THE Asian Development Bank (ADB) and Philippine National Bank (PNB) have signed a $36-million financing deal with Buskowitz Energy, Inc. to fund solar rooftop projects in the country.
The projects will generate 88 gigawatts of clean energy annually and reduce about 54,000 tons of carbon dioxide equivalent emissions per year, ADB Private Sector Operations Department Director General Suzanne Gaboury said in a statement on Monday.
The deal aims to support the development, construction, and operation of 20 to 25 solar rooftop projects.
“This project not only provides an efficient way of delivering clean power to consumers and business establishments, but also potentially reduces costs and avoids transmission losses,” Ms. Gaboury added.
The financing deal is also in line with ADB’s partnership with the Philippine government which aims to increase the share of renewables to 35% by 2030 and 50% by 2040.
Projects in Buskowitz Energy’s pipeline, which will be financed by the deal, include 10 megawatts from Coca-Cola, 2.7 megawatts from Lufthansa Technik, four megawatts from UniLab Group, and 28 megawatts from SM Prime.
It also includes projects from San Carlos Town Center and Phelps Dodge. — Aaron Michael C. Sy