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FMO Commits to Invest US$25 Million in JCM Power

By newadmin / Published on Wednesday, 14 Feb 2018 15:40 PM / No Comments / 6 views


TORONTO–(BUSINESS WIRE)–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.

www.jcmpower.ca

About FMO
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. For more information: please
visit www.fmo.nl

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