Quezon city: Energy Secretary Sharon Garin underscored the government's commitment to having a transparent and competitive process in managing energy assets, following the closing of the privatization sales of the Caliraya-Botocan-Kalayaan (CBK) Hydroelectric Power Plant Complex.

According to Philippines News Agency, the Department of Energy (DOE) announced in a press release that the privatization of the CBK power plant complex was formally closed during a ceremony held by the Power Sector Assets and Liabilities Management (PSALM) Corporation and the Thunder Consortium last week in Quezon City. The transaction is seen as a significant milestone under the government's power sector reform program pursuant to the Electric Power Industry Reform Act (EPIRA), indicating continued investor interest in the Philippine energy sector.

"This successful sale affirms EPIRA's privatization program and reinforces our commitment to transparency and genuine competition in managing national assets," Garin stated. The consortium, comprising Aboitiz Renewables, Inc., Sumitomo Corporation, and Electric Power Development Co., Ltd. (J-POWER), offered more than PHP36 billion for the CBK.

The proceeds from the sale are designated for use in accordance with EPIRA to settle PSALM's financial obligations and to bolster power sector stability. The CBK is a key provider of reliable capacity to the Luzon Grid, playing a crucial role in maintaining system reliability.

Garin further emphasized the alignment of this initiative with President Ferdinand R. Marcos Jr.'s directive to prioritize the Filipino people in energy reforms. She affirmed the DOE's firm support for PSALM in executing its mandate, highlighting that a well-executed privatization underpins sector stability and contributes to keeping electricity services reliable and competitive for consumers.