The Dutch development bank FMO is providing up to $25m for Canadian renewables outfit JCM Power Corp to help develop clean power projects in Africa, Latin America and South Asia.
JCM Power said it will establish partnerships with local communities, governments and financial institutions to build and operate renewables projects.
Under the terms of the deal, JCM Power will draw down on the money as needed to fund construction equity and the acquisition of additional project interests. The first investment is in Pakistan, FMO said.
A portion of the funding is also available for development and corporate costs.
FMO will receive “convertible preferred shares” in JCM Power in return for its investment.
JCM Power chief executive Christian Wray said: “We are thrilled to build on our successful relationship with FMO, who has been a supportive partner in several JCM Power projects to date.”
Image: Pixabay
Dutch bankroll JCM green plans
By EBS