Synergy Consulting, Inc., acting as the Financial Advisor, is proud to have supported the Asian Development Bank (Transaction Advisor) and the Private Sector Asset and Liabilities Management Corporation (PSALM) in the successful implementation of the evaluation process. The Project was procured by the PSALM with support from the Asian Development Bank (“ADB”).
The financial advisory group supporting the project includes Synergy as the Lead financial advisor and Reyes Tacandong & Co. as the Accounting and Tax sub-consultant to Synergy.
On 4 July, the PBAC of the PSALM opened financial proposals for the Caliraya-Botocan-Kalayaan hydroelectric plants (CBK Complex). The CBK Complex consists of the 39.5 MW Caliraya hydroelectric power plant, the 23.1 MW Botocan Hydroelectric power plant, and the 733.9 MW Kalayaan pumped storage power plant — the only operational pumped storage facility in the Philippines. The Thunder Consortium—comprising Aboitiz Power Renewables Inc, Sumitomo Corporation, and J-POWER—emerged as the winning bidder with a PHP 36.266 billion purchase price.
This milestone comes after the 30 June bid submission deadline for a single-stage tender process, which was facilitated with support from our team at the Office of Markets Development and Public-Private Partnership (OMDP) acting as the transaction advisor. Two qualified consortia submitted bids: the Thunder Consortium and the First Gen–Korea Water Consortium.
The project documents are expected to be signed in August 2025 and the asset transfer is scheduled to take place in February 2026.
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