Aboitiz Power expects 2026 gains from CBK takeover

Aboitiz Power Corp. expects the Caliraya-Botocan-Kalayaan (CBK) hydroelectric power plants in Laguna to start contributing to its bottom line by 2026, an executive said.

At a recent investors’ briefing, Aboitiz Power chief financial officer Sandro Aboitiz said the turnover of the 796.64-megawatt may happen early next year, as the acquisition was already being evaluated in the Philippine Competition Commission (PCC).

“The transaction is currently in the PCC for revaluation. We are still expecting to hit financial close end of the year with the asset being turned over in February 2026,” he said.

“And the expectation is that when the asset gets turned over to us, it’s contributing earnings to us immediately, which is again end of February 2026,” the official added.

In July, Thunder Consortium—composed of Aboitiz Renewables, Inc., Sumitomo Corp., and Electric Power Development Co. provided the highest offer for the power plants at P36.266 billion.

This was significantly than the P19.616-billion offer of its sole competitor, FWKG Consortium, comprised of First Gen Prime Energy Corp. and Korea Water Resources Corp.

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The CBK hydroelectric power facility is one of the power assets being sold by state-led Power Sector Assets and Liabilities Management to settle all the liabilities and obligations it assumed from National Power Corp.

Analysts earlier said that it was a “significant win” for Aboitiz Power to further expand and diversify its generation portfolio.

But they also mentioned challenges in upgrading and optimizing the CBK facilities, given that they are old energy infrastructure. The power plant complex would also compete against newer plants.