21-07-2025
Thunder Consortium bags P36.26B hydro power plant complex in Laguna
Thunder Consortium, composed of Aboitiz Renewables Inc. (ARI), Sumitomo Corporation, and Electric Power Development Co. Ltd (J-Power), has been awarded the winning bidder for the P36.26-billion sale and privatization of the Caliraya-Botocan-Kalayaan (CBK) Hydroelectric Power Plant Complex.
In a regulatory filing, ARI's parent firm Aboitiz Power Corp. said the company was informed on Monday, July 21, that the Power Sector Assets and Liabilities Management Corp. (PSALM) issued a Notice of Award to the Thunder Consortium last Friday, July 18, 2025.
'The Thunder Consortium will undergo the post-award process required by PSALM,' the filing read, but did not elaborate.
Thunder Consortium was the highest-ranking bidder for the asset, offering P36.26 billion, and besting the FGKW Consortium of First Gen Prime Energy Corporation and Korea Water Resources Corporation.
Located in Lumban, Majayjay and Kalayaan in Laguna, the CBK complex is part of the assets being sold by PSALM to fund the settlement of its liabilitations and obligations that are assumed from the National Power Corp. (Napocor).
The CBK Hydroelectric Power Plants are part of the assets the government targets to privatize this year, along with assets in NLEX Corp. (P330 million), receivables in the Nonoc Mining and Industrial Corp. (P820 million), Elorde Sports and Tourism Development Corp. (P621 million), Food Terminal Inc. (P40.46 billion), and SMC Slex Inc. (P12.0 to P24.8 billion).
The power plants are currently operated under a 25-year build-rehabilitate-operate-transfer agreement with CBK Power Company Ltd., which is set to expire in February 2026.
The government is also looking to raise P100 billion next year. Based on the latest report of the Development Budget and Coordination Committee (DBCC), the administration is looking to generate P4.520-trillion in total revenues this year, and P4.983 trillion in 2026.
ARI is a wholly-owned subsidiary of Aboitiz Power Corp., and represents the company's investments and interests in renewable energy projects including geothermal, large hydro, run-of-river hydro, wind, battery energy storage systems, and solar projects.
Shares in ARI were last trading at P41.65 apiece, up by P0.50 or 1.21%. —VAL, GMA Integrated News
