The Department of Energy (DOE) welcomed the successful closing of the privatization sale of the Caliraya–Botocan–Kalayaan (CBK) Hydroelectric Power Plant Complex on 19 December 2025, completed by the Power Sector Assets and Liabilities Management (PSALM) Corporation and the Thunder Consortium.
The transaction marks a significant milestone under the government’s power sector reform program pursuant to the Electric Power Industry Reform Act (EPIRA) and reflects continued investor interest in the Philippine energy sector.
Energy Secretary Sharon S. Garin, who spoke during the closing ceremony in Quezon City, said the completion of the sale underscores the government’s commitment to transparent, competitive processes in managing strategic energy assets and advancing reforms that ultimately benefit electricity consumers.
“This successful sale affirms EPIRA’s privatization program and reinforces our commitment to transparency and genuine competition in managing national assets,” Secretary Garin said.
The Thunder Consortium, composed of Aboitiz Renewables, Inc., Sumitomo Corporation, and Electric Power Development Co., Ltd. (J-POWER), emerged as the winning bidder during the financial proposal opening on 4 July 2025, with an offer of more than ₱36 billion for the CBK Hydroelectric Power Plant Complex.
Proceeds from the sale will be used in accordance with EPIRA to settle PSALM’s financial obligations and strengthen power sector stability. As one of the country’s major renewable energy assets, the CBK Hydroelectric Power Plant Complex contributes reliable generation to the Luzon Grid and supports system reliability by providing operational flexibility that complements the evolving generation mix.
The DOE also recognized the importance of a well-managed transition to ensure continuity of operations and to safeguard the public interest, noting PSALM’s commitment to ongoing coordination with relevant stakeholders.
The DOE further acknowledged PSALM’s continuing role in strengthening a competitive power industry through the orderly privatization of National Power Corporation (NPC) generation assets and real estate, the management of independent power producer contracts, and the prudent settlement of NPC’s financial obligations.
“Following President Ferdinand R. Marcos Jr.’s directive to put the Filipino people at the heart of our energy reforms, the DOE stands firmly with PSALM in carrying out its mandate,” Secretary Garin said.
“A well-executed privatization supports sector stability and helps keep electricity service reliable and competitive for consumers.” The DOE reiterated its support for reforms that strengthen governance, promote investment, and ensure that power sector transactions are implemented with transparency, accountability, and a clear focus on consumer welfare and long-term energy security.
