The Asian Development Bank (ADB) and Buskowitz Solar have entered into an agreement that is expected to significantly reduce carbon dioxide emissions while generating clean electricity. The project aims to cut 54,000 tons of CO2 emissions and produce 88 gigawatt-hours of clean electricity annually by focusing on solar energy for commercial and industrial consumers.
This initiative will be financed through a sum of 675 million Philippine pesos, which includes a $12 million loan from ADB and a $24 million parallel loan from the Philippine National Bank (PNB). The funds will be used for the creation, construction, and operation of solar panel systems installed on commercial and industrial building rooftops in various regions including Bacolod, Bulacan, Laguna, Misamis Oriental, Pampanga, Pangasinan, and Zamboanga.
According to Suzanne Gaboury, ADB's Director General for Private Sector Operations, "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. Rooftop solar energy provides an efficient way to deliver clean power directly to consumers, potentially reducing costs as well as avoiding transmission losses." Gaboury further added that ADB's involvement in this project will encourage more investment in this emerging sector by reducing perceived risks. Unlike other banks, ADB provides longer-term loans enabling organizations to secure funding for rooftop solar projects.
Buskowitz Solar is a subsidiary of Buskowitz Energy Inc., a company that offers integrated solar photovoltaic services ranging from engineering and procurement to operations and maintenance. Clients can also avail construction, custom design evaluation as well as financing from Buskowitz. The company has executed over 300 projects for diverse commercial customers such as hotels, schools, universities, cold storage facilities, gas stations, manufacturing plants hospitals among others.
In the news release announcing the financing agreement James Buskowitz, CEO of Buskowitz Energy, stated, "Buskowitz Energy's mission is to transform the way we access and generate solar energy, by providing sustainable and cost-effective rooftop solar solutions for both residents and businesses. Our specialization is in focusing on underutilized spaces, which helps our clients create significant positive environmental impact while providing them substantial energy savings." Buskowitz expressed pride in the trust and partnership of ADB and PNB which enables the company to expand its reach to more small and medium-sized enterprises and industry leaders, aiding them and the Philippines in achieving net-zero targets.