The 797-megawatt Caliraya-Botocan-Kalayaan Hydroelectric Power Plant (CBK HEPP) Complex in Laguna was officially turned over by the Philippine government to a consortium led by Aboitiz Renewables, Inc., the renewable energy arm of Aboitiz Power Corporation (AboitizPower).
The Thunder Consortium, composed of Aboitiz Renewables and Japanese firms Sumitomo Corporation and Electric Power Development Co., Ltd. (J-POWER) won the bidding process conducted by the Power Sector Assets and Liabilities Management Corporation (PSALM) for the CBK HEPP’s privatization in July 2025, with the acquisition of CBK HEPP’s hydroelectric and pumped storage assets being approved by the Philippine Competition Commission in November the same year.
The ceremonial turnover was led by President Ferdinand R. Marcos Jr., together with PSALM, and witnessed by Japanese Ambassador to the Philippines Endo Kazuya, Philippine government officials, and representatives from the consortium partners.
The CBK HEPP Complex—particularly its Kalayaan pumped-storage units—serves as a critical energy buffer for the Luzon grid. Its ability to store energy and rapidly dispatch power strengthens system stability, provides essential ancillary services, and supports the integration of renewable energy sources.
As the country expands its clean energy portfolio, the facility is expected to play a key role in safeguarding grid reliability and helping prevent power disruptions.
President Marcos underscored the strategic importance of the turnover to the country’s energy future. “Today’s turnover of the Caliraya-Botocan-Kalayaan Hydroelectric Power Plant marks a deliberate step toward an energy system that is steadier in operations, smarter in design, and ready for the future that we are building. A future where Filipinos can count on electricity that keeps pace with their needs and works without disruption.”
“We thank the Thunder Consortium for taking on this responsibility with a clear commitment to long-term stewardship,” he added.
Japanese Ambassador Endo characterized the transition of stewardship as a milestone in Philippine-Japanese cooperation in advancing renewable energy. “It is clear that this power plant is not merely an energy provider but a pillar supporting the country’s development. I would like to express my deepest respect to all those involved for their dedication, as well as my sincere gratitude to the Philippine government for its long-standing support.”
Aboitiz Equity Ventures President and CEO and AboitizPower Chairman Sabin Aboitiz said the consortium is prepared to operate the facility and support the country’s energy needs. “It provides flexibility, stability, and resilience in a rapidly changing energy system. It allows us to manage peaks in demand, support reserves, and integrate more renewable energy into the grid without compromising reliability. And as we add more solar and wind into the system, facilities like CBK become even more critical.”
The turnover of the CBK HEPP Complex marks a major milestone in the Philippine government’s power sector privatization program, generating additional fiscal resources for nation-building.
For Aboitiz Renewables, the acquisition of CBK significantly expands its hydropower portfolio and adds a massive pumped-storage asset to its renewable energy mix, aligning with AboitizPower’s strategy to expand its renewable energy capacity and strengthen its long-term, stable power generation base.
The takeover also marks one of the largest hydropower acquisitions in the country, reinforcing AboitizPower’s role in supporting the Philippines’ long-term clean energy transition.