BUSKOWITZ Solar, Inc. is seeking a $12-million loan from the Asian Development Bank (ADB) to develop solar rooftop systems in the Philippines.
The loan aims to “finance the development, construction, and operations of a portfolio of photovoltaic power systems on the rooftops of commercial and industrial buildings in the Philippines of up to 70 megawatts (MW),” according to a document on the ADB website.
“With ADB’s assistance, the project will develop the nascent Philippine rooftop solar market with a current installed capacity of 191.8 MW which is highly fragmented with more than 40 participants,” it added.
The project will support small- to medium-sized companies “with a market niche, which would increase installed capacity by 36% and promote rooftop solar coverage.”
It will cover urban areas outside of Metro Manila, namely: Pampanga, Bulacan, Laguna, Pangasinan, Bacolod, Zamboanga, and Misamis Oriental.
“The Philippines is highly susceptible to the effects of climate change affecting the socioeconomic development of the country. The poor are often the most vulnerable and are impacted by natural disasters through the loss of lives, livelihoods, assets, and well-being. Climate change mitigation through investing in renewable energy can help reduce poverty by reducing disaster risk losses,” according to the document.
“The project supports the Government of the Philippines’ efforts to reduce greenhouse gas emissions through the installation of rooftop solar power on commercial or industrial (C&I) buildings and will improve the quality of life of the poor,” it added.
The solar project is also aligned with the government’s goal to expand its renewables share to 35% by 2030 and 50% by 2040.
The loan is up for approval on Oct. 31.
Buskowitz Solar is a subsidiary of Buskowitz Energy, Inc., which has 40 MW peak in the pipeline this year for commercial and residential installations, the company said when asked to give details about the group.
The Buskowitz group has 300 solar rooftop projects across the country. It has installed solar photovoltaic systems and provided renewable energy for international brands such as Coca-Cola and Shell, along with local companies Petron Corp., NLEX Corp., Amherst Laboratories, Inc., as well as SM and Robinsons malls.
Based on the ADB document, the company or borrower is Buskowitz Solar while the sponsor is Buskowitz Energy.
Sponsors are required to bear the costs of third-party legal, technical, and other experts required to complete ADB’s due diligence. — Luisa Maria Jacinta C. Jocson
