Laguna: Privatization of the Caliraya-Botocan-Kalayaan (CBK) hydroelectric power plants will greatly benefit consumers, and supports the government's bid to boost renewable energy sources. Thunder Consortium made the statement Monday after the Power Sector Assets and Liabilities Management (PSALM) on July 18 announced that it issued the Notice of Award to the consortium for the sale of the CBK hydroelectric power plants.

According to Philippines News Agency, the consortium submitted a PHP36.266-billion bid for the power plant's privatization, which was endorsed by PSALM's Privatization Bid and Awards Committee and was approved by the PSALM Board on July 17, 2025. The consortium is composed of Aboitiz Power Corporation's subsidiary, Aboitiz Renewables Inc.; Sumitomo Corporation; and the Electric Power Development Co., Ltd. (J-POWER).

The statement said the consortium 'is honored by the opportunity to manage and operate CBK as it will help support the country's aspirations for a cleaner and more dynamic grid.' It emphasized that 'pump storage hydro is an integral part of the Philippine energy system.'

The consortium further mentioned that 'as a clean energy resource, it can reduce peak power prices and support deeper penetration of variable renewable energy (RE) in our energy system, well-aligned with the Philippine Energy Plan's aspiration of 50 percent RE in the power mix by 2040.'