FinDev Canada investing $20M into JCM Power for utility-scale renewable energy projects in developing nations
Summary
FinDev Canada announced today a USD 20 million equity investment in Canadian-based JCM Power to encourage renewable energy projects from Sub Saharan Africa, Latin America and the Caribbean. Benefiting from strict corporate and socially responsible frameworks along with a commitment to ethical due diligence, it has become a world leader in sustainable energy. Stated Suzanne Gaboury, Chief Investment Officer at FinDev Canada,We are committed to contributing to JCM Powers continued growth and allow it to attract additional investors, including other Canadian institutions.The investment by FinDev Canada forms part of a USD 116 million equity offering which also contains other Canadian and international DFIs and investors.JCM Power is delighted to complete its first large institutional equity offering with the top strategic investors within our industry. We look forward to collaborating with FinDev Canada and Global Affairs Canada over the coming years as we scale up in order to maximize the effect the Canadian government and industry, working together, can create in solving the critical issue of our time climate change.Local Renewable Power for Reliability, Reduced Price, and the EnvironmentWith just 44% of the sub-Saharan people having access to electricity, building more capacity is critical. Upon completion, the projects are expected to create more than 3.0 million MWh of renewable energy per year divide evenly between wind and solar power.