ADB, Buskowitz Solar ink $12mln loan for rooftop panels

PHOTO

The Asian Development Bank (ADB) has signed a $12 million (P675 million) loan agreement with Buskowitz Solar Inc. for the installation of solar panel systems in commercial and industrial buildings' rooftops in the Philippines.

In a statement, the multilateral lender said the deal signed with Buskowitz Solar, a subsidiary of Buskowitz Energy Inc., would be used to support the development, construction and operation of multiple solar panel systems on the rooftops of commercial and industrial buildings in several provinces in the Philippines.

The ADB said the $12 million loan would be sourced from its ordinary capital resources.

Also part of the financing package is a $24 million parallel loan from the Philippine National Bank.

The ADB said it led the financial structuring for the project, which will generate 88 gigawatt-hours of clean electricity annually and reduce 54,000 tons of carbon dioxide equivalent emissions.

Under the project, a total of 70 megawatts of solar power generation capacity will be installed in the provinces of Bacolod, Bulacan, Laguna, Misamis Oriental, Pampanga, Pangasinan and Zamboanga.

'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,' ADB director general for private sector operations Suzanne Gaboury said.

Through the ADB's involvement in the project, she said the multilateral lender would like to encourage more investments in solar projects.

Buskowitz Energy CEO James Buskowitz said the company aims to transform solar energy access and generation through sustainable and cost-effective rooftop solar solutions for both residents and businesses.

'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,' he said.

Buskowitz Energy, a pioneer of rooftop solar, provides integrated solar photovoltaic services, including engineering, procurement, construction, consultation, custom design and evaluation, financing, as well as operations and maintenance.

In addition, the company facilitates easier and cost-effective access to solar power by offering solar power purchase agreements, leases and loans.

More than 300 projects have been successfully installed and commissioned by the company for hotels, schools, universities, cold storage facilities, gas stations, manufacturing plants, hospitals, warehousesand other facilities.