Official statement on the CBK hydroelectric power plants
- August 6, 2025
The Thunder Consortium is pleased to receive the Notice of Award for the bidding of the Caliraya-Botocan-Kalayaan (CBK) hydroelectric power plants from Power Sector Assets and Liabilities Management Corporation (PSALM).
The Consortium — composed of Aboitiz Power Corporation’s fully owned subsidiary Aboitiz Renewables Inc., Sumitomo Corporation, and the Electric Power Development Co., Ltd. (J-POWER) — 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.
Pump storage hydro is an integral part of the Philippine energy system. 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% RE in the power mix by 2040.
The Consortium congratulates PSALM on successfully conducting the competitive bid, fulfilling its mandate, and effectively generating additional fiscal resources for nation-building.
