The Power Sector Assets and Liabilities Management (PSALM) Corporation has awarded the sale of the Caliraya-Botocan-Kalayaan Hydroelectric Power Plants (CBK HEPP) to Thunder Consortium, composed of Aboitiz Renewables, Inc., Sumitomo Corporation, and Electric Power Development Co., Ltd., following a successful post-qualification process and board approval.

PSALM issued the Notice of Award (NOA) to Thunder Consortium after it submitted the highest financial bid of PHP 36.266 billion on July 4.

The sale was endorsed by the Privatization Bids and Awards Committee and approved by the PSALM Board of Directors during its Special Meeting on July 17, 2025. PSALM’s Technical Working Group conducted the post-qualification evaluation on July 9 to validate the accuracy, authenticity, and completeness of the consortium’s submitted documents.

The Thunder Consortium has seven calendar days from receipt of the NOA to accept, sign, and return it to PSALM.

“This milestone marks a significant step in PSALM’s privatization program, contributing to the government’s broader energy sector reform agenda,” PSALM stated. “The successful sale of the CBK HEPP is expected to enhance operational efficiency and support the country’s renewable energy goals.”

What are your thoughts on this major hydro privatization deal? How do you see it impacting the energy sector’s transition and market competition? Join the conversation. 

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