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The Asian Development Bank (ADB) and Buskowitz Solar Inc., a subsidiary of Buskowitz Energy Inc., have inked a $12 million agreement to promote clean and affordable solar energy for commercial and industrial consumers in the Philippines. The project aims to generate 88 gigawatt-hours of clean electricity annually and reduce carbon dioxide emissions by 54,000 tons.
The financing will facilitate the development, construction, and operation of multiple solar panel systems on the rooftops of commercial and industrial buildings across several provinces in the Philippines, including Bacolod, Bulacan, Laguna, Misamis Oriental, Pampanga, Pangasinan, and Zamboanga. This initiative will install a total of 70 megawatts of solar power generation capacity.
Suzanne Gaboury, ADB Director General for Private Sector Operations, emphasized the importance of scaling up access to clean energy in the Asia-Pacific region, especially given its significant contribution to global emissions. She highlighted rooftop solar energy as an efficient way to deliver clean power directly to consumers, potentially reducing costs and transmission losses.
The financing package consists of 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 and implementation of environmental, social, and gender standards. This innovative approach to portfolio financing for off-takers has the potential to catalyze the market and be replicated by other local financiers.
James Buskowitz, CEO of Buskowitz Energy, expressed pride in the partnership with ADB and PNB, stating that it enables the expansion of their reach to more small and medium-sized enterprises and industry leaders, helping them and the Philippines achieve net-zero targets.
Buskowitz Energy, a pioneer of rooftop solar, offers integrated solar photovoltaic services and facilitates easier access to solar power through various financing options. With over 300 successful projects, including installations in hotels, schools, hospitals, and warehouses, the company is committed to advancing sustainable energy solutions.
The collaboration between ADB and Buskowitz Solar Inc. signifies a significant step towards enhancing solar energy adoption in the Philippines, contributing to the country’s efforts to achieve clean and sustainable development goals |
