By Sheldeen Joy Talavera, Reporter
THE GOVERNMENT will turn over the 796.64-megawatt (MW) Caliraya-Botocan-Kalayaan (CBK) hydroelectric power complex in Laguna to the winning bidder Thunder Consortium by February 2026, according to the Power Sector Assets and Liabilities Management Corp. (PSALM).
“2026 February is turnover date,” PSALM President and Chief Executive Officer Dennis Edward A. dela Serna told BusinessWorld last week.
Thunder Consortium — composed of Aboitiz Renewables, Inc. (ARI), Sumitomo Corp., and Electric Power Development Co. (J-Power) — was selected as the winning bidder for the privatization of the 796.64-megawatt Caliraya-Botocan-Kalayaan hydroelectric power complex.
The group offered P36.266 billion, outbidding the FGKW Consortium — composed of First Gen Prime Energy Corp. and Korea Water Resources Corp. — which submitted a P19.62-billion offer.
PSALM said Thunder Consortium will undergo a rigorous post-qualification process to verify the accuracy and authenticity of its eligibility documents. The notice of award is expected by mid-July.
The CBK facility is PSALM’s major privatization project this year. It is currently covered by a 25-year build-rehabilitate-operate-transfer agreement between CBK Power Co. Ltd. and National Power Corp. (NPC), which is set to end in February next year.
The complex consists of the 39.37-MW Caliraya hydroelectric power plant (HEPP) in Lumban, the 22.91-MW Botocan HEPP in Majayjay, and the 366-MW Kalayaan I and 368.36-MW Kalayaan II pumped-storage power plants, all located in Laguna.
Meanwhile, Mr. Dela Serna said PSALM is proposing an asset management plan for the rehabilitation of the Agus-Pulangi Hydropower Complex in Mindanao.
The complex consists of seven run-of-river HEPPs in southern and central Mindanao, with a combined installed capacity of about 1,000 MW.
However, only 600-700 MW is currently operational due to aging equipment and infrastructure issues, according to a 2024 World Bank report.
PSALM is tasked with privatizing the government’s power and other disposable assets to liquidate NPC’s financial obligations.
In April, the proposed measure extending PSALM’s corporate term lapsed into law, granting a ten-year extension beyond its original term, which was set to expire on June 26, 2026.
