FMO Commits to Invest US$25 Million in JCM Power
JCM Power Corporation (JCM Power) announced today that FMO – the Dutch development bank – has committed to invest up to US$25 million in JCM Power.
JCM Power is a Canadian-based renewable energy independent power producer developing and operating renewable energy projects in Africa, Latin America and South Asia. JCM Power aims to establish long-term partnerships with local communities, governments and financial institutions to build and operate clean energy projects in markets where economies are growing rapidly and electricity is currently scarce, but sun and wind are abundant.
“We are thrilled to build on our successful relationship with FMO, who has been a supportive partner in several JCM Power projects to date. Our shared values and passion for bringing renewable energy to growth markets were the driving factors that made this investment possible,” said Christian Wray, CEO of JCM Power.
“This milestone investment in an entrepreneurial and ambitious renewable energy platform that aims to build high impact projects in emerging markets globally makes us proud. The first investment in Pakistan demonstrates an excellent start of the high impact potential of the platform”, said Linda Broekhuizen, CIO of FMO.
The investment agreements, which were signed in December 2017, allow JCM Power to draw down on FMO’s commitment as needed to fund construction equity and the acquisition of additional project interests, with a portion available for development and corporate costs. FMO receives convertible preferred shares of JCM Power for the amounts invested.
About JCM Power
JCM Power is an independent power producer (IPP) dedicated to accelerating social, economic and environmental sustainability in growth markets through the development, construction and operation of renewable energy infrastructure. Our driving vision is to advance the clean energy age.
FMO is the Dutch development bank. As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs. FMO believes that a strong private sector leads to economic and social development, and has a more than 45-year proven track record of empowering people to employ their skills and improve their quality of life. FMO focuses on three sectors that have high development impact: financial institutions, energy, and agribusiness, food & water. With a committed portfolio of EUR 9.8 billion spanning over 92 countries, FMO is one of the larger bilateral private sector developments banks globally. Source: Venture Beat