Citicore bidding for privatization of CBK hydro complex

MANILA, Philippines — Citicore Renewable Energy Corp. (CREC) has expressed interest in the privatization of the 796.64-megawatt (MW) Caliraya-Botocan-Kalayaan (CBK) hydroelectric power plant complex in Laguna.

The newly listed solar power producer chaired by tycoon Edgar Saavedra told the Philippine Stock Exchange yesterday that it secured bidding documents for the CBK complex.

“CREC is continuously seeking opportunities to further expand its renewable energy portfolio as part of its ordinary course of business and may, from time to time, participate in the bidding of interesting renewable energy projects on tender,” it said.

CBK is the major privatization project of the Power Sector Assets and Liabilities Management Corp. (PSALM) this year.

Currently, the hydropower plant complex is under a 25-year build-rehabilitate-operate-transfer and power purchase agreement between CBK Power Co. Ltd. and the National Power Corp.

The contract is set to expire in February 2026.

Finance Secretary Ralph Recto, chairman of the PSALM board of directors, earlier said they expect to generate up to P100 billion from the CBK privatization.

The project’s winning bidder is expected to be announced next year, Recto added.

The CBK privatization would bolster CREC’s portfolio and help achieve its ambitious target of becoming the leading power producer in the country if the company is shortlisted.

The firm debuted on the PSE last Friday, successfully raising P5.3 billion and making it the country’s second initial public offering (IPO) this year.

Out of the IPO proceeds, close to P3.3 billion was earmarked for capital expenditures, pipeline development and other general corporate purposes.

The company’s goal is to contribute around one gigawatt (GW) of ready-to-build and under-construction solar energy capacity to the Philippine energy mix per year until 2028.

It also plans to tap the green bond next year to partially finance its clean energy projects, although the size of the offering is still being finalized.