The privatization schedule of the Caliraya-Botocan-Kalayaan (CBK) hydroelectric power plant complex in Laguna has been officially moved to the end of June this year, according to the Power Sector Assets and Liabilities Management Corp. (PSALM). The revised timeline was confirmed in a statement over the weekend, marking a two-week delay from the original June 16 deadline.
PSALM did not provide a reason for the postponement but reaffirmed that it remains committed to proceeding with the asset disposal within the new timeframe.
The 796.56-megawatt CBK hydro complex, located across the towns of Lumban, Majayjay, and Kalayaan, is among the largest hydroelectric assets being sold by the government. Currently operated by CBK Power Co. Ltd. under a 25-year build-rehabilitate-operate-transfer (BROT) agreement that began in 2001, the contract is set to expire in February 2026—heightening commercial interest ahead of the transition.
The revised submission date for privatization bids holds major significance for both government revenue and market participants. According to the Department of Finance (DOF), which chairs the PSALM board, the transaction could yield between ₱50 billion and ₱100 billion in proceeds—potentially one of the most lucrative privatizations in recent years.
Among those that have reportedly expressed interest in the CBK asset are major domestic and foreign players including Japan’s Marubeni Corp., Semirara Mining and Power Corp., First Gen Prime Energy Corp., Ayala’s Giga Ace 11 Inc., and the Thunder Consortium, which includes Aboitiz Renewables Inc., Japan’s Electric Power Development Co., and Sumitomo Corp.
PSALM, mandated to privatize government-owned power assets, is expected to finalize the terms of reference for the CBK deal in the coming weeks. The rescheduled bidding date allows interested parties more time for due diligence and proposal preparation—critical steps in a competitive bidding process expected to draw wide strategic interest in the energy sector.
