The consortium of Aboitiz Renewables Inc., Sumitomo Corp., and Electric Power Development Co., collectively known as the Thunder Consortium, submitted the highest bid of P36.27 billion for the privatization of the CBK Hydroelectric Power Plants (HEPPs). 

State-run Power Sector Assets and Liabilities Management Corp. (PSALM) said the financial proposals were opened Friday, following the qualification of two bidders by its Privatization Bids and Awards Committee on Wednesday. 

The Thunder Consortium, however, still has to undergo a post-qualification process to verify “the accuracy and authenticity of the eligibility documents submitted.”

The other qualified bidder was the consortium of the Lopez-led First Gen Prime Energy Corp. and Korea Water Resources Corp.  (FGKW Consortium).

The CBK plant operates under a 25-year build-rehabilitate-operate-transfer and power purchase agreement with National Power Corp., expiring in February 2026. 

PSALM, which manages state power assets under the Electric Power Industry Reform Act of 2001, previously sold the 165-MW Casecnan hydro plant to First Gen’s Fresh River Lakes Corp. for $526 million. 

It is also assessing the $350-million rehabilitation of the Agus-Pulangi hydro complex and planning to privatize other assets, including the 200-MW Mindanao coal plant and 72 hectares of real estate. In 2021, Congress approved a bill extending PSALM’s corporate life.