JCM POWER CORPORATION
Status: Approved investmentWhy disclosure?
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Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our customer
JCM Power is a Canadian-based renewable energy company that develops and operates renewable energy projects in growth markets. The company 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.
What is our funding objective?
FMO’s funding will be used to develop construct and operate renewable energy projects in developing countries. The first tranche of FMO’s investment will fund JCM Power’s equity stake in a 50MW Wind Project in Pakistan. Other solar and wind projects are being developed in Pakistan and also in Africa and Latin America.
Why do we fund this investment?
With this investment, FMO will support the development of new renewable energy projects in developing markets. These markets are frequently confronted with a power demand growth which exceeds its reliable generation capacity resulting in power outages, which is dragging economic growth. Renewable power from wind and solar is nowadays often the most time efficient and affordable solution with the lowest carbon foot print. The platform will bundle expertise and resources to accelerate development of new projects whilst working together with local project developers. By committing to the platform strategy of JCM, FMO believes it can have a larger impact than through investing in individual projects.
What is the Environmental and Social categorization rationale?
The platform is categorized as a category A. The risk profile of the projects under development is generally cat B+ but the investment scope also allows for category A investments to be made. The platform is already developing projects in accordance with the IFC Performance Standards. As a part of FMO's investment this practice will be further strengthened and institutionalized through the development of a comprehensive environmental and social management system at platform level and by strengthening the management team with a dedicated environmental and social manager.
More investments
| Date | Total FMO financing |
|---|---|
| 8/17/2021 | EUR 0.05 MLN |
- Country
- Global
- Sector
- Energy
- Publication date
- 11/13/2017
- Effective date
- 12/18/2017
- Total FMO financing
- USD 28.92 MLN
- Funding
- FMO NV
-
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C) - A