BUSKOWITZ Finance, Inc., the solar energy developer that also provides financing solutions for its customers, is expanding its reach by taking in residential clients for its solar rooftop systems as the company looks at the government’s “green energy option” program to result in greater adoption of renewable resources.
“Our target is to become ‘the retailer’ — to go straight to consumers and offer them exactly that option — only green energy for their supply and so we cover the [energy] generation and the retailing,” James Carlos Buskowitz, chairman and chief executive officer of Buskowitz, said in an interview on Friday.
The Energy department’s green energy option program (GEOP) mandates distribution utilities to provide power sourced from renewable energy for those who are opting for non-fossil fuel resources.
“The green energy option is giving all the consumers the right to elect or to choose where their energy resources come from,” Mr. Buskowitz said.
The company started out as provider of solar rooftop solutions to industrial and commercial customers, but has recently included residential clients in offering its services, he told a media round-table discussion on Friday hosted by real estate platform Lamudi.
“I think it could potentially scale up to 70%,” he said, when asked about how he expects the RE retailing business to account for the company’s total business. He expects this projection to be achieved within the next five years.
Mr. Buskowitz said the target for the year is just to launch the division for residential customers, and start the foundation for 2020. The company has so far installed 14 MW, largely commercial and industrial installations.
“Next year, our target is around 1-2 megawatts (MW) of residential installations. So it’s quite aggressive but we think it’s possible,” he said.
“We expect to do additional 15-16 MW [in 2020], so ending the year at around 30 MW,” he said.
Mr. Buskowitz said the projects have largely been backed by company funds, although listing at the stock market has now become an option.
Asked about what will prompt the company to list, he said: “I guess the relationship with existing investors. It really depends on when investors … how long they would want to stay, and if they want to exit, and if they want to do further rounds of investments. If that’s the case we may remain private longer.”
“But I do think going public at one point is a certainty because the way we’re growing is quite aggressive and we want to give people also the opportunity to participate in the type of business we’re structuring, and that’s being a complete sustainable solutions company,” he said.
Mr. Buskowitz said the company had looked into adding energy storage systems in its projects although the “economics” makes doing so difficult for now.
The Buskowitz group has about 84 projects in 25 provinces around the Philippines, which include: three branches of John B. Lacson University in IloIlo, Bacolod, and Arevalo; six branches of Pilipinas Shell Petroleum Corp.; Expo Home Depot in Zamboanga and the Universidad de Zamboanga; Sunmoon Fruits, Inc. in Binondo, Manila; Santi’s Delicatessen; and De La Salle College of Saint Benilde. — Victor V. Saulon