Aboitiz Power Subsidiary Seals Hydropower Privatization Agreement

Aboitiz Power Corporation announced that its renewable energy arm has entered into agreements with two state-owned corporations as part of the government’s effort to privatize a major hydroelectric facility.

In a disclosure, Aboitiz Renewables, Inc. (ARI) confirmed that the Thunder Consortium — made up of ARI, Sumitomo Corporation, and Electric Power Development Co., Ltd. — through its project company, Cleanergy 9 Power Inc., finalized project contracts with the Power Sector Assets and Liabilities Management Corporation (PSALM) and the National Power Corporation (NPC).

These agreements follow the July 18 award by PSALM granting the consortium the rights to acquire and operate the Caliraya-Botocan-Kalayaan Hydroelectric Power Plant Complex.

ARI serves as Aboitiz Power’s investment platform for renewable projects, with a portfolio that includes geothermal, large hydro, run-of-river hydro, solar, wind, and battery energy storage developments.

Completion of the transaction will depend on standard closing requirements, including regulatory clearance from agencies such as the Philippine Competition Commission.