Singaporean startup BillionBricks is gearing up to launch its first community in the Philippines that will combine clean energy and large-scale affordable housing.
The project will cover over 16 hectares of land, 1,600 homes and have 13 megawatts (MW) of electricity generation capacity through a utility-scale rooftop solar facility on top of the housing development.
“In the coming months, the first BillionBricks community will be launched in the Philippines,” the climate-tech venture said.
“This community alone can offset more than 7,000 tons of CO2 emissions annually,” it added.
BillionBricks said homeowners for the initial projects would receive the equivalent of more than 20 percent of their monthly amortizations in the form of cash backs and free power, increasing their ability to own their first homes.
The first housing project is targeted for completion in the next five years.
BillionBricks is also targeting an additional pipeline of 45,000 homes with a 450-MW solar generation capacity.
The Singaporean start-up was founded in 2013 as a non-profit organization by architect Prasoon Kumar and venture capitalist Anurag Srivastava to address the global climate and housing crises.
BillionBricks closed a $ 2.45 million seed funding round which was led by an investment from Thakral Corporation Ltd., a Singapore-listed
investment holding company with a growing real estate investment portfolio in Australia and Japan.