The Market Monitor Minding the Nation's Business
THE Philippine Competition Commission has approved the acquisition of the Caliraya-Botocan-Kalayaan (CBK) hydroelectric power plant complex by the Thunder Consortium, Aboitiz Power Corp. (AboitizPower) has announced.
The company told the Philippine Stock Exchange (PSE) that it had been informed of the development by subsidiary Aboitiz Renewables Inc., which is a member of the consortium along with Sumitomo Corp. and Electric Power Development Co., Ltd.
The transaction involves the acquisition of hydroelectric power plant complex assets from the Power Sector Assets and Liabilities Management Corp. (Psalm).
The consortium, through project company Cleanergy 9 Power Inc., signed relevant project agreements with Psalm and National Power Corp. last August.
This was after it won the CBK assets with a bid of P36.27 billion.
Located in three towns in Laguna, the hydroelectric power complex is composed of the Caliraya hydroelectric power plant in Lumban, the 22.91-megawatt (MW) Botocan hydroelectric power plant in Majayjay, and the 366-MW Kalayaan I and 368.36-MW Kalayaan II pumped storage power plants in Kalayaan town.