Connect with us

Hi, what are you looking for?

Economy

Buskowitz seeks to raise up to P1-B for solar rooftop projects

By Angelica Y. Yang

BUSKOWITZ Energy is looking at raising around P1 billion for solar rooftop projects this year, about 40% of which would be funded by a local company, the renewable energy developer’s top executive said.

“Our initial idea is to raise a billion [pesos], maybe a little less, given that it’s already February. [Our] target is to invest about 800 to 1 billion [pesos] this year,” the firm’s Chief Executive Officer James Buskowitz told BusinessWorld in a video call Thursday.

The projected capital raising is more than twice the previously recorded amount in 2019. “In 2019, we raised about 3 [to] 4 million [pesos]… every two years, we’ve almost doubled our capital raises,” he said.

Mr. Buskowitz said that the firm did not raise capital in 2020, as the company was spending funds raised from previous years for services, including outright purchase and residential projects.

He explained that the firm planned to raise 40% of the target fund-raising from a local firm, adding that Buskowitz Energy would disclose more information about the infusion in the coming weeks.

According to Mr. Buskowitz, 60% of the firm’s planned capital will come from foreign banks and wealth funds.

“We’re currently discussing with foreign international banks and sovereign wealth funds, the debt component of the projects. So far, we have ongoing discussions with them and it’s between two other international financiers that are going to be providing the debt. We’re looking at around 500 to 600 million [pesos] in debt capital for projects as an initial start,” he said.

This year’s planned capital-raising would mainly go to rooftop solar projects, Mr. Buskowitz said.

Last year, Buskowitz Energy was able to install a total capacity of 5 megawatts of solar in the residential and commercial segments.

In November, the firm held a three-day “Black Friday Sale” that gave a 40% discount for its signature Solar Home Systems per package, with rates starting at around P119,000.

On Thursday, Mr. Buskowitz said that the sale accounted for 30% to 40% of the firm’s sales in the residential segment last year.

“The Black Friday Sale was very effective… That was very, very successful and it was also a very good discount. It’s something that we would like to be offering a lot more,” he said.

Buskowitz Energy is a sustainable solutions company that aims to grow local capabilities in the country’s solar photovoltaic industry.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

OBS leverages Alibaba‘s cloud technologies for a value-added service delivery at Tokyo 2020, offering key services accessible from anywhere Cost-efficiency and worldwide manageability for...

Economy

Preliminary results of Philippine Statistics Authority’s latest Labor Force Survey showed there were around 3.764 million unemployed Filipinos in June, inching up from 3.730...

Economy

THE PHILIPPINE economy’s recovery will depend on how quickly business confidence is restored, which will in turn boost private sector investments, Moody’s Investors Service...

Economy

INVESTMENT PLEDGES approved by the Philippine Economic Zone Authority (PEZA) climbed by 8.5% in the first half after coming off a low base last...

Economy

CHINA LIANHE Credit Rating Co. maintained its “AAA” credit rating for the Philippines with a “stable” outlook, as it expects economic recovery to begin...

Economy

AYALA Land, Inc. (ALI) on Tuesday said it generated P3.3 billion in the second quarter, over 16 times the P426-million income it logged year...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Economy

US President Joseph R. Biden, Jr., will rely on ally countries to supply the bulk of the metals needed to build electric vehicles and focus on...

Economy

THE Securities and Exchange Commission (SEC) has warned the public from investing or to stop any investment in a group named Maxxprofit Computer Trading...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.



Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!