Solar company bags $12 million loan from Asian Development Bank
Buskowitz Energy Inc. bags a $12 Million loan from Asia Development Bank (ADB) to support the solar rooftop initiatives in the Philippines. ADB approved the loan on October 27th from its ordinary capital resources for Buskowitz Solar.
Buskowitz Energy Inc. provides engineering, procurement, and construction (EPC), and operations and maintenance services in the Philippines. Buskowitz Solar is a special purpose vehicle incorporated by Buskowitz Energy Inc. to own, build and operate the project.
Asian Development Bank (ADB) a bank which provides assistance for its members, and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic developments. The bank envisions a prosperous, inclusive, resilient and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty in the region.
“With ADB’s assistance, the project will develop the nascent Philippine rooftop solar market, which has an installed capacity of 191.8 MW that is highly fragmented across more than 40 participants,” the multilateral lender said.
The project is expected to increase the company’s capacity by 36%. Which is a great way to promote the solar rooftop industry in Urban areas outside the metro such as Bulacan, Pampanga, Laguna, Pangasinan in Luzon; Bacolod in the Visayas; and Misamis Oriental and Zamboanga in Mindanao.
The ADB said identified and existing sub-projects to be supported by the loan were confirmed to be located in existing buildings within commercial and industrial areas, and not within or close to areas vulnerable to climate risks.
As such, the project is expected to have minimal potential environmental impacts.
“The project is aligned with the objective of the government of the Philippines to increase the share of renewables to at least 35 percent by 2030 and 50 percent by 2040 in line with ADB’s Country Partnership Strategy for the Philippines (2018-2023),” the ADB said.
It also supports ADB’s Strategy 2030, which aims to help improve the competitiveness of solar energy in the electricity sector by showing commercial and industrial rooftop solar can be viable in the country.
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