The Asian Development Bank (ADB) has approved a $12 million loan to support Buskowitz Solar Inc. in the development of solar rooftop projects in the Philippines. This funding, authorized on October 27, will aid in the construction and operation of photovoltaic power systems on the rooftops of commercial and industrial buildings, with a total capacity of up to 70 megawatts.
Buskowitz Solar, established as a special-purpose vehicle by Buskowitz Energy Inc., will be responsible for owning, building, and operating these solar rooftop projects. Buskowitz Energy provides engineering, procurement, construction, operations and maintenance services for solar rooftop systems in the country.
The ADB’s support is expected to boost the emerging rooftop solar market in the Philippines, which currently has an installed capacity of 191.8 MW distributed across more than 40 participants. This project aims to increase the installed capacity by 36%, promoting rooftop solar coverage in urban areas outside Metro Manila, including Bulacan, Laguna, Pampanga, Pangasinan in Luzon; Bacolod in the Visayas; and Misamis Oriental as well as Zamboanga in Mindanao.
The ADB ensures that the identified sub-projects to be funded by the loan will be situated in existing buildings within commercial and industrial areas, avoiding locations vulnerable to climate risks, and resulting in minimal potential environmental impact.