Total investments of CBK Power Co. Ltd, which is owned equally by US firm Edison Mission Energy and IMPSA, will reach USD 470 million this year when CBK completes the rehabilitation and new construction work in the former state-owned power plants under a build-rehabilitate-operate-transfer (BROT) contract with the government. CBK stands for Caliraya, Botocan and Kalayaan which are the names of the power plants covered by the project. The project is doubling the capacities of the power plants, the Kalayaan I and II pumped storage plants, the Caliraya hydroelectric plant, and the Botocan hydroelectric plant, to a total of 769 MW from their original total capacity of 349 MW. To date, over USD 400 million has been invested in the project, according to CBK Power with 97% of the total project completed. CBK Power said the power plants were in dire need of rehabilitation when they were turned over by the government to the firm. It said only one of four generator units in the Caliraya plant was fully operational and there was heavy leakage in its penstock. Its dam and spillway also needed rehabilitation when CBK Power took over.
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