THE Power Sector Assets and Liabilities Management Corp. (PSALM) said the privatization of the Caliraya-Botocan-Kalayaan (CBK) hydroelectric power plants located in Lumban, Majayjay, and Kalayaan in Laguna province will be moved to the end of June this year.
“The management of PSALM reiterates that the proposal submission date for the CBK power plants is on June 30, 2025,” the state-run company said in a statement issued over the weekend. It did not provide a reason for the move.
Prior to this decision, PSALM had set the bid proposal submission date for the CBK power plants on June 16, 2025.
The CBK hydroelectric power plant complex has a total contracted capacity of 796.56 megawatts.
CBK was contracted to CBK Power Co. Ltd. under a 25-year build-rehabilitate-operate-transfer agreement that started in February 2001 and will expire in February 2026.
Companies which earlier expressed interest in the CBK hydro asset include Marubeni Corp., Semirara Mining and Power Corp., First Gen Prime Energy Corp., Ayala-affiliated Giga Ace 11 Inc. as well as the Thunder Consortium comprised of Aboitiz Renewables, Inc., Electric Power Development Co. and Sumitomo Corp.
Last year, the Department of Finance (DOF) said the CBK privatization is expected to generate anywhere from P50 billion to P100 billion.
The DOF secretary serves as chairman of the board of PSALM, which, on the other hand, is mandated to privatize power related assets owned by the government.
