-owned hydropower facility, plays a crucial role in grid stability, accounting for over 4 percent of the Luzon grid’s capacity. The acquisition also enhances Aboitiz Power’s renewable energy (RE) mix and could be “earnings accretive with strong potential for sustainable earnings growth.”
RCBC chief economist Michael Ricafort said the same and called the acquisition a “positive development” amid the scarcity of large-scale hydropower assets in the country. He noted that acquiring an existing facility avoids the long timelines and regulatory hurdles of greenfield hydropower development, and supports Aboitiz’s clean energy strategy, especially since hydropower remains among the most cost-efficient RE sources per kilowatt-hour.
The acquisition aligns with Aboitiz Power’s broader goal of adding 3,600 MW in new renewable capacity by 2030, targeting a total RE portfolio of 4,600 MW and a combined 9,200 MW generation mix including thermal power, supported by a ₱78.1 billion capex allocation for 2025.
