18 March 2005 – The joint company owned by the two Japanese companies Sumitomo and J-Power is to purchase a Philippine hydroelectric utility for ¥23bn ($220m).
It will be the first foreign independent hydroelectric power supplier that the two Japanese companies have acquired, although both have foreign thermal power plant operators in their portfolio.
CBK Power, the Philippine power firm to be acquired, manages hydroelectric power stations in Caliraya, Botocan and Kalayaan in southern Luzon. It is expected to perform well for its new owners due to the 25-year power supply contract it was awarded by the Philippine National Power Corp in 2001.
US power company Edison Mission Energy and the Argentine group, Indutrias Metalurgicas Pescarmona SAIC, currently own the targeted company.