The Aboitiz-led Thunder Consortium announced that it has received the Notice of Award for the Caliraya-Botocan-Kalayaan (CBK) hydroelectric power plants, which were recently bid out by the Power Sector Assets and Liabilities Management Corp. (PSALM).
Earlier this month, the consortium—comprised of Aboitiz Renewables Inc., Sumitomo Corp., and Electric Power Development Co.—submitted the highest bid of ₱36.27 billion for the privatization of the 796.56-megawatt (MW) CBK hydroelectric power assets located across Lumban, Majayjay, and Kalayaan in Laguna province.
In a statement issued Monday, Aboitiz Power said: “The Consortium is honored by the opportunity to manage and operate CBK, as it will help support the country’s aspirations for a cleaner and more dynamic grid.”
“As a clean energy resource, CBK can reduce peak power prices and support deeper integration of variable renewable energy in our system, in line with the Philippine Energy Plan’s goal of achieving 50% renewable energy (RE) in the power mix by 2040,” the company added.
The Thunder Consortium edged out a competing bid from the group of First Gen, Prime Energy Corp. , and Korea Water Resources Corp.
CBK Hydro is currently operated under a 25-year Build-Rehabilitate-Operate-Transfer (BROT) agreement with CBK Power Co. Ltd., which is set to expire in February 2026.
Peter Garnace, research analyst at Unicapital Securities Inc., said the acquisition “marks a strategic milestone for the Aboitiz Power-led consortium, significantly expanding its hydroelectric portfolio.”
“The CBK complex is the oldest and largest government-owned hydropower plant, contributing over 4% to the Luzon grid—a critical asset in ensuring system-wide stability and energy security. This acquisition firmly establishes Aboitiz Power as the Philippines’ largest hydropower operator, enhancing its renewable energy mix,” he said.
Garnace also noted that the move is “earnings-accretive for Aboitiz Power, with strong potential to drive sustainable growth in the coming years.”
RCBC chief economist Michael Ricafort described the acquisition as a strategic win “given the scarcity of readily available, large-scale hydropower facilities in the country—compared to greenfield developments, which typically require years and numerous regulatory hurdles.”
Ricafort added that it reinforces Aboitiz Power’s RE push, particularly since “hydropower remains one of the lowest-cost renewable energy options per kilowatt-hour.”
Aboitiz Power has earmarked ₱78.1 billion in capital expenditure for 2025. As a group, it aims to add 3,600 MW in new renewable capacity—bringing its RE portfolio to 4,600 MW by 2030. Paired with its thermal assets, this expansion supports the country’s baseload and peak energy demands and is expected to yield a total generation capacity of 9,200 MW.
