Deal to beef up Buskowitz solar war chest by $100M
By Lenie Lectura – October 1, 2024
from Business Mirror
Solar power provider Buskowitz Energy Inc. will secure up to $100 million for its war chest from APAC Sustainable Infrastructure Fund (A-SIF) to partly fund the rollout of its planned 500 megawatts peak (MWp) solar power projects in the country.
Buskowitz said Monday it reached a strategic equity investment deal with Patrizia MBK Fund Management Pty Ltd (PMBK), which manages the A-SIF.
PMBK is joint venture between Germany’s Patrizia SE and Japan’s Mitsui & Co. Ltd. (Mitsui).
“A-SIF is targeting to invest up to $100 million (equivalent to P5.6 billion) via Fund and Co-Investments in Buskowitz,” a statement from Buskowitz read.
The investment, consisting of a combination of primary and secondary share acquisition, follows the recent $36-million project finance facility secured from the Asian Development Bank (ADB) and Philippine National Bank (PNB), significantly increasing the capital available to Buskowitz to implement its solar power projects across the Philippines.
“Buskowitz was established to deliver commercially-viable and environmentally-focused clean energy solutions. With this investment, backed by industry leaders Patrizia and Mitsui, we gain partners with a global reputation for excellence, who understand our long-term goals, commitment to growth, and share our dedication to meaningful collaboration,” said James Buskowitz, founder and CEO of Buskowitz.
Saji Anantakrishnan, Head of Infrastructure for Australia and Asia for Patrizia, noted that the renewable energy in the Philippines is a fast-growing sector that presents “compelling opportunities” for A-SIF.
Buskowitz has recently completed the 3.2MWp project for SM City Santa Rosa, which is the largest single roof solar energy system in any commercial mall in the Philippines.
It has successfully installed and commissioned over 300 projects for residential, commercial, industrial facilities across the Philippines.
