Aboitiz Power Corp. said its wholly-owned subsidiary, Aboitiz Renewables, Inc., has received confirmation from the Power Sector Assets and Liabilities Management Corp. (PSALM) that the Thunder Consortium has been awarded the sale and privatization of the Caliraya-Botocan-Kalayaan (CBK) Hydroelectric Power Plant Complex.
PSALM issued the Notice of Award to the consortium—comprising Aboitiz Renewable, Japan’s Sumitomo Corp., and Electric Power Development Co., Ltd. (J-Power)—on July 18. The group will now proceed with the post-award requirements as part of the government’s privatization process.
Located in Laguna, the CBK complex has a combined installed capacity of 728 megawatts and plays a key role in grid stability through its pumped-storage capability. Its acquisition represents a significant milestone in the government’s ongoing energy asset privatization program and reinforces the Thunder Consortium’s commitment to expanding renewable energy in the country.
Aboitiz Renewable, the renewable arm of AboitizPower, leads the company’s investments in clean energy technologies, including geothermal, large hydro, run-of-river hydro, wind, solar, and battery energy storage systems. The addition of the CBK complex bolsters its position in the large hydro segment and aligns with AboitizPower’s goal of achieving a 50:50 balance between renewable and thermal energy capacity by 2030.
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