Canadian renewable energy company JCM Capital has reached first closing as part of a $50m private placement offering to provide construction and equity financing for solar projects in emerging markets.
The company said the first-close proceeds provide capital to fund the construction of three solar projects that are scheduled to reach financial close during 2016 and 2017.
Partners supporting projects in JCM’s development portfolio include the African Development Bank, FMO, the United Nations Environment Programme, Seed Capital Assistance Facility and Power Africa.
JCM anticipates closing on the remainder of the private placement in 2016.
Image: JCM Capital
