Toronto, ON, Aug. 8 2018 – JCM Power Corporation (JCM Power) announced today that Swedfund International AB – the Swedish Development Finance Institution – has committed to invest up to US$15 million in shares of JCM Power. In December 2017, FMO, the Dutch development bank, committed to invest up to US$25 million.
JCM Power is a Canadian-based renewable energy Independent Power Producer developing and operating renewable energy projects in Africa, Latin America and South Asia. JCM aims to establish long-term partnerships with local communities, governments and financial institutions to build and operate clean energy projects in markets where economies are growing rapidly and electricity is currently scarce, but sun and wind are abundant.
“We are thrilled to announce this important milestone with a leading investor in the renewable energy space. Swedfund’s strategic investment supports JCM Power’s strategy to build a leading renewable energy IPP in growth markets” said Christian Wray, CEO of JCM Power.
“Access to electricity is a prerequisite for development and this is why investments in renewable energy are prioritised for Swedfund”, says Swedfund’s CEO Maria Håkansson. “JCM’s strategy to be a sustainable and long-term investor focusing on building renewable energy projects in developing countries makes the company an interesting partner to us.”
The investment agreement, which was signed in July 2018, allows JCM Power to draw down on Swedfund’s commitment as needed to fund construction equity and the acquisition of additional project interests, with a portion available for development and corporate costs. Swedfund received convertible preferred shares of JCM Power for the amounts invested.
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.
Swedfund, is the Swedish Development Finance Institution, providing risk capital, expertise and financial support for investments in local companies in developing markets. Swedfund’s mission is poverty reduction through sustainable business, contributing to economic and environmental development as well as a positive impact to society. Swedfund’s investment strategy rests on three main pillars: impact on society, sustainability and financial viability. Since 1979 Swedfund has been engaged as an active, responsible and long-term investor in more than 260 companies worldwide.
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