JCM eyes $150m for emerging PV
JCM Capital, a Canada-based investor and renewables developer, has launched a fund expected to secure $50m by the end of the year – and $150m eventually – for PV projects in developing countries.
The Clean Power Infrastructure Fund VI has already secured commitments of $15m, and Toronto-based JCM expects development finance institutions to contribute substantial additional amounts.
The fund will build green-field PV projects in South America, Central America and sub-Saharan Africa, focusing on countries with “suitable regulatory frameworks and electricity demand”.
JCM aims to become a “leading player” in PV development in some African markets, where PV is expected to be the fastest-growing source of electricity generation in the years ahead.
The investor claims to have developed and financed more than 70 solar projects in the last five years, many of them in emerging markets.
The fund will provide investors with “the steady cash flow of infrastructure combined with the growth of emerging markets”, says Tom Heintzman, managing director for JCM Capital’s Infrastructure group.