ADB signs US$12 million loan with Buskowitz Solar for rooftop panels

ADB said the US$12 million loan will come from its ordinary capital resources.

MANILA, Philippines — 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 on the roofs of commercial and industrial buildings in the Philippines.

The multilateral lender said in a statement that the agreement with Buskowitz Energy Inc. subsidiary Buskowitz Solar will be used to support the development, construction and operation of multiple solar panel systems on the rooftops of commercial and industrial buildings in multiple provinces in the Philippines.

ADB said the US$12 million loan will come from its ordinary capital resources.

Part of the financing package also includes a US$24 million parallel loan from the Philippine National Bank.

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

The solar power capacity will be installed in the provinces of Bacolod, Bulacan, Laguna, Misamis Oriental, Pampanga, Pangasinan and Zamboanga.

“With the Asia-Pacific region responsible for more than half of global emissions, the region’s access to reliable and sustainable clean energy must be expanded. Rooftop solar offers an efficient way to deliver clean electricity directly to consumers, with the potential to reduce costs and avoid transmission losses,” said Suzanne Gaboury, Director General of ADB’s Private Sector Operations.

Through ADB’s participation in the project, the multilateral lender hopes to encourage more investment in solar projects, she said.

James Buskowitz, CEO of Buskowitz Energy, said the company’s goal is to change the way solar energy is obtained and generated by providing residents and businesses with sustainable and cost-effective rooftop solar solutions.

“Our expertise is in focusing on underutilized spaces, which can help our clients create significant positive environmental impact while saving them significant energy. We are proud to have the trust and partnership of ADB and Philippine National Bank in this effort Allowing us to expand our reach to more SMEs and industry leaders, helping them and the Philippines achieve its net-zero emissions goals.

Buskowitz Energy is a pioneer in rooftop solar, providing comprehensive solar photovoltaic services, including engineering, procurement, construction, consulting, customized design and evaluation, financing, and operations and maintenance.

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

The company has successfully installed and commissioned more than 300 projects for hotels, schools, universities, cold storage facilities, gas stations, manufacturing plants, hospitals, warehouses and other facilities.

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