P70B financing backs CBK hydro acquisition
Aboitiz Power Corp. said a consortium it is part of has secured up to P70 billion in bridge loans to help pay for its takeover of the Caliraya-Botocan-Kalayaan (CBK) Hydroelectric Power Plant Complex, one of the country’s biggest hydro assets.
In a disclosure on Thursday, AboitizPower said its renewable energy arm Aboitiz Renewables Inc. (ARI) informed the company that the Thunder Consortium can borrow up to P35 billion each from BDO Unibank Inc. and Metropolitan Bank and Trust Co.
The funds will be used to partly finance the acquisition of the CBK complex, which supplies power to the Luzon grid.
The Thunder Consortium is made up of ARI, Sumitomo Corp., and Electric Power Development Co. Ltd.
ARI houses AboitizPower’s renewable energy investments, including geothermal, large hydro, run-of-river hydro, wind, battery energy storage systems, and solar projects.
The financing follows the Philippine Competition Commission’s approval of the CBK acquisition on 28 November, with approval for posting granted on 1 December.
The CBK plant operates under a 25-year build-rehabilitate-operate-transfer and power purchase agreement with National Power Corp., expiring in February 2026.
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