Aboitiz Power Corp. has taken control of the 797-megawatt hydroelectric power plant complex in Laguna, described as a very strategic asset that backs the build-out of more renewable energy facilities, according to the Philippine Daily Inquirer.

In a ceremonial turnover on Monday, President Marcos officially transferred the asset to the consortium led by AboitizPower.

This came after almost seven months after the group won a bidding with its ₱36.27 billion (€524 million) offer. The winning bidder is Thunder Consortium, composed of Aboitiz Renewables Inc., Sumitomo Corp. and Electric Power Development Co. The Aboitiz unit holds a controlling 64 per cent stake in the consortium.

The CBK complex includes the 39.37 MW Caliraya hydroelectric power plant in Lumban, the 22.91 MW Botocan plant in Majayjay, as well as the 366 MW Kalayaan I and 368.36 MW Kalayaan II pumped-storage plants, all located in Laguna.

“This plant is more than a power facility. It is a very strategic asset,” Sabin Aboitiz, AboitizPower chair, said during the ceremony. “It provides flexibility, stability and resilience in a rapidly changing energy system,” he said.

CBK enables the company to manage peaks in demand, support reserves and integrate more renewable energy into the grid without compromising reliability. “As we add more solar and wind into the system, facilities like the CBK become even more critical,” he added.

For his part, Marcos said that investors' participation in the bidding is proof of their confidence in the current administration's power ambitions. “As we continue to diversify our energy sources, facilities like CBK help support renewable energy integration into the grid,” Marcos said.

View comprehensive details on the CBK hydropower complex acquisition in the complete report.