The Power Sector Assets and Liabilities Management Corp. is moving forward with the privatization of the 796.64-megawatt Caliraya-Botocan-Kalayaan (СВК) hydroelectric power plants on June 30, 2025, or two weeks behind the earlier deadline of June 16, 2025.
“The management of PSALM reiterates that the proposal submission date for the CBK power plants is on June 30, 2025,” it said.
Nine companies expressed interest to participate in the CBK privatization, according to PSALM.
The companies attended the pre-proposal conference where the agency presented an overview of the project, the bidding process and the project agreements for the sale of the CBK hydro plants, which are being privatized on an “as is, where is” basis.
The interested firms include Thunder Consortium (Aboitiz Group, J-POWER, Sumitomo Corp), ACEN Corp.’s GIGA ACE 11, Inc., First Gen Prime Energy Corp. of the Lopez Group, Semirara Mining & Power Corp. of the Consunji Group, Hexa Philippines Holdings Inc. (a part of HEXA Renewables, a pan-Asia renewable energy platform established by I Squared Capital), Marubeni Corp. of Japan, Korea Water Resources Corp., businessman Enrique Razon’s Prime Infrastructure Capital Inc. and San Miguel Global Power Holdings Corp.
Department of Finance and National Power Corp. representatives attended the pre-proposal conference as observers.
The CBK hydro power plants are located in Lumban, Majayjay and Kalayaan in Laguna province. The facilities play a central role in the Luzon power system. They are among the few remaining big ticket power assets that are up for privatization by the government.
The CBK plants were contracted to CBK Power Company Ltd. under a 25-year build-rehabilitate-operate-transfer agreement which would will expire in February 2026.
PSALM tapped the Asian Development Bank as the transaction advisor to monetize CBK hydro power plants. The DOF is hoping to raise P50 billion to P100 billion from the CBK privatization.
