The Power Sector Assets and Liabilities Management (PSALM) Corporation announced the issuance of the notice of award (NOA) to the Thunder Consortium for the sale of the Caliraya-Botocan-Kalayaan (CBK) Hydroelectric Power Plants. This significant development follows the unanimous approval by the PSALM Board of Directors during its Special Meeting on July 17, 2025, and a thorough post-qualification endorsement by the Privatization Bids and Awards Committee.
The Thunder Consortium, a formidable alliance comprising Aboitiz Renewables, Inc., Sumitomo Corporation, and Electric Power Development Co., Ltd., emerged as the Highest-Ranking Bidder on July 4, 2025, with a compelling Financial Proposal of PHP36.266 billion. A rigorous post-qualification evaluation was conducted by PSALM’s Technical Working Group on July 9, 2025, to meticulously verify the accuracy, authenticity, and completeness of all submitted Qualification Documents and supporting materials.
The Thunder Consortium now has seven (7) calendar days from the official receipt of the NOA to formally accept, sign, and submit the document to PSALM.
This milestone represents a pivotal achievement in PSALM’s ongoing privatization program, aligning directly with the government’s comprehensive energy sector reform agenda. The successful divestment of the CBK HEPP is anticipated to significantly enhance operational efficiency within the power sector and provide substantial impetus towards achieving the nation’s ambitious renewable energy targets.
