ADB And Buskowitz Ink $12 Million Deal For Solar Rooftop Projects In The Philippines

The Asian Development Bank (ADB) and Buskowitz Solar Inc., a subsidiary of Buskowitz Energy Inc., have signed a $12 million agreement to support the deployment of rooftop solar systems across the Philippines, a significant step toward promoting renewable energy in the country.

Asian Development Bank (ADB) and Buskowitz Solar Inc. sign a $12 million agreement to support rooftop solar projects in the Philippines, aiming to generate 88 gigawatt-hours of clean electricity annually while reducing 54,000 tons of carbon dioxide emissions. | Photos: Buskowitz Solar, Inc.

The project aims to generate 88 gigawatt-hours of clean electricity annually and reduce 54,000 tons of carbon dioxide emissions, bringing a sustainable solution to the energy needs of commercial and industrial consumers.

The funding will facilitate the development, construction, and operation of solar panel systems on rooftops in several provinces, including Bacolod, Bulacan, Laguna, Misamis Oriental, Pampanga, Pangasinan, and Zamboanga. This initiative is expected to yield a total capacity of 70 megawatts of solar power.

ADB's commitment to the project underscores the importance of expanding clean energy access in Asia and the Pacific, a region responsible for more than half of global emissions.

"As the region’s climate bank, ADB's involvement in this project will encourage more investment in this emerging sector by reducing perceived risks," said Suzanne Gaboury, ADB's Director General for Private Sector Operations. Rooftop solar energy offers a direct way to supply clean power, reducing both costs and transmission losses.

The financing package includes a $12 million loan from ADB's ordinary capital resources and a $24 million parallel loan from the Philippine National Bank (PNB). ADB played a central role in structuring the deal, focusing on environmental, social, and gender standards.

This approach to portfolio financing for off-takers could potentially stimulate more market activity and serve as a model for other local financiers. Additionally, ADB's ability to offer longer tenor loans is key, as local banks often struggle to provide similar terms for rooftop solar projects.

James Buskowitz, Chief Executive Officer of Buskowitz Energy, highlighted the company's focus on transforming access to solar energy through innovative rooftop solutions.

"Our specialization is in focusing on underutilized spaces, helping clients create significant positive environmental impact while providing substantial energy savings. We are proud to partner with ADB and PNB, allowing us to expand our reach to more small and medium-sized enterprises and industry leaders," he said.

Buskowitz Energy has a solid track record in the rooftop solar sector, with over 300 projects completed for a range of clients, including hotels, schools, cold storage facilities, manufacturing plants, and hospitals.

The company offers comprehensive services from engineering and procurement to financing and maintenance, contributing to a more sustainable and cost-effective energy landscape in the Philippines.

With the support of ADB, the Philippines is poised to make substantial progress toward its net-zero targets, setting a powerful example for the broader region.