The Philippine government has officially turned over the operations of the Casecnan-Binahaan-Kalayaan (CBK) hydropower facilities to the Thunder Consortium, a move President Ferdinand R. Marcos Jr. said generated PHP 36.27 billion in privatization proceeds.
The turnover ceremony, held recently, marks the transition of the strategically important energy asset to private management. The Thunder Consortium is composed of Aboitiz Renewables Inc., Sumitomo Corporation, and Electric Power Development Co., Ltd. (J-POWER).
President Marcos stated that the funds raised from the sale would be redirected toward essential public services, including the construction of classrooms, roads, and hospitals.
“The government is able to unlock significant resources while ensuring the continued operation of a strategically important energy asset,” Marcos said.
The President highlighted the transaction as a sign of growing investor confidence in the country’s energy policies and the administration’s framework for public-private partnerships (PPP). He emphasized that such collaborations are intended to convert infrastructure investments into reliable services for the public.
The CBK complex is a vital component of the Luzon power grid, providing both renewable energy and irrigation support for agricultural lands in the region.
Under the new arrangement, the consortium will oversee the long-term operation and maintenance of the facilities.