ADB, PNB signs $36M deal with Buskowitz Energy Inc.

Makati—April 22, 2024, at Dusit Thani Manila, Asian Development Bank (ADB) and Philippine National Bank (PNB) signed a $36 million loan to Buskowitz Energy Inc. (BEI) to finance the development, construction, and operation of rooftop solar photovoltaic (PV) systems in the Philippines for commercial and residential buildings. 

 

Group(From L to R) PNB Capital and Investment Corporation’s President and CEO Mr. Gerry Valenciano, Philippine National Bank’s Director and President Mr. Florido Casuela, Buskowitz Energy Inc.’s  CEO Mr. James Buskowitz, and Asian Development Bank’s Director General for Private Sector Operations Department Ms. Suzanne Gaboury signs the $36M lending deal for BEI to support current and upcoming solar PV installations in the Philippines.

 

The deal consists of $12 million from the Asian Development Bank’s ordinary capital resources and a $24 million parallel loan from the Philippine National Bank, where ADB provides a longer tenor loan, which other commercial banks are unable to offer for rooftop solar projects in the Philippines. 

The event hosted by Buskowitz Energy Inc. was attended by the executive teams from lending banks along with representatives from the event’s generous suppliers of systems who are also the sponsors, Canadian SolarSolarEdge and JJ-LAPP

As one of the nation’s leading rooftop solar PV system providers and one of the few companies that offer Engineering, Procurement, and Construction (EPC) in the Philippines, BEI is eager to use this opportunity to produce up to 70 megawatts (MW) of solar energy to aid with the energy crisis that is occurring in the nation—through providing tier one rooftop solar Photovoltaic (PV) systems at an affordable price to residential and commercial consumers. 

“We’re not just about offering solar solutions, we’re about transforming rooftops into power houses of sustainability and savings. Being pioneers in the rooftop solar industry allows us to spearhead innovative initiatives, including our unique commercial models that eliminate upfront costs for our customers. Our approach has garnered the trust of prestigious brands such as Coca-Cola, SM Malls, Unilab, Shell, Robinson’s Malls, among others, and we’re honored to include ADB and PNB in our portfolio. The trust these brands place in us is not taken lightly. It’s a testament to our commitment and the tangible benefits our solar solutions provide.“

“With the backing of this $36 million first-of-its-kind loan in the Philippines, Buskowitz Energy is set to expand its reach. This isn’t just a financial boost–it’s a vote of confidence in our vision for a greener Philippines. We’re excited to extend our services to more SMEs and industry leaders, helping them transition to a fossil fuel-free future,” Buskowitz concluded, highlighting the company’s commitment to sustainability and economic prosperity.

Canadian Solar, the trusted solar panel partner of Buskowitz Energy Inc. for the majority of installation projects in the country, has shared their thoughts regarding the deal. “As a global leader in solar energy and energy storage solutions, we are one of the largest solar energy providers in promoting a sustainable lifestyle fostering the endless potential of solar energy thus decreasing our carbon footprints. With the increasing demand for solar energy in the Philippines, let us continue to make people aware of what the energy of the sun can do to transform communities. This partnership with Buskowitz promotes a green environment and creates economic development“, the Director of Sales for Southeast Asia of Canadian Solar, Chester Yap said.

Buskowitz Energy Inc., one of the pioneers and leading rooftop solar energy providers in the Philippines is now one step closer to achieving a more sustainable future. Buskowitz is now geared towards boosting the company’s significant contribution to both residential and commercial projects in achieving energy efficiency.

 

Here are some notable coverages regarding the topic: ADB News Release, PTV Philippines Coverage, Solar Quarter, PhilStar, BusinessWorld, Power Philippines, and Microsoft News Philippines.

Leave A Comment