A consortium comprising Electric Power Development Co., Ltd. (J-POWER), Aboitiz Renewables, Inc., and Sumitomo Corporation have completed the acquisition of the CBK Hydroelectric power plants in the Philippines following their win in the privatisation bid conducted by the Power Sector Asset and Liabilities Management Corporation (PSALM). The plants are located in Laguna province on the island of Luzon and include the Caliraya, Botocan, and Kalayaan (CBK) power plants, with a combined installed capacity of 797 MW. 

Previously, J-POWER and Sumitomo Corporation jointly acquired CBK Power Company Limited in 2005, which operated the CBK hydropower assets under a build, rehabilitate, operate, and transfer agreement with the National Power Corporation of the Philippines. Upon the expiry of this agreement, the hydropower plants were transferred to the PSALM on February 8, 2026, and commenced operations on the same date. Although the earlier agreement has concluded, J-POWER will reportedly continue to support the projects under the new framework following the consortium’s successful bid.

The Caliraya and Botocan plants, commissioned in 1942 and 1930 respectively, are reportedly among the oldest operational hydropower stations in the Philippines and have undergone rehabilitation to sustain long-term generation of carbon-free electricity. The Kalayaan plant, commissioned in 1982, is the oldest pumped storage hydropower plant in Southeast Asia and remains the only such installation in the country, with a combined capacity of 736 MW across two phases.