Watson Farley & Williams (WFW) has successfully advised the Asian Development Bank (ADB) and Philippine National Bank (PNB) on a significant loan facility for Buskowitz Energy Inc. (BEI). The financing will support the development, construction, and operation of rooftop solar photovoltaic (PV) systems across the Philippines, aimed at enhancing solar energy access for commercial and residential buildings.
The project, which includes parallel loans from ADB and PNB, will see the installation of 70 MW of solar power in several Philippine provinces, including Bacolod, Bulacan, Laguna, Misamis Oriental, Pampanga, Pangasinan, and Zamboanga. This initiative is set to transform the country’s capacity to harness and generate solar energy, offering sustainable and cost-effective solutions for businesses.
ADB, a prominent regional development bank, is committed to fostering social and economic development in Asia Pacific through various financial instruments. PNB, a major privately-owned commercial bank in the Philippines, is noted for its extensive international presence, with over 70 branches, representative offices, remittance centers, and subsidiaries across Asia, Europe, the Middle East, and North America.
The WFW Finance team leading the advisory work was headed by Hanoi Partner Matt Lorimer, with support from Associate Jim Chan. Lorimer expressed enthusiasm about the project, stating, “We are thrilled to have advised ADB and PNB on this pivotal solar energy project with BEI, which advances both sustainability and innovation. This project underscores our capability to develop project finance structures in new jurisdictions and reinforces WFW’s position as the leading experts for cutting-edge energy transformation projects across Asia and globally.”
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