JCM Capital announced today that it has successfully reached a first closing as part of a USD $50 million private placement offering. The proceeds of the offering are being used to provide construction and long-term equity financing for solar photovoltaic projects located in emerging markets.
JCM’s diversified development portfolio of clean energy projects is comprised of over 500 MW in utility scale solar photovoltaic projects and 2,000 MW of high-voltage direct current (HVDC) transmission projects. The first-close proceeds provide the necessary capital for JCM to fund the construction of three solar photovoltaic projects that are scheduled to reach financial close during 2016 and 2017. World-class development partners currently supporting projects within JCM’s development portfolio include the African Development Bank, FMO, the United Nations Environment Programme, Seed Capital Assistance Facility and Power Africa.
JCM began developing projects under a USD $20 million clean power development initiative in 2013. The initiative focuses on developing high impact clean power projects in emerging markets, with a focus in Sub-Saharan Africa and Latin America. Several of the projects are expected to be the first utility-scale solar photovoltaic projects constructed in their respective countries. 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 anticipates closing on the remainder of the private placement in 2016.