February 14 (Renewables Now) - Dutch development bank FMO has committed to invest up to USD 25 million (EUR 20.3m) in Canadian renewable energy producer JCM Power Corp, the latter announced today.
The terms of the deal, signed in December 2017, allow the Canadian company to draw down on FMO's commitment as needed to finance construction equity and the purchase of additional project interests. A portion of the sum is allocated for development and corporate costs.
In exchange for the investment, FMO is receiving convertible preferred shares of JCM Power.
JCM Power is an independent power producer (IPP) that operates plants in Africa, Latin America and South Asia. In mid-November 2017, the company announced it had acquired an interest in the 50-MW Hawa wind farm project in Pakistan as part of the launch of its Asian platform. JCM Power said at the time that it planned to expand its Pakistani wind and solar pipeline to more than 300 MW and to further grow its presence in the emerging Asian energy market.
(USD 1.0 = EUR 0.812)