Synergy Consulting, Inc., is honored to act as the Financial and Valuation Advisor to the Asian Development Bank (ADB) and the Power Sector Asset and Liabilities Management Corporation (PSALM) for the Privatisation of the 796.5 MW CBKHEPP Complex.
PSALM successfully transferred the rights of CBK HEPP Complex to Cleanergy 9 Power Inc in February 2026, marking the completion of the Sale of the Power Plant.
Synergy Consulting Inc., acting as the Lead Financial and Valuation Advisor, is honored to have supported the Asian Development Bank (ADB) Transaction Advisor and the PSALM in the successful completion of the Project.
This milestone comes after the declaration of the Thunder Consortium—comprising Aboitiz Power Renewables Inc, Sumitomo Corporation, and J-POWER- as the winning bidder on 04 July, with a winning bid of PHP 36.266 billion, followed by the signing of project documents on 14 August 2025, marking the commercial close. The successful closing of the project was completed on 19 December 2025.
This is the first of its kind project in the Philippines, wherein a portfolio of hydropower assets, including a large pumped hydro plant, has been privatized, as part of the strategic privatisation roadmap of the Republic of the Philippines.
The successful execution of this transaction reinforces the growing role of innovative structuring and private sector participation in delivering resilient and future-ready power systems. As the Philippines continues to advance its energy transition agenda, landmark projects such as CBK are expected to serve as benchmarks for similar transactions across the region.
The Philippines power sector is rapidly shifting from capacity expansion to system flexibility. Since July 2025, rising ancillary service costs have been materially impacting tariffs—signalling the growing cost of balancing a renewables-heavy grid.
By late 2025, the fully operational Reserve Market had already delivered a step-change in reliability, with a sharp reduction in system alerts. Momentum continues into 2026, with Feb’26 policy focus on energy storage frameworks and Mar–Apr’26 developments around wholesale market pricing and new renewable capacity additions.
The direction is clear: flexibility, dispatchability, and grid responsiveness are becoming the defining metrics of asset value.
In this evolving market design—where energy, reserves, and potential capacity of increasingly co-optimized—assets such as pumped storage are uniquely positioned to capture multi-layered value, spanning energy arbitrage, ancillary services, and system support.
Against this backdrop, the CBKHEPP transaction represents not just a privatization but also an early repositioning of critical infrastructure for a flexibility-constrained, high-renewables power system.
English 
Spanish 
Russian 
French 
Arabic