The Power Sector Assets and Liabilities Management (PSALM) Corporation officially concluded the sale of the Caliraya–Botocan–Kalayaan Hydroelectric Power Plants (CBK HEPP) today, December 19, 2025. The ceremonial exchange of Closing Transactions took place at the PSALM headquarters in Vertis North, Quezon City, marking a historic milestone in the government’s privatization program.
the CBK HEPP, a strategic renewable energy complex located in Laguna, is a vital contributor of clean and reliable power to the Luzon grid. Its sale represents a major achievement under the Electric Power Industry Reform Act (EPIRA), signaling the government’s continued success in reforming the national power sector.
The transaction was finalized with Cleanergy 9 Power Inc., the project company representing the “Thunder Consortium”—a powerhouse partnership between Aboitiz Renewables, Inc., Sumitomo Corporation, and Electric Power Development Co., Ltd.
The consortium secured the asset after emerging as the highest bidder during the financial proposal opening on July 4, 2025, with a winning offer of PHP 36.266 billion.
Energy Secretary Sharon Garin, representing the Philippine government, lauded the transaction as a victory for transparency and market competition.
“This successful transaction is a clear affirmation of the privatization initiatives of EPIRA,” Secretary Garin stated. “It underscores our commitment to a power sector that is reform-minded, investor-friendly, and firmly focused on providing reliable and affordable service for the Filipino people.”
PSALM President and CEO Dennis Edward A. Dela Serna added that the sale reflects robust investor confidence in the Philippines. “This transaction supports our mandate to optimize asset value while ensuring the long-term reliability and sustainability of the country’s power supply,” Dela Serna noted.
The PHP 36.27 billion proceeds from the sale are earmarked for the following priorities under the EPIRA mandate:
Settling Financial Obligations: Directly addressing PSALM’s inherited debts.
Reducing Stranded Costs: Lowering the financial burden on electricity consumers.
Ensuring Sector Stability: Reinforcing the long-term fiscal health of the Philippine power industry.
PSALM has committed to a seamless transition of operations to Cleanergy 9 Power Inc., ensuring that the CBK HEPP facilities continue to operate without interruption to safeguard the public interest and the stability of the Luzon grid.
