The Philippine Competition Commission has approved the Thunder Consortium’s planned acquisition of the Caliraya-Botocan-Kalayaan (CBK) hydroelectric power complex, Aboitiz Power Corp. announced in a disclosure on Monday.
The group—made up of Aboitiz Renewables Inc. (ARI), Sumitomo Corp., and Electric Power Development Co. Ltd.—won the PSALM-led bidding in July with a ₱36.27-billion offer for the 796.56-MW facility located in Laguna. It beat a competing bid from First Gen Prime Energy Corp. and Korea Water Resources Corp.
The transaction covers the purchase of CBK assets from state-run PSALM. The complex is currently operated under a 25-year Build-Rehabilitate-Operate-Transfer deal with CBK Power Co. Ltd., which will end in February 2026.
Aboitiz Power said ARI continues to serve as its platform for renewable energy investments, including hydro, solar, wind, geothermal, and battery storage. The company aims to build 3,600 MW of new renewable capacity by 2030, bringing its total RE portfolio to 4,600 MW and its overall generation capacity to 9,200 MW.
