The Asian Development Bank (ADB) and Buskowitz Solar Inc., signed a $12 million (equivalent to 675 million Philippine pesos). This deal was undertaken to support clean and affordable solar energy for commercial and industrial consumers in the Philippines.
Buskowitz Solar a subsidiary of Buskowitz Energy Inc. and Asian Development Bank project is expected to generate 88 gigawatt-hours of clean electricity annually and reduce 54,000 tons of carbon dioxide equivalent emissions. The financing will support the development, construction, and operation of multiple solar panel systems on the rooftops of commercial and industrial buildings across several provinces of the Philippines. Installations are planned in Bacolod, Bulacan, Laguna, Misamis Oriental, Pampanga, Pangasinan, and Zamboanga. A total of 70 megawatts of solar power generation capacity will be installed.
“As Asia and the Pacific accounts for more than half of global emissions, it’s imperative to scale up access to reliable and sustainable clean energy in this region. Rooftop solar energy provides an efficient way to deliver clean power directly to consumers, potentially reducing costs as well as avoiding transmission losses,” said ADB Director General for Private Sector Operations Suzanne Gaboury. “As the region’s climate bank, ADB’s involvement in this project will encourage more investment in this emerging sector by reducing perceived risks.”
The financing package comprises a $12 million loan from ADB’s ordinary capital resources and a $24 million parallel loan from the Philippine National Bank (PNB). ADB led the financial structuring, as well as the implementation of environmental, social, and gender standards. ADB’s innovative approach to portfolio financing for off-takers can potentially catalyze the market and be replicated by other local financiers. Moreover, ADB provides longer tenor loans, which local banks are unable to offer for rooftop solar projects in the Philippines.
“Buskowitz Energy’s mission is to transform the way we access and generate solar energy, by providing sustainable and cost-effective rooftop solar solutions for both residents and businesses,” said Buskowitz Energy Chief Executive Officer James Buskowitz. “Our specialization is in focusing on underutilized spaces, which helps our clients create significant positive environmental impact while providing them substantial energy savings. We are proud to have the trust and partnership of ADB and PNB, which allows us to expand our reach to more small and medium-sized enterprises and industry leaders, helping them and the Philippines to achieve net-zero targets.”
Buskowitz Energy is a pioneer of rooftop solar and provides integrated solar photovoltaic services, including engineering, procurement, and construction, consultation, custom design and evaluation, financing, as well as operations and maintenance. It also facilitates easier and cost-effective access to solar power by offering solar power purchase agreements, leases, and loans. Buskowitz Energy has successfully installed and commissioned over 300 projects for hotels, schools, universities, cold storage facilities, gas stations, manufacturing plants, hospitals, warehouses, and other facilities.
