The Thunder Consortium, composed of Aboitiz Renewables, Inc., Sumitomo Corporation, and Electric Power Development Co., emerged as the highest-ranking bidder for the Caliraya-Botocan-Kalayaan (CBK) Hydroelectric Power Plants (HEPPs) with a financial offer of PHP 36.266 billion, according to the Power Sector Assets and Liabilities Management Corporation (PSALM).

The financial proposals were opened on July 4, 2025, as part of PSALM’s bidding process for the privatization of the Laguna-based hydropower complex. The CBK HEPPs are currently operated under a 25-year Build-Rehabilitate-Operate-Transfer (BROT) Agreement with CBK Power Company Ltd., which expires in February 2026.

PSALM emphasized that the Thunder Consortium will undergo a rigorous post-qualification process to verify the accuracy and authenticity of the submitted eligibility documents.

Earlier, on July 2, 2025, PSALM’s Privatization Bids and Awards Committee declared two groups as “Qualified Bidders” after evaluating their eligibility documents:

1. The FGKW Consortium, composed of First Gen Prime Energy Corporation and Korea Water Resources Corporation

2. The Thunder Consortium

The sale of the CBK HEPPs is being conducted on an*“as is, where is” basis under the bidding procedures dated February 28, 2025.

The CBK hydro facilities are located in*Lumban, Majayjay, and Kalayaan, Laguna — key sites in Luzon’s renewable energy infrastructure.

What are your thoughts on this milestone bid for one of Luzon’s legacy hydropower assets? Join the conversation and share your insights.**

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Photo credit: CBK Power