The Asian Development Bank (ADB) and Buskowitz Solar Inc., a subsidiary of Buskowitz Energy Inc. have inked a Php 675 million deal to promote clean and accessible solar energy for commercial and industrial consumers in the country.
Through this agreement, various solar panel systems on the rooftops of commercial and industrial buildings throughout in provinces would be developed, built, and operated.
In a statement released by the financing firm, this project would generate around 88 gigawatt hours (GWh) of clean electricity every year and would aid in scaling down 54,000 tons of carbon dioxide emissions.
“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… 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 ADB Director General for Private Sector Operations Suzanne Gaboury.
ADB also explained that the deal consists of a USD 12 million loan from the firm’s ordinary capital resources and a USD 24 million parallel loan from the Philippine National Bank (PNB).
ADB would oversee financial transactions, as well as the implementation of environmental, social, and gender standards. This approach of the financing firm to portfolio financing for off-takers could also be replicated by other local financiers.
“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,” said Buskowitz Energy Chief Executive Officer James Buskowitz.
These solar panel system installations, which would be a deployment of 70 megawatts (MW) of solar power-producing capacity, were scheduled to take place in Bacolod, Bulacan, Laguna, Misamis Oriental, Pampanga, Pangasinan, and Zamboanga.
Photo courtesy of Asian Development Bank (ADB)
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