Dechert has advised the Asian Development Bank (ADB) on the privatisation of the Caliraya-Botocan-Kalayaan hydroelectric power plants (CBK HEPP), one of the Philippines’ largest hydropower complexes.

The 797MW facility, located in Laguna, was sold through a public tender to the Thunder Consortium – a group made up of Aboitiz Renewables, Inc., Sumitomo Corporation, and J-Power – for P36.27 billion (approximately US$640 million). The process was managed by the Power Sector Assets and Liabilities Management Corporation (PSALM), the government agency overseeing the privatization of state-owned energy assets.

ADB and its consultants advised PSALM on the transaction, with Dechert serving as international legal counsel and Puno & Puno Law Offices as national legal counsel. The sale followed a two-stage public tender process that drew interest from more than a dozen bidders in the Philippines, Japan, Korea, and China.

On August 14, PSALM President and CEO Dennis Edward A. Dela Serna and National Power Corporation President and CEO Fernando Martin Y. Roxas met with representatives of the Thunder Consortium and Cleanergy 9 Power Inc. – the consortium’s project company – to sign the agreements for the transfer. ADB and its consultant team witnessed the signing.

“This transaction unlocks the full potential of CBK HEPP through private sector investment and expertise while delivering fiscal benefits to the government,” said Takeo Koike, ADB’s Head of the Office of Markets Development and Public-Private Partnership. “We are proud to have played a role in advancing this landmark deal for the Philippines’ clean energy future.”

Maria Tan Pedersen, Partner and co-head of Dechert’s Emerging Markets product line, added: “This landmark project underscores the growing role of private capital and international partnerships in accelerating the Philippines’ clean energy transition. We are proud to advise ADB on this transaction, building on our long-standing relationship. By tapping on our multi-disciplinary team’s proven expertise in advising on complex energy and infrastructure deals, we look forward to supporting sustainable energy production and energy security in the Philippines, which is poised to deliver long-term benefits for the country.”

The Dechert team was led by Pedersen, supported by senior associates Drew Singer and David Good in Singapore.