Toronto, Canada, November 14, 2017 – In May 2017, JCM Power launched its Asian platform, partnering with the JS Group through its acquisition of an interest in the 50MW Hawa wind farm located in Jhimpir, Pakistan. The project, which is co-owned by Pakistan’s JS Group, is currently under construction and is expected to reach commercial operation in Q1 2018. OPIC, the US development bank, is providing debt financing for the project. In addition to the Hawa wind farm, JCM is also exploring the development of other power projects in Pakistan as part of its Asian platform.
“We are thrilled to enter into this partnership with the JS Group and form the beginnings of a successful renewable energy platform in Pakistan,” said Justin Woodward, JCM’s Head of Africa & Asia Region. “These projects will replace thermal generation and avoid hundreds of thousands of tons of carbon dioxide per year. They will also create local jobs and improve energy access for millions of Pakistanis.”
Historically, Pakistan has been a net importer of energy, with oil imports placing a heavy burden on foreign exchange reserves – a problem that is further compounded by volatile oil prices and rising energy consumption. In response to these challenges, the national and provincial governments of Pakistan have made energy generation a high priority, with an emphasis on alternative energy sources such as solar and wind power.
“JS and JCM share the common desire to ‘Advance the Clean Energy Age’ which makes us a great fit for each other,” said Ali Syed, CEO of JS Power/Energy. “Our renewable projects portfolio in Pakistan will strengthen the economy by reducing the current energy crisis the country is facing and have a positive impact on local communities around our project sites by providing employment, health and education services. We do not see it as just two organizations joining hands, but two nations (Canadians and Pakistanis) coming together to build a cleaner world.”
Seizing the opportunity presented by rapid renewable energy and IPP growth in Pakistan, JCM has entered into strategic partnerships with local stakeholders. JCM’s participation in the Hawa Wind Power Project is the company’s initial investment in Asia, while it plans to increase its pipeline to include as much as 300MW of wind and solar projects in Pakistan and to expand its presence through the emerging Asian energy market.
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.
About JS Group
JS Group is a leading Pakistani investment and industrial group, headquartered in Karachi. It also invests internationally, with a focus on emerging markets, through its Dubai and London offices. JS Group’s core financial services business was founded in 1970 and has grown to become one of Pakistan’s leading banking and non-banking financial services groups. JS Power was established in 2013 to invest in clean power generation.
For more information, please visit www.jcmpower.ca
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