Michael Strait, chief operating officer of JCM Capital told pv magazine that both the acquisition and construction of up to 120 MW worth of rooftop and ground-mount photovoltaic projects will take place over the next two to three years. "Collectively [the partnership has] built a 200 MW pipeline of potential projects to target together," he said.
Currently, Strait said a five MW portfolio is under construction, for which feed-in tariff (FIT) contracts have already been secured. Furthermore, JCM has provided financing for another 10 MW portfolio, which has also received FIT contracts. The necessary permits, meanwhile, are expected to be obtained this summer.
EPC costs of $3.25 to $3.75, "plus $0.25 of development expenses to get the project to reach NTP status," are being targeted. While Panasonic will provide construction financing for the projects, the necessary photovoltaic modules and will oversee construction management, JCM Capital has provided the "initial" $10 million development fund. The source of funding is said to be confidential.
Responding to what the plans for the future are, Strait said, "This is the third round of development funding that JCM has deployed and, therefore, it has maintained and talked with a strong group of potential early stage capital providers. Whether it is from this group, or our current fund, JCM will continue to look for partners that both need and have development capital."
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