Watson Farley & Williams (“WFW”) advised the Asian Development Bank (“ADB”) and Philippine National Bank (“PNB”) on a loan facility to Buskowitz Energy Inc. (“BEI”) to finance the development, construction and operation of rooftop solar PV systems in the Philippines for commercial and residential buildings. The financing includes parallel loans from ADB and PNB.
The project will install 70 MW of solar power in various provinces of the Philippines including Bacolod, Bulacan, Laguna, Misamis Oriental, Pampanga, Pangasinan, and Zamboanga. The initiative will transform the Philippines’ ability to access and generate solar energy, by providing sustainable and cost-effective rooftop solar solutions for businesses.
ADB is a regional development bank supporting projects in developing countries across the Asia Pacific region by providing loans, technical assistance, grants and equity investments to promote social and economic development. PNB is one of the largest privately-owned Philippine commercial banks and they have the most extensive international reach with more than 70 overseas branches, representative offices, remittance centres and subsidiaries across Asia, Europe, the Middle East and North America.
The WFW Finance team that advised ADB and PNB was led by Hanoi Partner Matt Lorimer, supported by Associate Jim Chan.
Matt commented: “We are thrilled to have advised ADB and PNB on this important solar energy project with BEI that promotes both sustainability and innovation. This matter demonstrates our ability to develop project finance structures in new jurisdictions and cements WFW’s reputation as the ‘go to’ experts for cutting edge projects driving the energy transformation both across Asia and worldwide”.
