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Brix Lelis - The Philippine Star
December 23, 2025 | 12:00am
This follows the recent signing of an asset purchase agreement between Aboitiz-led Thunder Consortium and state-run Power Sector Assets and Liabilities Management Corp. (PSALM) for the CBK sale.
STAR / File
MANILA, Philippines — Aboitiz Power Corp. is gearing up for stronger growth following the completion of a P36.27-billion acquisition of the Caliraya-Botocan-Kalayaan (CBK) hydro complex in Laguna.
This follows the recent signing of an asset purchase agreement between Aboitiz-led Thunder Consortium and state-run Power Sector Assets and Liabilities Management Corp. (PSALM) for the CBK sale.
“The asset acquired was used for power generation. AboitizPower intends to continue to use the asset for the same purpose,” AboitizPower said in a regulatory filing yesterday.
Following the deal’s closing, PSALM is expected to turn over the CBK complex upon the expiration of its existing contract in February 2026.
CBK, which consists of hydro plants totaling 797 megawatts in Lumban, Majayjay and Kalayaan, currently operates under a 25-year build-rehabilitate-operate-transfer contract and power purchase agreement between CBK Power Co. Ltd. and National Power Corp.
“The acquisition is expected to have a positive effect on AboitizPower’s business and operations by increasing its renewable energy capacity and diversifying its generation portfolio,” AboitizPower said.
PSALM president and CEO Dennis Edward dela Serna said the closing of the CBK sale reflects investors’ confidence in the country’s power sector and the government’s reform agenda.
“This transaction supports our mandate to optimize asset value while ensuring the long-term reliability and sustainability of the country’s power supply,” Dela Serna added.
Proceeds from the sale are intended to help PSALM settle its financial obligations, a move that could reduce stranded costs and deliver long-term benefits to consumers.
Just last week, Thunder Consortium, comprising Aboitiz Renewables Inc. and Japan’s Sumitomo Corp. and Electric Power Development Co., signed a financing of up to P70 billion to bankroll its CBK acquisition.
The bridge loan facilities would allow the consortium to draw up to P35 billion each from BDO Unibank Inc. and Metropolitan Bank & Trust Co.
