Canadian private equity firm JCM Capital has launched its Clean Power Infrastructure Fund, which is focused on providing construction and long-term equity financing for solar photovoltaic projects in emerging markets. The fund will invest in countries with suitable regulatory frameworks and electricity demand in Latin and South America and Sub Saharan Africa. The Toronto-based JCM said it has already secured a lead investor for the fund, which is targeted to raise US$150 million, and has obtained US$15 million in commitments that will go toward a US$50 million first closing later this year. In connection with the fund launch, JCM has appointed Tom Heintzman to lead its infrastructure team. Prior to joining JCM, Heintzman founded renewable energy company Bullfrog Power Inc.
JCM Capital Announces Launch of Clean Power Infrastructure Fund Targeting Solar Assets in Emerging Markets
JCM Capital (JCM) announced today that it has officially launched Clean Power Infrastructure Fund (the “Fund”) to provide construction and long-term equity financing for solar photovoltaic projects in emerging markets. The Fund has a target size of up to $150 million USD making it one of the largest infrastructure vehicles dedicated to clean power in emerging markets. The Fund will target countries with suitable regulatory frameworks and electricity demand in Latin and South America and Sub Saharan Africa. The Fund has already secured a lead investor and secured commitments of $15 million USD and with this momentum is expecting that a first-close of $50 million USD will be reached in late 2014. The Fund benefits from proprietary access to high quality project investment opportunities from JCM’s Clean Power Development Fund V that includes utility-sized solar projects in Mexico, Ecuador, Cameroon and Malawi. JCM is working closely with the development finance institution community who are also expected to supply capital to the Fund.
JCM plays an important role in the development of solar generation in emerging markets. Many global infrastructure firms avoid green-field project development in emerging markets. JCM, on the other hand, excels at making green-field solar projects a reality. JCM works with local teams in Africa and Latin America at the earliest stages of project development. JCM leverages its extensive financial, operational, development, legal and regulatory experience in order to take projects through the entire development, construction and operational life-cycle. Over the past five years, JCM has developed and financed more than 70 solar projects in North and South America and Africa.
In connection with the launch of Infrastructure Fund, JCM welcomes Tom Heintzman, a seasoned clean power professional to lead its Infrastructure team:
Tom Heintzman is the new Managing Director of JCM’s Infrastructure Group and is responsible for the overall management and execution of the Fund. His responsibilities includeinvestment origination, structuring and execution, and fundraising. Tom has over 20 years of operational, legal, and consulting experience with an emphasis on clean power. Prior to joining JCM in 2013, Tom founded Bullfrog Power and led it from 2004-2013. Bullfrog is Canada’s leading renewable energy retailer, with national operations and over 1,500 corporate customers and almost 10,000 residential customers. Tom has received numerous awards as a result of his renewable energy work, including “Leader of the Year” from the Ontario Energy Association and being named a member of Canada’s Clean 16 by Corporate Knights in 2011. Tom received his A.B from Harvard College and his LL.B/B.C.L from McGill University. Tom has been called to the Bar in both Ontario and New York State.
“This fund will provide investors with an attractive value proposition: the steady cash flows of infrastructure combined with the growth of emerging markets,” said Tom Heintzman, JCM Capital – Managing Director, Infrastructure Group. “JCM’s solar PV projects in Africa and Latin America will provide clean energy necessary to support the significant growth underway in these regions. In Africa alone, the African Development Bank estimates that more than $40 billion annually of new electricity generation capacity is required in order to support economic growth, and solar PV will be the fastest growing form of generation in these markets. JCM will be a leading player in this rapid growth of solar in emerging markets.”
About JCM Capital
JCM Capital is aCanadian-based private equity firm thatfocuses on the development of cleanpower projects. JCM is the generalpartner and manager of several privatefunds that invest in generation anddistribution energy infrastructureassetsthat have a positive social,environmental and economic impact. Since its inception in 2009, JCM hassuccessfully financed several portfoliosof solar energy projects located inNorth and South America. JCM iscurrently developing a multi-billiondollar clean power portfolio thatincludes both utility-sized solar projectsin emerging markets and a HVDCtransmission project connecting Canadaand the United States.
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