Canadian-based renewable energy company JCM Capital has reached a first closing as part of a $50 million private placement offering, which it will use for construction and long-term equity financing for solar PV projects in emerging markets.
JCMs diversified development portfolio of clean energy projects comprises more than 500 MW in utility-scale solar PV projects and 2 GW of high-voltage direct current (HVDC) transmission projects.
The company said the first-close proceeds provided the necessary capital for it to fund the construction of three PV projects that are scheduled to reach financial close during 2016 and 2017. Development partners currently supporting JCM projects include the African Development Bank, Dutch development bank FMO, the United Nations Environment Programme, Seed Capital Assistance Facility and Power Africa.
JCM began developing projects under a $20 million clean power development initiative in 2013. The initiative focuses on developing high impact clean power projects in emerging markets, with a focus on Sub-Saharan Africa and Latin America. Several of the projects are expected to be the first utility-scale PV projects constructed in their respective countries, according to the company.
The initiative will contribute significantly towards meeting aggressive renewable energy goals pledged by the various host nations in Paris during the COP 21 conference, JCM said.
The company expects to close the remainder of the private placement in 2016.