The Thunder Consortium has secured P35 billion in bridge loan facilities from BDO Unibank Inc. and Metropolitan Bank & Trust Co. to help finance its acquisition of the Caliraya-Botocan-Kalayaan (CBK) hydroelectric power plant complex.
Aboitiz Power Corp., through its wholly owned subsidiary Aboitiz Renewables Inc. (ARI), told the Philippine Stock Exchange that the loan will partially fund the consortium’s purchase of the CBK hydro assets from the Power Sector Assets and Liabilities Management Corp. (PSALM).
The Thunder Consortium is made up of ARI, Japan’s Sumitomo Corp., and Electric Power Development Co. Ltd. Earlier this month, the group received clearance from the Philippine Competition Commission to proceed with the acquisition.
The consortium submitted the highest bid of P36.27 billion for the 796.56-megawatt CBK hydroelectric complex, which is located in Lumban, Majayjay, and Kalayaan in Laguna, beating a rival bid from First Gen Prime Energy Corp. and Korea Water Resources Corp.
The CBK hydro plants are currently operated under a 25-year build-rehabilitate-operate-transfer agreement that will expire in February 2026.
Aboitiz Power said the acquisition supports its long-term strategy to expand its renewable energy capacity to 4,600 megawatts by 2030, as part of a planned total generation portfolio of 9,200 megawatts to meet the country’s growing power demand.
