The Thunder Consortium signed a letter of intent to acquire Caliraya-Botocan-Kalayaan Hydro Electric Power Plant Complex from Power Sector Assets and Liabilities Management Corporation for PHP 36.3 billion.
Sumitomo Corporation (TSE:8053), Electric Power Development Co., Ltd. (TSE:9513) and Aboitiz Renewables, Inc., through the Thunder Consortium, signed a letter of intent to acquire Caliraya-Botocan-Kalayaan Hydro Electric Power Plant Complex from Power Sector Assets and Liabilities Management Corporation for PHP 36.3 billion on July 4, 2025. A cash consideration of PHP 36.27 billion will be paid by Sumitomo Corporation, Electric Power Development Co., Ltd. and Aboitiz Renewables, Inc. As part of consideration, PHP 36.27 billion is paid towards assets of Caliraya-Botocan-Kalayaan Hydro Electric Power Plant Complex. The Consortium will undergo the post-qualification process required by Power Sector Assets and Liabilities Management Corporation (PSALM). On December 17, 2025, The buyers have secured Bridge Loan Facilities from BDO Unibank and Metropolitan Bank and Trust Company of up to PHP 35 billion each. The acquisition will be financed with combination of debt and equity.
The closing of the transaction is subject to customary closing conditions, including securing the necessary regulatory approvals such as Philippine Competition Commission. The expected completion of the transaction is in February 2026.
On August 14, 2025, Thunder Consortium signed the relevant project agreements with PSALM and the National Power Corporation in relation to the Notice of Award.
As of November 13, 2025, the transaction is expected to close by the end of the year.
As of November 28, 2025 The Philippine Competition Commission has approved the acquisition of the Caliraya-Botocan-Kalayaan Hydroelectric Power Plant.
Sumitomo Corporation, Electric Power Development Co., Ltd. and Aboitiz Renewables, Inc., through the Thunder Consortium, entered into a asset purchase agreement to acquire Caliraya-Botocan-Kalayaan Hydro Electric Power Plant Complex from Power Sector Assets and Liabilities Management Corporation on December 19, 2025.
Synergy Consulting Infrastructure & Financial Advisory Services Inc. acted as financial advisor to Power Sector Assets and Liabilities Management Corporation and Asian Development Bank. Asian Development Bank acted as an advisor to Power Sector Assets and Liabilities Management Corporation. Maria Tan Pedersen of Dechert and Puno & Puno acted as legal advisors to Asian Development Bank.
Electric Power Development Co Ltd is mainly engaged in electricity generation business. The Company operates in four business segments. The Electricity segment engages in power generation business including hydroelectric power generation, thermal power generation and wind power generation, as well as provision of electricity. The Electricity-Related segment engages in design, installation, maintenance and repair of electrical power equipment, the port operation of fuel and coal ash, the coal mine development, the import of coal, the procurement and manufacture of biomass fuel, the operation of public health facilities, as well as the provision of computer services. The Overseas Operation segment is in the operation of electrical power generation investment business and other related businesses, engineering and consulting businesses in overseas. The Others segment engages in new electricity business, environment-related business and others.
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The Thunder Consortium signed a letter of intent to acquire Caliraya-Botocan-Kalayaan Hydro Electric Power Plant Complex from Power Sector Assets and Liabilities Management Corporation for PHP 36.3 billion.
