Citicore Renewable Energy Corporation (CREC) has announced plans to privatise its 796.64 MW Caliraya-Botocan-Kalayaan (CBK) hydroelectric power plant complex in Laguna, Philippines.
The CBK complex is under a 25-year build-rehabilitate-operate-transfer and power purchase agreement between CBK Power Company Limited and the National Power Corporation, which expires in February 2026. The privatisation is expected to generate up to PHP100 billion. The winning bidder is anticipated to be announced by 2025. CREC aims to enhance its renewable energy portfolio with this acquisition, aligning with its strategy to become the leading power producer in the Philippines. Additionally, CREC plans to contribute about 1 GW of solar energy capacity annually to the Philippine energy mix until 2028.
