AFRICA – JCM Power Corporation, a Canadian-based renewable energy company, announced that it has closed its first institutional equity offering, securing a total of US$116 million.
Five development finance institutions participated. These include FMO (the Dutch development bank), Swedfund (the Swedish development bank), IFU (the Danish development bank), FinDev Canada (the Canadian development bank) and STOA Infra & Energy (a French Company owned by CDC and AFD).
The offering also saw participation from prominent Canadian family offices and foundations.
JCM Power had previously secured commitments from the FMO (US$25 million in 2017) and Swedfund (US$15 million in 2018) and announces the additional raising of US$76 million from Swedfund, IFU, STOA Infra &Energy,FinDev Canada and its Canadian family office investors.
JCM Power is an independent Canadian electricity producer specializing in the development and operation of renewable energy projects in Africa, South Asia and Latin America.
“We are very excited to be working with JCM Power as a Canadian leader in sustainable clean energy projects,” said Suzanne Gaboury, Chief Investment Officer at FinDev Canada.
“JCM Power is thrilled to complete its first large institutional equity offering with the leading strategic investors in our industry,” said Christian Wray, CEO of JCM Power.
“The capital raised will allow us to implement the first six high impact renewable energy projects and also serve to accelerate our growth from a development company into a globally diversified independent power producer focused in high growth markets.”
“In JCM Power we are convinced that we have found a strong partner with the ability to push renewable projects to bankable businesses, which is imperative for supplying developing countries with more clean energy, combating global warming as well as poverty,” said Torben Huss, CEO of IFU.
“Financing renewable energy is one of the cornerstones of our investment strategy and we are very pleased to be able to increase our commitment to JCM Power, in particular given its strong commitment to making a tangible impact in the local communities,” says Maria Håkansson, CEO of Swedfund.
Charles-Henri Malecot, CEO of STOA, said; “This investment is in support of our strategy to foster the development of renewable energy projects and to scale up climate resilient initiatives in Africa and in emerging countries.”
JCM Power is a Canadian-based renewable energy independent power producer developing and operating renewable energy projects in Africa, South Asia and Latin America.
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.
